Azimut acquires Sofia Sgr. The holding company chaired by Pietro Giuliani, through the subsidiary Azimut Capital Management SGR, has signed an agreement with Sofia Gestione del Patrimonio SGR in Extraordinary Administration and Sofia Partners, as the majority shareholder of Sofia sgr, which provides for the purchase by Azimut sgr of the activities of Sofia sgr.
The company is mainly intended for the provision of collective asset management services, management of investment portfolios on an individual basis on behalf of third parties, management under a proxy conferred by subjects who provide investment portfolio management services and by of UCITS, Italian and/or foreign and advice on investments in financial instruments.
As a result of the transaction, Azimut sgr will take over the management, inter alia, of four open-ended mutual investment funds set up, promoted and currently managed by Sofia sgr, and will increase its network with Sofia sgr's 47 financial advisors As at 31 December 2017, assets under management of around 800 million were attributable.
Concurrently with the transfer of the Company, Azimut sgr will pay Sofia sgr a basic consideration of 3 million as well as, after twenty-four months, any residual variable part of the price which will be determined on the basis of the performance of the assets under management transferred to Azimut SGR and their net profitability. The agreement envisages in favor of Azimut sgr a series of declarations and guarantees on the risks associated with the activity carried out by the Company up to its transfer, typical for operations of this nature.
