(Finance) – The Group Azimuth recorded in February 2023 positive net inflows of 1.6 billion euro.
During the month, the Group completed the previously announced acquisition of Kennedy Capital Management, one of the leading US small and mid-cap equity managers, to further consolidate its presence in the United States.
The acquisition contributed approximately 1.3 billion to AuM, reflecting Azimut’s current 35% stake in the business.
The total of assets including assets under administration at the end of February it stood at 82.9 billion, of which 57.6 billion referred to assets under management.
“We are delighted to have completed the acquisition of Kennedy Capital Management as it lays the foundations for Azimut’s next phase of growth in the US and will allow us to replicate our Italian business model and further strengthen the integration between production and distribution – commented Gabriele Blei, CEO of the Group -. Although overall demand was robust during the month, international funding was impacted by outflows of more than €300 million in Brazil, due to market turmoil due to the default of Lojas Americanas. While we don’t have direct exposure, this has had an impact on the broader industry, including our credit funds and liquid strategies. However, net inflows for the month were driven by solid demand in Italy, Turkey, Australia and Mexico. We are pleased to have completed additional closings for our private markets products, which added an additional €85 million in Italy and the United States.”