Azimut’s Brazilian financial advisory arm AZ FuturaInvest has entered into a binding sale and purchase agreement to acquire a 50% stake in LFI Investimentos Ltda (LFI) for BRL8.5m.
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The acquisition of LFI will allow AZ FuturaInvest to provide wealth management solutions to families and HNW clients using LFI expertise to structure customized portfolios.
The acquisition will also see the LFI team joining FuturaInvest advisory team, which currently employs over 40 staff.
Azimut said that acquisition price of around BRL8.5m will be paid to LFI founders in four tranches during the next five years depending on the achievement of specific targets.
The deal, which enables Azimut to boost its wealth management unit in Brazil, is not subject to the approval by the competent authorities, the bank said in a statement.
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By GlobalDataLFI founders Marcelo Vieira Elaiuy and Fabio Frugis Cruz said: "We will be able to leverage on the entire Azimut structure maintaining our independent governance and focus on clients’ interests."
Azimut Holding chairman and CEO Pietro Giuliani said: "Despite a tough 2014 for the Brazilian investment fund industry, our local operations registered an encouraging growth, confirming the value of our business model and the quality of our partners.
"The complementary nature of LFI and AZ FuturaInvest gives new strength to our project, which rests on providing asset allocation and financial advisory services to our clients. The JV with LFI reinforces our focus on Brazil as one of the key markets for Azimut international expansion."
Founded in 2009, LFI is an independent wealth management company based in Sao Paulo and offers customized investment solutions for Brazilian HNWI with nearly BRL500m in assets under management as of 31 December 2014.
