(Alliance News) - Azimut Holding Spa announced Wednesday that, based on preliminary results and early forecasts, it expects to close fiscal year 2022 with a net profit of EUR395 million to EUR405 million, in line with the target provided to the market of at least EUR400 million under normal market conditions, despite the difficult environment throughout the year.

Total net inflows for 2022 amount to EUR8.5 billion, exceeding the upper limit of the guidance set at the beginning of the year of EUR6-8 billion.

Total assets stood at EUR79.0 billion as of December 31, 2022, of which 42 percent was attributable to the international business.

The Private Markets segment recorded robust growth in 2022 with EUR1.9 billion in funding, up 42% year-on-year and AuM reaching EUR6.5 billion at the end of December 2022.

Private Markets accounts for about 12 percent of total assets under management, which puts the Group on track to reach the target of at least 15 percent by the end of 2024, announced in 2019 when assets related to this segment accounted for only about 1 percent. As a result, "Azimut has become the leader for AuM in the private markets segment in Italy," the company explains in a note.

In light of its results to date, the group today announced its targets for 2023, estimating, under normal market conditions, total net inflows of between EUR6 - 8 billion and net income of at least EUR450 million. These targets put the group on track for the EUR500 million net profit already set for 2024.

Pietro Giuliani, chairman of the group, stresses, "In the last three years Azimut has generated profits of EUR1.4 billion, about half the average value attributed to the group by the stock market. With the forecast to make as many profits in the next three years, the group demonstrates its uniqueness in the Italian financial landscape and its ability to grow and provide returns to investors."

Azimut, Wednesday, trades in the green by 0.7 percent at EUR22.86 per share.

By Chiara Bruschi, Alliance News reporter

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