(Alliance News) - The Azimut Group on Monday reported positive net inflows of EUR802 million in June 2023, reaching EUR3.7 billion since the beginning of the year, with a target for the full year 2023 of between EUR6 billion and EUR8 billion.

In the first half of the year, nearly 60 percent of net inflows - amounting to EUR2.2 billion - were directed into asset management products. Total assets including assets under administration stood at EUR85.3 billion at the end of June, of which EUR57.8 billion refer to assets under management.

Gabriele Blei -- group ceo -- commented, "The strong June inflows once again highlight the benefits of our globally diversified business model. Although the managed component was affected by continued outflows by some institutional funds from low-yielding money market funds, around EUR120 million, in Italy, as we had anticipated during the month, we announced the closing of several private markets funds focused on, among other things, private credit, venture capital and sustainable infrastructure for a total of more than EUR130 million."

"We raised the first tranche of a very substantial mandate in Mexico from one of the three largest sovereign wealth funds in the world-about EUR180 million-and recorded strong growth in Turkey and Monaco. In June we achieved positive flows in Brazil, after months of prolonged volatility in the credit markets that caused outflows from the entire local asset management sector," Blei points out.

"Finally, we continued the expansion of our platform in Australia with the acquisition of an AUD130 million wealth advisory firm to further consolidate our presence in the region," Blei concluded.

Azimut on Monday trades in the green by 1.3 percent at EUR19.49 per share

By Maurizio Carta, Alliance News reporter

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