Azimut Holding SpA said Oct. 3 that it has filed thecontract on the demerger by incorporation of Azimut Consulenza SIM into AzimutCapital Management SGR as part of a reorganization aimed at transforming its securitiesinvestment firms into asset management companies.
All of Azimut Consulenza SIM'sequity, assets and liabilities will be transferred to Azimut Capital Management,Azimut Financial Insurance SpA and the newly formed Azimut Partecipazioni Srl.
Alessandro Capeccia will be proposed as co-CEO, togetherwith Paolo Martini, of Azimut Capital Management SGR.
Separately, the group completedthe transformation of CGM Italia SIM into CGM SGR.
Having finalized all the steps ofthe reorganization, Azimut said it is now waiting for the to remove the groupfrom the securities investment firms register.
The reorganization and subsequentexemption from CRD IV will lead to a release of a significant portion ofregulatory capital that the group said will be "fully available to createshareholder value" through M&A, buyback programs and dividends in thecoming years.
Azimut will pay shareholders areaming dividend of €1.0 per share within 30 days of removal from thesecurities investment firms register.