A unit of Italian asset manager Azimut Holding SpA will acquire the going concern business of Italian investment management firm Sofia Gestione del Patrimonio SGR SpA, which is under extraordinary administration.

The going concern business is primarily active in collective asset management; individual investment portfolio management; investment management under delegation granted by Italian and foreign investments portfolio services' providers and investment management companies; and financial advisory services.

Under a sale-and-purchase agreement with Sofia SGR and main shareholder Sofia Partners SpA, Azimut Capital Management SGR SpA will take over the management of four open-end investment funds instituted, promoted and currently managed by Sofia SGR, which had about €800 million of assets under management as of the end of 2017. Azimut SGR will also add 47 financial advisers to its network.

Azimut SGR will pay Sofia SGR an initial purchase price of €3 million, with an additional portion to be transferred after 24 months dependent on the performance and net profitability of the AUM being transferred.

The transaction is subject to central bank approval and also contains several representations and warranties aimed at protecting the purchaser from risks connected to the activity carried out by the going concern before the transfer.