MILAN, Dec 12 (Reuters) - Italian asset manager Azimut said on Thursay it had signed a joint venture agreement with Brazil’s Gruppo FuturaInvest, buying a 50 percent stake in FuturaInvest for around 3.9 million euros ($5.38 million).
In September Azimut sealed a joint venture agreement with Brazil’s Legan Administracao de Recursos.
Azimut’s chief executive Pietro Giuliani said the agreement with FuturaInvest was “a crucial passage for implementing our model of an integrated business in Brazil.”
FuturaInvest has around 71 million euros in advisory and management assets.
Brazil’s asset management industry, worth around 760 billion euros, is the sixth biggest market in the world, Azimut said.
By 0844 shares in Azimut were down 0.5 percent at 18.34 euros. ($1=0.7251 euros) (Reporting by Stephen Jewkes; Editing by Greg Mahlich)