Azimut Acquires 70% Stake in Notus Portfoy Yonetimi

October 23, 2014

On October 22, 2014, Azimut completed the acquisition of a 70% stake in Notus Portfoy Yonetimi, a Turkish independent asset management company.

On October 22, 2014, Azimut, an independent asset manager based in Italy, completed the acquisition of a 70% stake in Notus Portfoy Yonetimi (“Notus”), a Turkish independent asset management company, with TL 156 million in assets under management (equivalent to € 54 million) as of September 30, 2014.  The transaction entails an acquisition from the founding partners for a cash consideration of approximately € 1.5 million including the company’s cash position and the subscription of a capital increase for approximately € 0.8 million to finance the business plan.

Notus was established in 2011 by three partners and manages discretionary portfolio mandates for forty-five individual and corporate clients.  In addition, Notus is the manager of two local mutual funds with balanced strategies focused on local fixed income and equities.

To read the press release, please click here.


Categories

Investment Manager M&A, Investment Manager Strategic Investments, Mutual Fund M&A, Mutual Fund Strategic Investments, Transactions