(Alliance News) - Azimut Holding Spa reported Tuesday that it recorded positive net inflows of EUR247 million in September, reaching EUR5.0 billion since the beginning of the year and with a target for the full year 2023 of EUR6-8 billion, of which 60 percent or EUR3 billion was directed into asset management products.

Total assets under management stood at EUR59.1 billion and, including assets under administration, reached EUR87.2 billion at the end of September.

Gabriele Blei, CEO of the group, commented, "Azimut continued its path of growth even in September, a month historically characterized by some seasonal weakness, thanks to its global presence and continuous innovation on the product front. While the managed component was affected by outflows from money funds following interest rate hikes in some of the countries in which we operate, we recorded another month of robust demand in Brazil, with flows exceeding EUR105 million, after raising EUR60 million in August."

"In addition, strong fundraising in the private markets segment continues thanks to several fund closings in Italy - totaling more than EUR235 million - such as IPO Club 2, an alternative investment fund focused on supporting Italian mid-sized companies of excellence identified with Electa Ventures, and a substantial fund closing by one of our GP partners in the United States. Overall, in private markets, clients have entrusted us with over EUR1.2 billion since the beginning of the year, and AuM now stands at 13 percent of assets under management, putting us on track to reach our target of at least 15 percent by the end of 2024."

Azimut is in the green by 1.2 percent at EUR20.61 per share.

By Claudia Cavaliere, Alliance News reporter

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