Italian asset manager Azimut via its wholly owned Luxembourg holding company, AZ International Holdings, has acquired 51% stake in Australian equities manager Sigma Funds Management.
The remaining 49% stake will be retained by Sigma’s executives.
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Under investment management partnership, the two entities have agreed to leverage Sigma’s investment know-how in order to build a long-term franchise in equity markets and boost its distribution capabilities.
Established in August 2009, Sigma comprises an investment team averaging over two decades of experience in large & small cap Australian equities.
The closing of the transaction, which is subject to regulatory and other approvals, is expected to be completed by April.
Azimut chairman and CEO Pietro Giuliani said: "with this agreement in Australia we bring on board new partners with significant competencies and a strong track record in managing Australian equities. We will now have the opportunity to offer our local and international clients a portfolio management team resident in Sydney and investing in Australian companies."
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By GlobalDataAZ International director Massimo Guiati said: "I believe the partnership with Azimut offers a significant opportunity for clients that will lead to growth in the business."
Sigma director Steve Giubin said: "Azimut offers Sigma the opportunity to cement its position as an Australian Equities manager. We would like to thank Pinnacle for its support as a shareholder since 2011 and look forward to our ongoing relationship across marketing and fund services."
