Azimut is significantly expanding its presence in Turkey with the acquisition of Yapi Kredi Portföy Yönetimi, an asset management company from one of Turkey's major banking groups. This acquisition will create a platform with roughly $30 billion in assets under management for Azimut in Turkey, positioning it as the second-largest asset manager in the country and making Turkey Azimut's third-largest global market. The deal, valued at approximately $305 million at execution, with a total potential value of around $400 million including earn-outs and cash, is seen as a strategic move to balance its business operations considering its recent Tnb transaction.
The acquisition is accompanied by a 15-year exclusive distribution partnership with Yapi Kredi Bank, Turkey's fourth-largest private bank. This partnership will grant Azimut exclusive access to Yapi Kredi Bank's network of over 18 million clients and more than 730 branches, ensuring important future cash flows. Azimut has been present in Turkey since 2011, where its subsidiary's assets have grown 11-fold to over $6 billion and net profit increased 22-fold to $24 million, demonstrating its success in the Turkish market.
Azimut views Turkey as a country with exceptional macroeconomic fundamentals, including an 86 million population (the most populous in Europe excluding Russia) with a growing demographic (+0.3%), a young workforce with an average age of 34 (compared to Italy's 49), and a rapidly expanding GDP, estimated to grow by an average of 3.4% between 2026 and 2030. The country also boasts a low debt-to-GDP ratio of 24% (compared to Italy's 137%), which Azimut considers a formidable growth driver. The combined entity in Turkey is projected to generate between $65 million and $75 million in pro-forma net profit in 2026.
Separately, Azimut Portföy has also partnered with Mesa and Quvars Invest to establish a new real estate investment fund (RIF) with an initial scale of $40 million. This collaboration aims to manage all aspects of real estate investments, from financing to project development and implementation, and could evolve into a larger real estate development platform over the medium term. Currently, Azimut Portföy has approximately $100 million in real estate investment funds across two funds, with over 500 investors. Azimut Portföy, controlled by AZ International Holdings S.A. since 2012, plays a significant role in the Turkish portfolio management industry.
