Italian asset manager Azimut has signed a joint venture agreement with Legan Administraçao de Recursos, a Brazilian asset management company, to start a partnership in the Brazilian asset management market.
The deal will see Azimut – through its parent company AZ Holdings – purchase 50% of a Brazilian holding company which controls the entire equity of a local independent asset management firm called Legan for about 3 million.
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Legan, founded by five partners, counts 14 people providing asset and wealth management services to around 3,000 clients.
Pietro Giuliani, chairman and CEO of Azimut, said, "After a thorough analysis and scouting of the Brazilian market we are proud to announce the JV with Legan, one of the most talented independent boutique in the local asset management industry.
"Azimut Group, through its foreign partnerships, now covers the three major time zones, investing in world financial markets with talented professionals to serve local and international clients’ needs. We will continue to invest in an opportunistic way in our current and future foreign operations in order to replicate in Brazil and elsewhere our successful business model."
The Brazilian asset management industry has US$1.057 billion in AuM as at July 2013 (803 billion, of which 50% is invested in fixed income and balanced funds) with around 400 independent asset-managing firms registered with the CVM (the Brazilian Securities and Exchange Commission).
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By GlobalData
