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Azimut unit gets fund management license in China

Italian asset management firm Azimut Holding SpA said March 5 that wholly foreign-owned unit AZ Investment Management has been registered as a private fund manager by the Asset Management Association of China.

The license will allow the Shanghai-based Azimut subsidiary to launch, manage and offer onshore investment products to institutional and high-net-worth investors in mainland China. Azimut said it is the first asset manager based in Italy and the wider eurozone to receive this license.

Meanwhile, AZ Investment Management appointed CITIC Securities Co. Ltd. unit CITICS Investment Services Ltd. as outsourcing provider for its private fund management business.