AZIMUT AND MAYBANK ASSET MANAGEMENT START A PARTNERSHIP TO EXPAND THE OFFER OF GLOBAL SUKUK INVESTMENT CAPABILITIES
Milan/Kuala Lumpur, 15th November 2016
Azimut Group (“Azimut”) and Maybank Asset Management Group (“MAMG”) have joined forces to strengthen and develop further their respective capabilities across global sukuk markets. The agreement signed by the two Groups foresees a cooperation which will leverage the track record of Azimut’s Global Sukuk Fund (the “Fund”) to cater for the demand for hard currency sukuk strategies in the ASEAN region. The investment capabilities of Maybank Asset Management in the ASEAN region and the Shariah compliant space will be added to the existing Azimut investment management and advisory team. The Fund will be rebranded as Azimut MAMG Global Sukuk to reflect on the strategic partnership between the two groups.
In recent years new issues in global sukuk markets have added to a total notional in excess of USD 100 billion despite global concerns related to potential increase in interest rates as well as the persistently low oil prices. New issuers have tapped the market including from non-Muslim countries such as Hong Kong, United Kingdom, South Africa and United States proving the inherent strengths and benefits of sukuk for global investors which are estimated to be 40% of the total demand. Global sukuk yield a strong diversification potential owing to short maturities, high credit rating and low correlation to emerging markets.
Azimut Global Sukuk Fund which was launched in November 2013 is one of the world’s largest UCITS compliant funds with AUM in excess of USD 130 million. The Fund pursue an absolute profit rate objective with a strategy with no geographical or sectorial bias but carrying at all time a portfolio with an average investment grade rating and an average maturity below 5 years. Its performance to date which exceeds a yield of 3% annualized in USD ranks is in the top decile of the industry in the same period. The Fund’s Shariah Supervisory Board is chaired by Dr. Mohamed Ali Elgari from Saudi Arabia and include Dr. Mohd Daud Bakar from Malaysia, Dr. Muhammad Amin Ali Qattan from Kuwait and Dr. Osama Al Dereai from Qatar. The Fund is currently advised by Azimut Portföy Yönetimi (“Azimut Portföy”), the largest independent asset management company in Turkey fully owned by Azimut Group.
The partnership between Azimut and MAMG include the establishment of a joint investment committee between Luxembourg, Istanbul and Singapore to leverage the respective investment capabilities in sukuk markets with a unique global approach unparalleled in the industry. This is in line with MAMG’s business plans to expand its global distribution networks by complementing both the Groups’ respective and existing distribution strengths. This will enable the Fund to penetrate into new markets in which it will be made available to investors in Malaysia and Singapore where MAMG is present. The two Groups will also target joint initiatives addressing the rising demand for global sukuk mandates from institutional investors in the GCC and ASEAN regions, thereby further strengthening their positions as leaders and key players in their respective markets.
Maybank Asset Management Group CEO, Nor’Azamin Salleh states: “These are exciting times for MAMG as we believe that the partnership with a reputable global player such as Azimut is a good fit. It is indeed timely as MAMG intensifies its efforts to expand its global market reach with diverse product solutions offering and increasingly grow its investment capabilities. This is well-aligned with MAMG’s positioning and aspiration as the preferred investment solutions provider in Asia”.
Sergio Albarelli, CEO of Azimut Holding comments: "We are delighted to initiate this strategic partnership with Maybank Asset Management which is part of the largest financial institution in Malaysia, the global benchmark for Islamic banking and financial services’ markets. This partnership is a new achievement of our continuous efforts in product innovation across new asset classes which involve our global investment management teams."
Giorgio Medda, CEO of Azimut Portföy, continues that: "The track record of our global sukuk fund will now complement the advisory experience of Azimut Portföy, the largest independent Turkish asset management company, with Maybank Asset Management’s unique capabilities across the ASEAN markets. Moreover the joint commercial initiatives in key markets for Islamic asset management will add to the size of one of the largest UCITS funds in this type of strategy”.
About Azimut Group
Azimut is one of the Europe’s leading independent asset manager (active since 1989) with AUM in excess of EUR 42 billion. 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 and of the Eurostoxx 600. The shareholder structure includes over 1,400 managers, employees and financial advisors, bound by a shareholders’ agreement that controls ca. 14% 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 in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore, Mexico, Australia, Chile, USA and Turkey.
About Maybank Asset Management Group
Maybank Asset Management Group ("MAMG") is one of the pioneers in the local asset management industry with over 30 years of experience specialising in Asian markets. It is wholly-owned by Maybank Group which is the 4th largest banking group in ASEAN with a total assets of USD 164.9 billion and largest Islamic bank in Asia as well as the 5th largest Islamic bank globally with asset size of USD 36.42 billion as at 31 December 2015.
Today, MAMG has entities across 3 key Asean markets namely Malaysia, Singapore and Indonesia providing a diverse range of Asian focused investment solutions for conventional and Islamic assets. In addition to fund management services, MAMG also offers alternative investment solutions through its private equity arm. The portfolio management services cater to all types of investors including corporate and institutions, high net-worth individuals and mass retail. MAMG of Companies comprises of Maybank Asset Management Group Berhad, Maybank Asset Management Malaysia Sdn. Bhd., Maybank Islamic Asset Management Sdn. Bhd., Maybank Private Equity Sdh. Bhd., Maybank Asset Management Singapore Pte. Ltd. and PT Maybank Asset Management.
MAMG possess vast capabilities in managing local and Asian focused portfolios ranging from equity, fixed income to money market instruments for corporations, institutions, pension funds, insurance and Takaful companies and individual clients through direct mandates, unit trust and wholesale funds.
MAYBANK ASSET MANAGEMENT GROUP - www.maybank-am.com:
Maybank Asset Management Group
Level 5, Tower A, Dataran Maybank, 1 Jalan Maarof, 59000 Kuala Lumpur, Malaysia.
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