Azimut Holding, net inflows in February at EUR1.6 billion

(Alliance News) - Azimut Holding Spa reported Tuesday that it recorded positive net inflows of EUR1.6 billion in February 2023.

During the month, the group completed the acquisition of Kennedy Capital Management, a leading U.S. small and mid cap equity manager, to further consolidate its presence in the United States.

The acquisition contributed about EUR1.3 billion to aum, reflecting Azimut's current 35 percent share in the business.

Total assets including assets under administration stood at EUR82.9 billion at the end of February, of which EUR57.6 billion refer to assets under management.

Gabriele Blei, group CEO, commented, "We are pleased to have completed the acquisition of Kennedy Capital Management as it lays the foundation for Azimut's next phase of growth in the United States and will allow us to replicate our Italian business model and further strengthen the integration between production and distribution. Although overall demand was robust during the month, international inflows were impacted by outflows of more than EUR300 million in Brazil due to market turmoil from the default of Lojas Americanas."

"Although we do not have direct exposure, this impacted the sector in general, 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 brought in an additional 85 million euros in Italy and the U.S."

Azimut trades in the red 2.3 percent at EUR22.13 per share.

By Claudia Cavaliere, Alliance News reporter

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