Italy's Azimut Holding SpA on Oct. 9 signed an agreement to acquire 20% of Iranian asset management company Mofid Entekhab from Mofid Securities.

Azimut said it will acquire the stake through AZ International Holdings SA, while brokerage and financial advisory firm Mofid Group will remain a majority shareholder.

Terms of the deal were not disclosed.

Mofid Entekhab, which is part of Mofid Group, was created from the asset management unit of Mofid Securities. The company had $89 million of AUM as of Sept. 30, distributed between six mutual funds and managed accounts.

Azimut also signed a shareholders agreement with Mofid Securities to develop an onshore financial advisory platform and establish an offshore fund that would give foreign investors access to Iranian capital markets.

The partnership between the parties involved will be compliant with economic sanctions requirements, Azimut noted.