(Alliance News) - Azimut Holding Spa reported Thursday that it recorded inflows of EUR6.9 billion in May.

The May figure brings the cumulative since the beginning of the year to EUR9.0 billion, surpassing the full 2024 target of EUR7 billion.

The May figure includes EUR6.1 billion from the previously announced acquisition of tru Independence, an advisory services provider based in Portland, Oregon, with total assets of USD12.5 billion by Sanctuary Wealth, in which Azimut Group holds a 53.4 percent stake.

Total assets under management stood at EUR62.0 billion and, including assets under administration, reached a new record of EUR100.5 billion at the end of May.

Gabriele Blei, group CEO, said, "Organic assets under management in May exceeded EUR500 million, marking another strong month for both our investment products and solutions in Italy and globally, also thanks to the positive trend in Brazil. In addition, the acquisition of tru Independence by Sanctuary Wealth and steady demand since the beginning of the year allowed us to exceed our annual target of over EUR7 billion in net inflows in just five months."

"Finally, our growth path in private markets continues, which led in early June to the first closing of the Azimut Diversified Corporate Credit ESG-8 SCSp RAIF senior private debt fund, dedicated to supporting the growth of Italian companies that follow sustainability principles. This first closing, which will be included with the June funding, has obtained subscription commitments totaling 126 million euros and has attracted the interest of several institutional underwriters, with a second closing expected by the end of 2024."

Azimut Holding's stock is up 1.0 percent at EUR24.74 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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