(Finance) – Sanctuary Wealth, a leading US wealth management company belonging to the Group Azimuthtoday obtained a $ 175 million loan in the form of a convertible note from funds managed by Kennedy Lewis Investment Management, based in New York.
The use of the proceeds – explains a note – will support future growth and the business plan of Sanctuary in the medium term, including further
M&A operations and strategic investments in technology and for the hiring of new professionals.
Sanctuary, part of the Azimut Group since 2021, is the advanced platform for next-generation consultants with over $ 15 billion in AuM (versus $ 7 billion at the time of the Azimut acquisition). Currently, Sanctuary’s network includes 74 partner companies and over 135 financial advisors in 23 US states.
As a result of this transaction and under the terms of the conversion of the note, Azimut will become Sanctuary’s second largest strategic minority shareholder and will consolidate the AuM on a pro-rata basis with respect to the current line-by-line consolidation.