Azimut completes the acquisition of Sanctuary Wealth, creating an integrated platform and reaching almost $ 10 billion in total AuM in the USA

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Azimut Group, one of Europe’s largest independent asset managers, via its U.S. subsidiary AZ US Holdings Inc. , completed the acquisition of a 55% stake in Sanctuary Wealth Group, a leading US independent wealth management firm for financial advisors who seek to build and manage their own practices, but want the support of an advanced platform to achieve their full potential. 

Azimut first entered the United States in 2015, with a greenfield initiative in Miami focused on the Latam-RIA space called AZ Apice, subsequently reinforced by another partnership with Genesis Investment Advisors. In November 2019, the Group set up Azimut Alternative Capital Partners (“AACP”), seeking to acquire minority stakes in mostly U.S.-based alternative asset managers focused on Private Equity, Private Credit, Venture Capital and Infrastructure, while providing them permanent capital to grow and achieve their greatest business potential. AACP completed it’s first deal in July 2020 with the acquisition of a minority stake in leading Private Credit manager Kennedy Lewis, with over $2.5bn in AUM, and is actively working to complete more transactions in the near future.

Today’s deal with Sanctuary represents a significant milestone for the Group, reaching an integrated platform in the US with both private markets and wealth management partners representing excellencies in their respective sectors.

As announced on November 2nd, 2020 Sanctuary Wealth, founded in 2018 by Jim Dickson, established itself as the leading platform for the next generation of wealth managers in the U.S., who are breaking away from traditional wirehouses and brokerage firms to own, operate and grow their own businesses. Since announcing the deal, the total billable AUM rose from ca. $7 billion (equivalent to ca. €6bn) to $ 8.4 billion (€6.9bn), on top of further assets under advisement from institutional clients. The partnership will focus on the development of a best in class network of breakaway advisory teams, adding on to Sanctuary’s national community including today 43 partner firms in 17 states while employing almost 100 advisors.

With this acquisition, AZUS acquires a 55% stake in Sanctuary through a reserved capital increase in order to finance the mutually agreed business plan. The remaining stake will continue to be in the hands of senior management as well as financial advisors. The agreement contemplates that Azimut and Sanctuary’s current management team will cooperate and grow the business in the US over the medium-long term and provides for call/put option rights over the next 10 years as well as a further investment in the business linked to certain achievements.

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