(Alliance News) - Azimut Holding Spa reported Thursday that it recorded positive net inflows of EUR529 million in August, reaching EUR4.8 billion since the beginning of the year, with a full-year target of EUR6-8 billion.

In August alone, 92 percent of net inflows were directed into asset management products.

Total assets under management stood at EUR59.1 billion and, including assets under administration, reached EUR87.7 billion at the end of August, up 11 percent from the beginning of the year.

Gabriele Blei, group CEO, commented, "In August we recorded solid net inflows thanks to our globally diversified business model, despite the typical summer slowdown. As expected, we are seeing signs of stabilization in the financial markets in Brazil and a recovery in demand for our investment solutions, resulting in positive inflows of over EUR60 million in the month. In addition, our strong expansion in Turkey, the United States and Australia continues. In addition to the positive contribution of our financial advisor network in Italy, we highlight another strong month for our insurance offering, with AuM now exceeding EUR7 billion. With net inflows of EUR4.8 billion since the beginning of the year and additional product closings in the private markets planned for the coming months, we look ahead confident of reaching the EUR6-8 billion target we have set for the full year."

Azimut trades in the red 0.2 percent at EUR21.16 per share.

By Claudia Cavaliere, Alliance News reporter

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