Italian asset management firm Azimut has agreed to acquire going concern Of Sofia SGR’s investment management business.
The Going Concern is mainly active in the following areas of: (i) collective asset management business, (ii) individual investment portfolio management, (iii) investment management under delegation granted by Italian and foreign investments portfolio services’ providers and investment management companies and (iv) financial advisory services.
Azimut said it will pay €3m upon deal closing and an additional amount after 24 months based on the performance and profitability of the assets purchased.
The deal will offer Azimut management four open-end investments funds and add €800m in assets to its books.
A total of 47 financial advisers will join Azimut as part of the deal.
Azimut CEO Sergio Albarelli said: “Through this transaction we strengthen our management capacity and expand our network of financial advisers with professionals capable of dealing with high-profile clients in line with our commitment to customer satisfaction.”