The Azimut group, through its US subsidiary AZ US Holdings, has completed the 55% acquisition of Sanctuary Wealth Group announced in November 2020.
Sanctuary is one of America’s leading independent wealth management firms, offering financial advisors the ability to build and manage their business with the support of an advanced platform.
The completion of the acquisition of Sanctuary represents a significant milestone for the group, which can have an integrated platform in the United States with local excellence both in the private markets segment and in the distribution and wealth management segment, whose total masses have reached 10 billion US dollars.
Sanctuary has established itself as a leading platform for the next generation of American consultants and wealth managers who are leaving traditional banks and brokerage firms to create, manage and grow their businesses. Since the announcement of the agreement, Sanctuary’s assets under management have grown from approximately $ 7 billion (equivalent to approximately € 6 billion) to $ 8.4 billion (€ 6.9 billion), in addition to additional assets under advise from institutional clients.
The partnership will focus on developing a network of world-class independent financial advisors, joining the 43 teams of nearly 100 existing advisors operating in 17 states.
With this transaction, AZ US acquires a 55% stake in Sanctuary through a reserved capital increase in order to finance the business plan agreed by the parties. The remaining stake will continue to be in the hands of Sanctuary’s senior management and financial advisors.
The agreement provides that the current management of Azimut and Sanctuary will collaborate to grow the business in the United States in the medium to long term and provides for call / put option rights in the next 10 years as well as a further investment in the business linked to achievements.
Azimut entered the US market for the first time in 2015, with a greenfield initiative in Miami in the financial advisory sector, AZ Apice, which was subsequently strengthened thanks to a new partnership with Genesis Investment Advisors.
In November 2019, the Group established Azimut Alternative Capital Partners for
acquire minority stakes in alternative asset managers focused on Private Equity, Private Credit, Venture Capital and Infrastructure.
AACP completed its first deal in July 2020 with the acquisition of a minority stake in Kennedy Lewis, a leading Private Credit operator with over $ 2.5 billion in AuM, and is actively working to complete other transactions in the next future.