(Reuters) – Italian asset manager Azimut said its partnership with UniCredit was on track and would start contributing to net profit from early next year, when it begins marketing products built for the bank’s clients across its branches.
UniCredit, which sold its asset management operations in 2017 to boost capital, has turned to Azimut as it works to grow its fee income by bringing back in house parts of the business.
“We have entered into stage two of the … strategic partnership with UniCredit,” CEO and CFO Alessandro Zambotti said in a statement, as Azimut posted a 15% yearly rise in first-half net profit.
Under the deal unveiled in December, Azimut will set up in Ireland an asset management business tailored to UniCredit clients’ needs which the bank has an option to acquire for a token price within five years.
Azimut confirmed in presentation slides the first 12 funds linked to the project would be launched by the end of the year, contingent on regulatory approval.
UniCredit CEO Andrea Orcel, who in December said the accord would start having visible effects on earnings only from 2024, on Wednesday told a press briefing the deal was on track.
Azimut has said it expects to reap a 0.5% profit margin on the sales of new products to UniCredit clients.
It confirmed its 2023 guidance for net inflows of between 6-8 billion euros and a net profit of 450 million euros, a figure which founder and Chairman Pietro Giuliani said the group wanted to exceed.($1 = 0.9038 euros)
(Reporting by Enrico Sciacovelli; Editing by Valentina Za)
