Azimut Holding, an Italian company among the largest private equity operators in the world with a capital mass under the management of more than 77,000 million euros, has announced record figures for the first half of 2021, including the historical record of Consolidated Net Profit in the semester: 226 million euros, 58% higher compared to the year 2020. We talked about it with the CEO, Gabriele Blei.
In addition to the historical record of profits, the first semester of Azimut, generated net inflows of 12,000 million euros: how was it possible? What are the prospects for the second half of the year?
In the first 6 months of 2021, we raised 12 billion euros, a figure that reaches almost 13 billion if we also count the last two transactions concluded in the US with the acquisition of a minority stake in Pathlight, an alternative credit manager, and the lift-off of a team that manages the Kennedy Lewis CLO’s, where we have been minority shareholders for more than 1 year. If we consider organic inflows, the semester closed globally with 5,500 million euros in net inflows thanks both to Italy, where our network raised 2,000 million euros and to our networks abroad, which have achieved a positive figure of 3,500 million euros. To this, we add the closing of the operation that led us to have 55% of Sanctuary Wealth, an independent distribution network in the United States. All these results are the result of teamwork which places the integration between the product factory and distribution at the center of its business model in order to provide good performance to customers. We have no conflict of interest and we are one of the few asset managers with a global investment team of more than 150 professionals who operate through their own distribution networks, providing new and innovative investment solutions, both in liquid and alternative products. For the second half of the year, under normal market conditions, we expect this positive trend to continue. We have just increased our net inflow guidance from € 4.5 billion to at least € 6 billion.
Regardless of 2021 and the favorable cyclical conditions, in the last 2 and a half years, despite the pandemic, Azimut investors have benefited from a positive average return of 16%. How can this result be explained?
From 2019 until today, our clients have earned on the average net, net of all costs, 16%. This is the result of active management, the maximum possible diversification, and the product innovation that we have pursued. But all this would not be possible without the Global Investment Team, a group of more than 150 people who operate in real-time around the world from 17 countries. Our investment professionals communicate with our distribution networks, providing them with everything they need to invest in global markets and in all asset classes, both liquid and illiquid. We are an asset manager who does nothing more than collect savings and invest them to generate positive returns and a lasting relationship with our clients.
The resurgence of contagions and the arrival of autumn seem to be able to scare the markets after scaring the citizens. Why is it worth investing in Azimut? To what extent are Azimut customers better protected?
The markets had a very positive trend in the first part of the year, after 2020 that started in a very complicated way and closed with a recovery in stock indices that nobody expected. The arrival of the vaccine and the reopening of economies supported the recovery. Now the uncertainties are increasing even taking into account the valuations seen in both the world of equities and fixed income. Our clients can count on a team of experts in management and distribution, capable of providing an advanced consulting service that must know how to manage clients’ emotions. In addition, more than 2000 people who work at Azimut invest in the products we manage as well as being shareholders of our company with a stake in excess of 22% of the issued share capital, which further guarantees alignment with our customers.