Dubai, 19 April 2022 – Azimut is growing its business in the Middle East with two senior hires in their ADGM asset management subsidiary that enable the European asset manager to expand its investor base while maintaining best practice risk management and operations.
These new additions bring Azimut’s total headcount to 24 across the UAE.
Stephane Masini has joined the firm as Head of Key Clients – MENA. His primary focus is to expand the coverage of family offices, sovereign wealth funds, pension funds, government and semi government entities, and corporates. He will cover the full range of Azimut’s products with an emphasis on alternatives, including venture capital, private equity and private credit.
Masini brings to Azimut more than 22 years’ experience across the Middle East and Turkey. This has included multiple senior management roles, C-level positions and board representations with institutions like IS Investment Gulf, Dubai Cultiv8 Investments Limited, Standard Chartered, Bank of Singapore, and Dubai Bank PJSC .
In addition, Tanja Ferri joins as Head of Operations, Risk and Product Management. Based in Abu Dhabi, she is focused on the group’s private markets platform in MENA.
Ferri has over 15 years’ experience in the alternatives sector. Prior to joining Azimut, she worked as an independent director and consultant for funds, covering a range of asset classes. Until 2018, Tanja was a Managing Director at London-based consulting firm Laven Partners, having first joined the group in 2007.
“The arrival of Stephane and Tanja will support the group’s growth ambitions and offerings in the region,” said Maroun Jalkh, Senior Executive Officer for Azimut (ME) Limited. “They both have the knowledge and experience to build on the strong and well-capitalised business we have developed in the UAE and to push forward with our ambitions for our ADGM expansion.”
Robust financial strength
Azimut’s expansion in the Middle East is the latest example of its strength in depth.
In March, for example, the FY 2021 results ending December 31, 2021 showed record figures for the group, including:
- Consolidated revenues of €1,449 million ($1,594m), up 38% year-on-year
- EBITDA of €751 million ($826m), 55% higher than in the same period for 2020
- Consolidated operating profit of €707 ($778m) million, also up 55% year-on-year
- Consolidated net profit in 2021 of €605 million ($665m), an increase of 59% year-on-year
- A strong €18.7 billion ($20.6bn) of clients Net New Money, the highest on record for the group and 4 times higher than 2020driving the total AuM to €83.2 billion ($91.5bn).
Azimut’s financial strength and liquidity have also enabled it to fully repay a bond worth €350 million, with a coupon of 2% per annum, placed in 2017 and set to expire at the end of March 2022.
Further, over the three years from 2019 to 2021, the firm’s clients benefited from a net weighted average performance of +17%.
“All of this was possible thanks to a business model that for over 30 years has been based on the integration between asset management and distribution, on product innovation and, since 2011, on international expansion,” explained Giorgio Medda, Group CEO and Global Head of Asset Management. “We are committed to replicating our business model in the UAE and we are investing to broaden our capabilities in both areas of products and sales.”
Azimut’s international business is expected to contribute over €150 million ($165m) by 2024. This will be driven by expansion mainly in emerging markets and the development of alternatives.
Azimut is one of Europe’s leading independent groups active (since 1989) in the asset management sector. The parent company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and is a member, among others, of the main Italian index FTSE MIB. The shareholder structure includes over 2,100 managers, employees and financial advisors bound by a shareholders’ agreement that controls ca. 22% 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 distributes Group and third-party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the alternatives business. The main foreign companies are Azimut Investments SA (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.
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