Jan 11 (Reuters) – Italian asset manager Azimut (AZMT.MI) said net inflows in 2023 met the mid-point of its guidance range and would grow slightly this year when its partnership with UniCredit (CRDI.MI) is set to take off.
With total assets of 90.8 billion euros at the end of December, Azimut stuck to a 500 million euro profit goal for 2024. It expects 2023 adjusted net profit to have come in at between 445 million and 455 million euros, broadly in line with its 450 million target.
Net inflows in 2023 totalled 6.9 billion euros, in the middle of Azimut’s 6-8 billion target range, and they will top 7 billion euros this year, “also thanks to partnerships”, it said.
Nearly half of last year’s inflows went into more lucrative managed products, Azimut said.
Under UniCredit Chief Executive Andrea Orcel’s drive to grow net fees and rebuild in-house fund management skills, the bank said in December 2022 that Azimut would establish a fund business in Ireland which UniCredit has the option to eventually acquire for a token price.
In the meantime, Azimut can distribute the mutual funds originating from its new Irish business to UniCredit’s 7 million Italian clients on a non-exclusive basis.
Azimut said the first 12 funds gained authorisation at the end of December and more would be launched in the near future.
“This agreement lays the foundation for further significant additional growth for Azimut in terms of net inflows and increasing net profit contribution over time,” the company said in a statement. ($1 = 0.9125 euros)