PRESS RELEASE
Azimut closes the year 2025 with record net inflows of € 32 billion, exceeding the full-year target Azimut launches Azimut NSI, a leading $ 20 billion integrated asset management and distribution platform in the U.S.Milan, 8 January 2026
The Azimut Group recorded total net inflows of € 14.1 billion in December 2025, including the acquisition of North Square Investment in the U.S. and Knox Capital in Brazil. Full-year 2025 net inflows reached € 32.1 billion, representing a 1.8x increase versus 2024, and a 4.7x increase compared to 2023, marking the strongest annual performance in the company's history. This result exceeded the full-year target of € 28 to € 31 billion. Total assets reached € 140.9 billion as of 31 December 2025, reflecting a strong 31% year-on-year growth.
Alessandro Zambotti, CEO and CFO of the Group, comments: "We are proud to close 2025 as a leader in the Italian Asset Management industry with over € 32 billion in net inflows, the strongest result in Azimut's history. This result reflects both the strength of our diversified platform and the consistent execution across geographies. Organic December net flows reflected specific and temporary factors, including the end of a fund management mandate in Switzerland and seasonal year-end dynamics in Turkey. Excluding these combined € 800 million negative effects, underlying client activity remained solid and consistent with the strong pace recorded throughout the year. In 2025, we deepened our presence in existing markets, while entering new ones, notably in Morocco and Saudi Arabia. At the same time, we strengthened our U.S. footprint and Brazilian franchise and continued to crystallize value through selective exits in private markets, supporting capital distributions to our clients. These achievements reflect the trust of our clients in our investment solutions and the exceptional commitment of our teams across the 20 countries in which we operate. This momentum will carry into 2026 as we continue to shape the future of asset and wealth management."
Azimut NSIAzimut further announces the launch of Azimut NSI, following the closing of the acquisition of 100% of North Square Investments LLC, a U.S.-based multi-boutique asset management and distribution platform. The transaction, which includes Azimut's 51% stake in Kennedy Capital Management, materially strengthens the Group's presence in the United States, bringing consolidated assets under management to approximately $ 53 billion. The newly combined Azimut NSI platform operates a differentiated multi-affiliate model serving both retail and institutional clients through a strong B2B2C distribution footprint and a scalable operational infrastructure. Since the signing announcement in July 2025 total underlying AuM has increased by more than $ 2 billion (from
$ 18.3 billion1 to $ 20.4 billion), highlighting the significant growth potential in the business as well as its solid fundamentals. Azimut and NSI have committed to a long-term growth strategy focused on integrating Azimut's global investment capabilities, including the upcoming launch of at least five active ETFs by June 2026 and a curated pipeline of unique and world-class alternative investment strategies tailored for the U.S. market.
Giorgio Medda, CEO of Azimut Group, comments: "This acquisition represents a key milestone in Azimut's US strategy, which is centered on building a scalable, integrated B2B2C platform that complements our existing presence in Wealth Management and Alternatives. NSI is a highly complementary partner, combining strong local distribution capabilities with asset management expertise that aligns closely with Azimut's business model. By integrating NSI's powerful sales platform with Azimut's differentiated global investment strategies, we are expanding our footprint in the US while enhancing NSI's product offering for its clients. The transaction is immediately accretive and supports our long-term growth strategy, focused on broadening distribution reach and product breadth through a jointly developed business plan. The initial rollout includes the launch of at least
1 Oak Ridge investments, in which NSI had a 16% stake and accounted for $ 2.2 billion in AuM as of signing on 22 July 2025, has been excluded from the transaction perimeter. Therefore, total AuM at signing excluding Oak Ridge amounted to $ 18.3 billion.
five active ETFs by June 2026. This transaction further advances the execution of our Elevate 2030 plan, as announced at our Group Q3 results presentation."Assets Net Inflows | Assets | |||
Data in € million | 31/12/2024 December 2025 | 31/12/2025 | ||
Mutual funds | 34,947 | (365) | 9,730 | 46,151 |
Alternative funds | 6,444 | 130 | 1,675 | 7,138 |
Discretionary & Advisory | 27,619 | 44 | 3,420 | 32,863 |
Life & Pension funds | 10,003 | 65 | 216 | 10,372 |
Strategic affiliates | 28,503 | 134 | 2,985 | 30,284 |
Total Assets | 107,516 | 9 | 18,025 | 126,808 |
+ NSI & Knox2 | Pro-forma Net inflows 2025 | Pro-forma Assets 31/12/2025 | ∆ 2025 |
3,165 | 12,894 | 49,316 | +41.1% |
- | 1,675 | 7,138 | +10.8% |
10,953 | 14,373 | 43,816 | +58.6% |
- | 216 | 10,372 | +3.7% |
- | 2,985 | 30,284 | +6.2% |
14,117 | 32,142 | 140,926 | +31.1% |
Assets Net Inflows Assets | ||||
Data in € million | 31/12/2024 | December | 2025 | 31/12/2025 |
Italy | 55,435 | 588 | 10,904 | 68,003 |
EMEA | 9,568 | (829) | 902 | 10,636 |
Americas | 10,903 | 60 | 2,625 | 13,931 |
Asia & Pacific | 3,107 | 55 | 610 | 3,954 |
Strategic affiliates | 28,503 | 134 | 2,985 | 30,284 |
Total Assets | 107,516 | 9 | 18,025 | 126,808 |
+ NSI & Knox2 | Pro-forma Net inflows 2025 | Pro-forma Assets 31/12/2025 | ∆ 2025 |
10,904 | 68,003 | +22.7% | |
902 | 10,636 | +11.2% | |
14,117 | 16,743 | 28,049 | +157.3% |
610 | 3,954 | +27.2% | |
2,985 | 30,284 | +6.2% | |
14,117 | 32,142 | 140,926 | +31.1% |
(2) The economic benefits arising from the acquisitions of NSI and Knox Capital will be consolidated with effect from 1 January 2026.
Azimut is an independent, global group specializing in asset management across public and private markets, wealth management, investment banking, and fintech, serving private and corporate clients. Listed on the Milan Stock Exchange (AZM.IM), the Group is a leading player in Italy and operates in 20 countries worldwide, with a focus on emerging markets. The shareholder structure includes approximately 2,000 managers, employees, and financial advisors bound by a shareholders' agreement that controls around 21% of the company, while approximately 72% of the capital is represented by free float shares. The Group comprises a network of companies active in the management, distribution, and promotion of financial and insurance products, with registered offices in Italy, Australia, Brazil, Chile, China and Hong Kong, Egypt, Ireland, Luxembourg, Morocco, Mexico, Monaco, Portugal, Saudi Arabia, Singapore, Switzerland, Taiwan, Turkey, the United Arab Emirates and the United States. Contacts - Azimut Holding S.p.A.https://www.azimut-group.com
Investor Relations Alex Soppera, Ph.D. Tel. +39 02 8898 5671 E-mail: alex.soppera@azimut.it | Media Relations Viviana Merotto Tel. +39 338 74 96 248 E-mail: viviana.merotto@azimut.it |
Claudia Zolin Tel. +39 02 8898 5115 E-mail: claudia.zolin@azimut.it | Maria Laura Sisti Tel. +39 347 42 82 170 E-mail: sistimarialaura@gmail.com |
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