Azimut Holding, an Italian multinational asset management firm has acquired minority stakes in two companies of Red Med Capital, one of Morocco's leading independent investment banks, Borsa Italiana reported on Tuesday. Azimut now holds a 29% stake in Red Med Asset Management and a 25% stake in Red Med Securities. Founded in 2004 and based in Rabat, Red Med Capital is a prominent player in Morocco's financial sector, managing MAD 18 billion in assets by the end of 2024. This transaction combines Red Med's local market expertise with Azimut's global experience, particularly in fixed-income solutions. The partnership aims to drive market diversification and foster wealth management innovation. The deal is awaiting regulatory approval from Moroccan authorities. «Our partnership with Red Med Capital, a recognized leader, enables us to bring innovation to Moroccan investors and contribute to the growth of the asset management industry», commented Giorgio Medda, CEO of Azimut. «Azimut's entry into Morocco is a remarkable opportunity for our group and the Moroccan financial market. This collaboration will allow us to broaden our product offerings and address new challenges in the capital markets», said Abdeslam Ababou, Founder and Chairman of Red Med Capital. Azimut, the only Italian asset management firm present in 19 countries, continues to expand its footprint in the MENA region and Turkey, following its successful entry into Egypt in 2019. With over €5.8 billion in assets under management across these regions, this investment aligns with the Group's strategy to capitalize on the growing demand for high-potential African markets.
