Independent asset manager Azimut has signed an partnership agreement with banking group UniCredit for the distribution of products in Italy.
Azimut will establish, and independently manage, a management company in Ireland that will develop investment products, in particular mutual funds, for a non-exclusive distribution through UniCredit’s network.
Specifically, Azimut plans to launch an initial range of dedicated funds to be distributed in Italy as of the second half of 2023, subject to the necessary regulatory approvals.
The asset manager added that partnerships opportunities may attract attention beyond Europe, especially in the regions where Azimut has strong local asset management presence such as the Middle East. The firm believes that business models are emerging, which may mean there is a deeper interaction between banks and asset management firms.
Maroun Jalkh, chief executive of Azimut ME, said: “We see the Azimut and UniCredit accord as a showcase of our aptitude to bring value added to the industry and of our unique model.
“The investment management industry in the Middle East is set to undergo significant challenges and growth in line with the long-term strategies of regional governments to diversify their economies and bolster their financial markets. As an international firm with multiple investment centres in the Middle East, we are perfectly positioned to provide solutions to the local banks in our region.”
In January 2023, UAE regulator Securities and Commodities Authority (SCA) unveiled an amended fund regime after repealing the 2016 Concerning the Regulations of Investment Funds regulation. This came after it stopped the renewal of foreign investment funds aimed at the public.