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November 3, 2020

Italy’s Azimut to invest in US breakaway adviser network Sanctuary Wealth

By Verdict Staff

Italian asset manager Azimut Group is set to infuse capital in US-based brokerage firm Sanctuary Wealth, which serves breakaway advisers.

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Financial details about the transaction were not shared, other than the fact that the deal involved a “significant equity investment”.

However, media reports shed light on the financial terms, saying that the deal involved a 55% stake sale by Sanctuary for $50m.

Azimut will execute the deal through its US subsidiary, AZ US Holdings.

The deal, which awaits regulatory approval, is expected to allow Sanctuary to continue investing in its partner firms, and take over other RIAs and wirehouse practices across the country.

Azimut chairman Pietro Giuliani said: “Like Sanctuary, Azimut is fundamentally a growth-oriented company with a long-term vision and partially owned by our advisers and employees which is why we were aligned from day one.

“We are entrepreneurs committed to helping our partners achieve their greatest business potential by leveraging our long-standing expertise in asset management, private markets, distribution and a global presence in 17 countries around the world.”

Sanctuary’s national network consists of 41 partner firms across 17 states. It employs over 100 advisers with $12bn in assets under advisement.

Sanctuary CEO Jim Dickson said: “This transaction provides an unprecedented opportunity for Sanctuary to accelerate our growth.

“The wealth management industry is in the midst of a massive shift as more than 100,000 advisers retire over the next few years, bringing an estimated $1.6 trn of assets into the market. With this strategic backing from Azimut, we are poised to assert ourselves as willing buyers of valuable advisory practices, for Sanctuary and on behalf of our elite adviser network.”

Azimut manages over $67bn in assets and has a presence in 17 countries. The firm forayed into the US market in 2015.

Through Azimut Alternative Capital Partners (AACP), the Milan-based firm acquires minority stakes in US-based alternative asset managers.

In July this year, AACP picked a minority interest in Kennedy Lewis Investment Management – a private credit investment manager based in New York.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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