Azimut the First Foreign Fund to Operate in Iran
ROME (Dispatches) - An Italian asset manager has purchased stakes in an Iranian financial company thus becoming the first foreign fund house to invest in the nation’s financial sector.
The Financial Times reported that Azimut, a €48-billion group headquartered in Milan, had acquired 20 percent of Mofid 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 Mofid Entekhab had ensured that the partnership would be compliant with economic sanctions requirements.