INDIANAPOLIS and MILAN, Nov. 2, 2020 /PRNewswire/ -- Azimut Group ("Azimut" or the "Group"), one of Europe's largest independent asset managers, has signed an agreement to make a significant equity investment in Sanctuary Wealth. Azimut, headquartered in Milan, Italy, is a publicly traded, global, independent investment manager with $67 billion in assets under management.
"Azimut's DNA is made up of independence, entrepreneurship and value creation for both clients and shareholders. We found all these same values in Sanctuary and are thrilled to be partnering with such like-minded professionals," said Pietro Giuliani, Chairman of Azimut Group. "Like Sanctuary, Azimut is fundamentally a growth-oriented company with a long-term vision and partially owned by our advisors and employees which is why we were aligned from day one. We are entrepreneurs committed to helping our partners achieve their greatest business potential by leveraging our long-standing expertise in asset management, private markets, distribution and a global presence in 17 countries around the world."
"This transaction provides an unprecedented opportunity for Sanctuary to accelerate our growth," said Jim Dickson, Sanctuary Wealth's CEO. "The wealth management industry is in the midst of a massive shift as more than 100,000 advisors retire over the next few years, bringing an estimated $1.6 trillion of assets into the market. With this strategic backing from Azimut, we are poised to assert ourselves as willing buyers of valuable advisory practices, for Sanctuary and on behalf of our elite advisor network."
Although less than three years old, Sanctuary Wealth has quickly established itself as the leading platform for the next-generation of wealth managers in the U.S., who seek to own, operate and grow their own businesses. Through Sanctuary's model of partnered independence, entrepreneurial advisors have the resources and services they need while enjoying the economies of scale afforded by large financial institutions.
Azimut will complete the transaction through its U.S. subsidiary, AZ US Holdings Inc. ("AZUS"). With the strategic backing from Azimut, Sanctuary Wealth will continue investing in the growth of its partner firms, and in strategic acquisition of other RIAs and wirehouse practices nationwide. The strategy and success of Sanctuary since inception has been exceptional. Sanctuary's national network includes 41 partner firms, spans 17 states and employs more than 100 advisors with a total of $12 billion in assets under advisement.
"We are excited to work alongside Jim, Vince, the senior management team and all the partner firms and employees at Sanctuary," adds Massimo Guiati, CEO of AZ US Holdings and Co-CEO of Azimut Group. "Our global operations are very client-centric and advisor focused. Through this partnership, we will be able to supply the Sanctuary advisors with additional tools, products and our expertise in markets around the world."
Azimut, established in 1989, operates in 17 countries around the world and manages in excess of €57bn (equivalent to app. $67bn) in total AUM. The Group, with a fully integrated business model between production and distribution, operates in three key segments: Public Markets, Private Markets and Emerging Markets. Throughout the years it has significantly expanded its geographical footprint reaching presence in the Americas (New York, Miami, Sao Paolo, Mexico City, Santiago), EMEA (Milan, Monte Carlo, Lugano, Luxembourg, Dublin, Istanbul, Dubai, Abu Dhabi, Cairo) and Asia-Pacific (Shanghai, Hong Kong, Taipei, Singapore and Sydney). Azimut's employees and partners now exceed 3,000 professionals, of which ca. 100 are Portfolio Managers & Analysts and ca. 2,200 are Financial Advisors primarily serving Azimut's retail and high-net-worth client base. Azimut has grown its AUM at a CAGR of +15% over the past 16 years, delivering to shareholders a total return in excess of 730% vs. 33% of the FTSE MIB index. The shareholder structure includes almost 2,000 managers, employees, portfolio managers and financial advisors working for the Group, bound together by a strong and long-term shareholders pact that controls ca. 23% of the Group, the remaining being free float.
Azimut first entered the United States in 2015 with a greenfield initiative in Miami called AZ Apice, subsequently reinforced by another partnership with Genesis Investment Advisors. In the U.S. private markets segment Azimut seeks to acquire minority stakes in U.S.-based alternative asset managers through Azimut Alternative Capital Partners to provide permanent capital for growth and realization of their full business objectives. The partnership with Sanctuary represents a significant milestone and a further demonstration of Azimut's commitment to pursue expanding into the broader U.S. financial industry.
The transaction is subject to regulatory approval by the appropriate authorities. Specific terms of the investment were not disclosed.
Berkshire Global served as financial advisor while Fox Swibel and Sidley Austin served as legal advisor to Sanctuary. Latham & Watkins served as legal advisor to Azimut.
About Azimut Azimut is Italy's leading independent asset manager (active since 1989). The parent company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB. The shareholder structure includes over 2,200 managers, employees and financial advisors bound by a shareholders' agreement that controls ca. 23% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices mainly in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Egypt, Singapore, Mexico, Australia, Chile, USA, UAE and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR, following the demerger by incorporation of Azimut Consulenza SIM, distributes Group and third-party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the Alternatives business. Overseas main operations are Azimut Investments (formerly AZ Fund Management, founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish Azimut Life DAC, which offers life insurance products.
About Sanctuary Wealth Sanctuary Wealth (sanctuarywealth.com/) is the advanced platform for the next generation of elite advisors, who have the entrepreneurial spirit to build and own their own practices and desire the freedom to deliver the tailored service their clients deserve. Sanctuary's ecosystem of partnered independence provides a complete technology and operations platform, as well as support from a community of like-minded advisors and the resources of invaluable affiliated businesses. Currently, the Sanctuary Wealth network includes 41 partner firms across 17 states with over $12.0 billion in assets under advisement. The Sanctuary Wealth Group includes the fully owned subsidiaries Sanctuary Advisors, a registered investment adviser, and the broker-dealer Sanctuary Securities, as well as Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Capital Markets, and Sanctuary Global Family Office.