Azimut, an Italian asset manager, has announced its expansion into the Moroccan market through acquiring minority stakes in Red Med Asset Management and Red Med Securities.
The two entities involved in the deal are subsidiaries of Red Med Capital, an independent Moroccan investment bank.
This move is part of Azimut’s broader strategy to penetrate high-growth markets across Africa and beyond.
It reflects Azimut’s strategy for international growth, focusing on expanding into developing regions.
Post-transaction, Azimut will enhance its status as the only Italian asset manager operating in 19 countries. It also builds on its established presence in Egypt since 2019 and solidify its position in the Middle East and North Africa (MENA) region and Turkey, where it manages assets exceeding €5.8bn.
Red Med Capital founder and president Abdeslam Ababou said: “This strategic partnership will allow us to expand our range of products offered to our clients and strengthen our capabilities and expertise to meet the new challenges of the capital markets industry in Morocco.”
Red Med Capital, which was founded in 2004, is based in Rabat. It operates across asset management, brokerage and custody, corporate finance, private equity, and real estate sectors.
Azimut will acquire a 29% stake in Red Med Asset Management and a 25% stake in Red Med Securities. As of late 2024, Red Med Asset Management oversaw €1.7bn in assets under management (AUM), while holding a 3% share in the market.
It has achieved an average annual growth of 30% in AUM since 2017. Meanwhile, Red Med Securities has increased its market share from 2.3% in 2023 to 4.4% in 2024 by offering diverse investment solutions.
This collaboration combines Red Med Capital’s local expertise with Azimut’s global product offerings, particularly enhancing fixed-income solutions. It aims to foster diversification and optimise portfolios, positioning both firms at the forefront of Morocco’s evolving market landscape.
Azimut CEO Giorgio Medda said: “Partnering with Red Med Capital, a well-established and like-minded local leader, allows us to combine our global expertise and proven track record with their deep understanding of the Moroccan financial landscape.
“Our global footprint enables us to replicate successful models from neighbouring markets, bringing innovative financial products tailored to local investors.”
The transaction awaits customary regulatory approvals from Moroccan authorities.
