Italian asset manager Azimut is reportedly planning to acquire a fund unit from a bank to increase its distribution network and attract client investments.
"We need an asset management company with its own distribution network in Italy, owned by a bank," the company’s CEO Pietro Giuliani said in an interview to Bloomberg.
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"We are looking for a big acquisition in Italy, and should an interesting opportunity arise we could raise money through a convertible bond issue or a rights offer," Giuliani added.
Giuliani also revealed that his firm has nearly EUR550 million (US$752 million) of cash available, and a transaction may be closed this year or next.
However, Giuliani added that company isn’t in talks with potential sellers but it’s open to negotiations with banks interested in selling their asset management companies.
The bank would consider talks with companies including Banco Popolare SC (BP), should the Verona-based lender want to dispose of its Aletti-Gestielle asset-management unit, Bloomberg quoted him saying.
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By GlobalDataAzimut is working on a business plan that will be released by this fall, Giuliani further added.
