Azimut and XP have entered into binding agreements to form a strategic partnership aimed at further developing Azimut’s asset management company in Brazil, AZ Quest, the majority of which was acquired by Azimut in 2015. Since then AZ Quest has grown tenfold, with an AuM of R $ 17.3 billion (€ 2.7 billion) and with an award-winning team of managers and analysts covering various asset classes.
The transaction is a co-investment of XP and XP PE who will jointly hold a minority stake in AZ Quest. Upon meeting certain conditions, XP and XP PE will have the option to increase their minority stake within the next two years.
With this partnership, XP and Azimut expect to increase synergies with XP’s distribution platform by increasing penetration for AZ Quest funds through the largest open fund platform in Brazil.