(Alliance News) - Azimut Holding Spa estimates that it closed 2023 with adjusted net income of between EUR445 million and EUR455 million, in line with its full-year target of EUR450 million.

As disclosed Thursday by the management company, full-year net inflows were EUR6.9 billion, also in line with the internal target, while total assets hit a record high of EUR90.8 billion. About 46 percent of inflows, or EUR3.2 billion, were directed into managed products.

Total assets thus grew significantly, reaching a record level of EUR90.8 billion as of December 31 from EUR79.0 billion, reflecting solid year-on-year growth of 15 percent.

Among new products launched and to be launched, the company has already provided EUR2.5 billion in alternative financing to Italian SMEs and is in the process of launching Europe's first alternative investment fund with native blockchain-based share classes.

Based on the solid operating results achieved so far and "the determination to pursue its strategy of sustainable growth and shareholder value creation," the group sets targets for 2024, estimating, under normal market conditions, total net inflows above EUR7 billion, including through partnerships, and net income of EUR500 million as well as net foreign operating income of EUR150 million on an annual basis.

Pietro Giuliani, the group's chairman, said, "We are in the 20th year since Azimut's listing - the 34th of its existence - and, even in 2023, we have achieved the targets declared at the beginning of the year and we are now announcing those for 2024: EUR500 million in net income and over EUR7 billion in new net inflows. Operations in CIB - corporate and investment banking - are no longer sporadic but systematic, both in the profit produced and in being a point of reference for small and medium-sized Italian companies, especially those with foreign aspirations or operations."

"The more than EUR8 billion of alternative investments - private equity, private debt, venture capital, real assets and infrastructure - made in Italy and around the world directly or by our foreign investees in the U.S., Brazil and Turkey represent a unique opportunity for our clients in terms of breadth of product range and especially results. The investments made over many years in fintech, particularly in the areas of blockchain and AI, will enable our financial advisors and wealth managers over the next three years to operate with tools that are ahead of the market, providing our clients with a service that is adequate to the changes that the entire World is facing."

"I would like to thank all the colleagues who made this happen, especially in a year in which in Italy the asset management industry saw outflows of more than EUR50 billion while Azimut, with its approximately EUR7 billion of net inflows realized in Italy and in the 18 countries in which it operates, brought its total assets over EUR90 billion, about half of which came from abroad."

Azimut Holding's stock is up 0.4 percent at EUR24.89 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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