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.
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