(AGENPARL) – ven 16 dicembre 2022 PRESS RELEASE
UniCredit announces commercial partnership with Azimut
to further
sset
anagement strategy
UniCredit S.p.A. (“
UniCredit
”) is pleased to announce the signing of a letter of intent with Azimut Holding
Azimut
”), setting the main principles for the distribution of
sset
anagement products in Italy.
The partnership with Azimut will accelerate and support UniCredit’s strate
gy to enhance the skills,
capabilities and offering within its asset management business. Through this partnership UniCredit will
further broaden its activities along the value chain and strengthen its commitment to offer best
class
products to
llion clients in Italy.
The agreement will also enable UniCredit to extend its ecosystem including potential distribution of its
banking products to Azimut and underscores the bank’s strategic focus on driving greater value and scale
from its existing as
set management strategy for the benefit of its clients.
Azimut is an Italian leading asset manage
with a business model based on a full integration between
portfolio management and distribution and a strong track record. The Azimut management team has
consistently demonstrated strong capabilities in establishing successful Asset Management companies
nd attracting best in class talent.
Azimut will incorporate, and autonomously run, a management company in Ireland that will develop
investment products for distribution in Italy through UniCredit’s powerful network on a non
exclusive basis.
The funds fo
r Italian clients are expected to be launched in the second half of 2023, subject to the timing
of the required regulatory approvals.
Based on the implementation agreements to be signed by the parties, UniCredit will be entitled to exercise
a call option
on the newly established Irish management company fully owned by Azimut in five
years
time, or earlier subject to specific circumstances, as customary in this kind of transaction. In the event of
the call option being exercised, UniCredit will be able to
control its own high value factory together with
onemarkets Fund products and other
sset
anagement entities already part of the Group, re
building
selective components of the
sset
anagement value chain in Italy and the Group.
The above
mentioned arra
ngements do not impact on the existing asset management partnerships of
UniCredit, which are complemented by internal factory capabilities leveraging on the recently launched
onemarkets Fund products.
I am delighted to see our partnership with Azimut com
e to fruition
”, said
Andrea Orcel
, CEO of UniCredit.
This is an important step in UniCredit’s strategy to build and expand our ecosystem of partners to best
serve the needs of clients. This partnership will not only allow us to offer our clients more, bu
t also
demonstrates our commitment to strengthening the asset management industry here in Italy. As a bank,
we are always seeking out ways to generate added value for our stakeholders, while also supporting the
markets in which we operate
in this case It
aly’s domestic asset management market
Milan,
December 2022
Conta
Investor Relations