Italian asset manager Azimut is to acquire Australian equities boutique Sigma Funds Management.
AZ International, the name of the combined firm, will own a 51% stake in Sigma, while Sigma’s executives will retain a 49% stake.
Azimut hopes the deal will widen its distribution capabilities and offer local expertise in the Australian equity market.
The deal remains subject to regulatory approval by local authorities in both Italy and Australia, although the transaction is expected to finish in April 2016.
Sigma was founded in August 2009 by a team of six former Credit Suisse employees. The firm currently runs three funds that focus on large- and small-cap Australian equities, and manages assets of 70 million Australian dollars (€47 million).
Azimut received total net inflows of €1.7 billion in the first quarter of 2016. As of March 31, the firm’s assets under management total €31.6 billion, and assets under administration are €5.8 billion.
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