Italian investment management firm Azimut signed a joint venture agreement with Legan Administracao de Recursos for an alliance in Brazil. The deal would have Azimut buy a 50% stake from the existing shareholders of a Brazilian holding firm that controlled Legan's entire equity capital. AZ International Holdings would make the purchase for Azimut.
The 50% stake that the Italian asset manager would acquire was valued at EUR 3 million, Azimut said in a press release. Moreover, Azimut would also subscribe for a capital increase of EUR 2.5 million to fund the business plan.
Legan is a Brazilian asset management firm. In a statement, Legan Founders André Mamed, Fabio Veiga, Airton Kelner, Fausto Gouveia and Ivan Kraiser said the joint venture with Azimut would enable the firm to improve its structure and provide clients with consistent returns that are above the benchmark. "Azimut's outstanding knowledge and expertise of the asset management business will broaden and deepen our research and investment capabilities. Legan's management commitment remains unaltered, maintaining our constant focus on delivering performance to our clients," they added.
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