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Berkshire Global Advisors acted as financial advisor to Sanctuary Wealth Group
  • has sold a majority interest to
  • Berkshire Global Advisors acted as financial advisor to Sanctuary Wealth Group

  • Date: November 2020
  • Sector: Wealth Management
  • Region: EMEA | North America
  • Seller AUM: $12 Billion
  • Seller Details:
    Sanctuary Wealth is the advanced platform for the next generation of elite advisors, who have the entrepreneurial spirit to build and own their own practices and desire the freedom to deliver the tailored service their clients deserve. Sanctuary’s ecosystem of partnered independence provides a complete technology and operations platform, as well as support from a community of like-minded advisors and the resources of invaluable affiliated businesses. Currently, the Sanctuary Wealth network includes more than 41 partner firms across 17 states with over $12.0 billion in assets under advisement. The Sanctuary Wealth Group includes the fully owned subsidiaries Sanctuary Advisors, a registered investment adviser, and the broker-dealer Sanctuary Securities, as well as Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Capital Markets, and Sanctuary Global Family Office.

    Buyer Details:
    Azimut is Italy’s leading independent asset manager (active since 1989). The parent company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB. The shareholder structure includes over 2,200 managers, employees and financial advisors bound by a shareholders’ agreement that controls ca. 23% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices mainly in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Egypt, Singapore, Mexico, Australia, Chile, USA, UAE and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR, following the demerger by incorporation of Azimut Consulenza SIM, distributes Group and third-party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the Alternatives business. Overseas main operations are Azimut Investments (formerly AZ Fund Management, founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish Azimut Life DAC, which offers life insurance products.

    Transaction Summary:
    The Azimut and Sanctuary partnership will focus on the development of a best in class network of breakaway advisory teams. The wealth management industry is in the midst of a massive shift as more than 100,000 advisors retire over the next few years, bringing an estimated $1.6 trillion of assets into the market. With this strategic backing from Azimut, Sanctuary is poised to assert themselves as willing buyers of valuable advisory practices, for Sanctuary and on behalf of their advisor network. More broadly, Sanctuary will benefit from Azimut’s experience and expertise from their similar platforms in international markets. The new partnership also establishes a meaningful presence in the US retail market for Azimut.