Azimut has signed an agreement to acquire 80 percent of the capital of New Horizon Capital Management, an asset management boutique headquartered at the Dubai International Financial Center.
At the same time, Azimut signed a shareholder agreement with the current management of New Horizon to develop the business in the United Arab Emirates and in the Middle East - North Africa region.
The operation, subject to the approval of the competent local authorities, allows Azimut to acquire 80% of Nhcm from the current shareholders, while the minority stake will remain in the hands of the managers.
“Today we announce an important step, extending our presence in the Middle East and leveraging our experience in other developed markets,” commented Sergio Albarelli, CEO of Azimut.
“We have been investing in the region since 2012 thanks to our presence in Turkey – he added – and with this new initiative we can create an integrated platform that leverages our experience and track record in Islamic asset management, where Azimut has developed a global reputation as manager of the largest sukuk fund in the world”.
