Azimut Acquires Stakes in Moroccan Asset Management Market
(Reuters) - Italian asset manager Azimut said on Tuesday it had entered the Moroccan asset management market by acquiring minority stakes in two units of local investment bank Red Med Capital.
Morocco's asset management industry had over 61 billion euros ($65.98 billion) in assets under management as of December 2024, Azimut said in a statement.
Azimut acquired a 29% stake in Red Med Asset Management, which had around 18 billion Moroccan dirham ($1.88 billion) in assets under management at the end of 2024.
The Italian asset manager bought a 25% stake in Red Med Securities, which offers investment solutions such as capital market transactions, IPOs and securities trading and had a 4.4% market share in Morocco in 2024.
Azimut did not disclose the financial terms of the transactions.
($1 = 9.5662 Moroccan dirham)
($1 = 0.9245 euros)
(Reporting by Philippe Leroy Beaulieu, editing by Gianluca Semeraro and Louise Heavens)
