Italy’s Az­imut seals deal to be­come first for­eign fund to op­er­ate in Iran

Iran Daily - - Domestic Economy -

An Ital­ian as­set man­ager pur­chased stakes in an Ira­nian ¿nan­cial com­pany to be­come the ¿rst for­eign fund house to in­vest in the na­tion’s ¿nan­cial sec­tor.

Fi­nan­cial Times re­ported that Az­imut, a €48-bil­lion group head­quar­tered in Mi­lan, had ac­quired 20 per­cent of Mo¿d En­tekhab, an Ira­nian as­set man­ager, for an undis­closed sum.

“We were look­ing for an op­por­tu­nity to in­vest in a very in­ter­est­ing mar­ket. Iran is a great story,” it quoted Ser­gio Al­barelli, chief ex­ec­u­tive of Az­imut, as say­ing.

Az­imut said it and Mo¿d En­tekhab had en­sured that the part­ner­ship would be com­pli­ant with eco­nomic sanc­tions re­quire­ments.

Mo¿d En­tekhab is part of Iran’s pri­vately held Mo¿d Group, the largest bro­ker­age ¿rm and ¿nan­cial ad­vi­sory in Iran with $89 mil­lion in as­sets. En­tekhab was carved out from its Mo¿d Se­cu­ri­ties busi­ness last year, Fi­nan­cial Times re­ported.

Az­imut would buy the stake through AZ In­ter­na­tional Hold­ings, its Lux­em­bourg-based unit. Az­imut and Mo¿d also plan to es­tab­lish a fund, domi­ciled in Lux­em­bourg, for for­eign in­vestors to in­vest in Iran.

“Our strate­gic goal is now to cap­i­tal­ize on our track record as the lead­ing ¿nan­cial in­ter­me­di­ary in Iran and cre­ate with Az­imut a bench­mark for the lo­cal as­set man­age­ment in­dus­try,” Hamid Azaraksh, chair­man of Mo¿d Se­cu­ri­ties, was quoted as say­ing by Fi­nan­cial Times.

He said his clients “will be able to ac­cess a new suite of ¿nan­cial ad­vi­sory and wealth man­age­ment ser­vices in line with the high­est in­ter­na­tional stan­dards”.

On the same front, Az­imut an­nounced in a state­ment posted on its web­site that the agree­ment it had signed in Tehran en­vis­aged de­vel­op­ing a range of in­vest­ment strate­gies in lo­cal as­set classes, build­ing a lo­cal trained sales force to pro­vide ¿nan­cial ad­vi­sory and wealth man­age­ment ser­vices and launch­ing off­shore funds for for­eign in­vestors.

IRNA

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