Investment firm Azimut Group set to acquire North Square Investments
Azimut Group, a leading independent asset manager in Europe, has announced its acquisition of North Square Investments (NSI) in a deal expected to close in early 2026, pending regulatory approvals. The acquisition will significantly enhance Azimut's presence and scale in the U.S. multi-boutique asset management market.
NSI, an integrated asset management and distribution firm with outstanding reach and execution, will become a subsidiary of Azimut, with the parent company renaming itself Azimut NSI. The combined assets under management (AUM) will exceed $20 billion, positioning Azimut as a leading integrated platform in the U.S. market.
The acquisition will broaden Azimut's workforce with NSI's senior team, expanding human capital and expertise. While exact workforce numbers post-acquisition are not detailed explicitly, North Square Investments was founded in 2018 and had a growing employee base.
NSI's boutique investment brands will also be incorporated into Azimut's platform, enhancing the diversity of investment strategies offered to clients in the U.S. North Square Funds and ETFs will retain their respective brands.
The deal will enable North Square to offer additional product capabilities in asset classes such as global equity, global fixed income, private equity, private credit, and alternative investments. This expansion is expected to benefit the company's investment teams and all the retail clients who have put their trust in North Square investment products.
Piper Sandler served as the exclusive financial advisor to NSI, while Sidley Austin LLP advised Azimut. Kirkland & Ellis served as legal counsel to NSI and Estancia, the company's majority shareholder.
Giorgio Medda, CEO of Azimut Group, highlighted that the acquisition capitalises on North Square's distribution success since its founding in 2018. Takashi Moriuchi, Managing Director and Co-Founder of Estancia, stated that NSI's ability to provide scaled U.S. intermediate distribution to talented money managers is a valuable, business-critical solution.
Mark Goodwin, Co-Founder and CEO of NSI, expressed his confidence that the acquisition will capitalise on North Square's distribution success since its founding in 2018. He believes that by bringing together NSI's powerful sales engine with Azimut's suite of high-performing, differentiated strategies, it will create a compelling win-win.
Estancia identifies non-U.S. asset managers seeking access to the largest retail pool of assets in the world as high-probability future partners. With this acquisition, Azimut Group makes its second home market after Italy, further solidifying its position in the global asset management landscape.
References:
- Azimut Group Press Release
- Financial Times Article
- Pensions & Investments Article
- Sidley Austin LLP Press Release
- InvestmentNews Article
- As a result of the acquisition, Azimut Group will delve into new asset classes such as private equity and private credit, vastly expanding its investing capabilities and offering more comprehensive solutions to clients.
- By merging with NSI, a firm known for its expertise in distribution, Azimut will not only enhance its business reach but also strengthen its financial position in the competitive U.S. asset management market.
