Azimut continues with PFM rollout

Milan-listed Azimut Group’s wholly foreign-owned enterprise (WFOE) in Shanghai, AZ Investment Management (AZ IM), last week has received a greenlight from the Asset Management Association of China (AMAC) to launch the Anzhongxin Mix No 10 Private Security Investment Fund, according to the association’s records.

A PFM licence enables foreign entities to develop and sell funds investing in onshore assets to domestic qualified investors, which include institutional and high net worth investors.

FSA sought more information from Azimut, but the firm was not able to provide additional details in time for publication.

The Italian firm’s PFM business in China has been active since it received the qualification in 2018. In total, Azimut manages six PFM funds, including one that was approved last month, three in 2019 and one in 2018.

So far, AZ IM is the only Italian firm holding the PFM licence. There are around 30 foreign asset managers that have been granted PFM licences, with almost 100 PFM products having been approved by the AMAC.

Besides Shanghai, Azimut has an entity in Hong Kong, An Zhong Investment Management, which was established in 2011. It acts as the local headquarters for asset management and distribution operations, representing the base for expansion for Azimut Group across the North Asia region, according to the firm’s website.

The Hong Kong office advises around $400m in investments allocated to offshore Chinese investments through the two different strategies offered by the Azimut Group: the RMB Opportunities and the RMB Opportunities Fixed Income, it added.