Italy'sAzimut Holding SpAsaid April 7 that it signed an investment management partnership to acquire a51% stake in Australian equities manager Sigma Funds Management viaLuxembourg-based unit AZ International Holdings SA.
Azimutwill purchase 51% of Sigma's corporate capital through a deferred capitalincrease to cover for Sigma's working capital up to a cumulative value of A$2.1million. The remaining 49% in Sigma Funds Management will be retained by Sigmaexecutives.
Subjectto regulatory approval and certain conditions, the deal is expected to completein April.
Sigma's investment team and Azimut will also enter into anagreement to, among other things, provide for Azimut to increase its equitystake over the next 10 years.
TheAustralian company was set up by six former Credit Suisse employees in 2009.The tie-up with Azimut is intended to widen Sigma's distribution capabilities.
As of April 7, US$1was equivalent to A$1.33.