Azimut enters Morocco’s financial sector with strategic investments

Italian asset management firm Azimut Holding has made a significant move into the Moroccan market by acquiring minority stakes in two subsidiaries of Red Med Capital, a prominent independent investment bank in Morocco. This strategic investment marks Azimut's inaugural foray into the Moroccan financial landscape.

The acquisition includes a 29% stake in Red Med Asset Management and a 25% stake in Red Med Securities. This deal coincides with the growth of Morocco’s asset management industry, which has surpassed total assets under management exceeding €61 billion ($65.98 billion) as of December 2024.

Founded in 2004 and headquartered in Rabat, Red Med Capital operates in five major sectors: asset management, brokerage and custody, corporate finance, private equity, and real estate. Among its subsidiaries, Red Med Asset Management is notable for managing approximately MAD 18 billion ($1.88 billion) in assets and holding a 3% market share, positioning it as one of Morocco’s largest independent asset managers.

Since late 2017, Red Med Asset Management has demonstrated impressive growth, achieving an average annual increase of 30% in assets under management. Meanwhile, Red Med Securities has also expanded its market presence, with its market share rising from 2.3% in 2023 to 4.4% in 2024. This unit specializes in various investment solutions, including capital market transactions, IPOs, and securities trading.

Giorgio Medda, CEO of Azimut Holding, expressed enthusiasm about the partnership, stating, “The collaboration with Red Med Capital, a well-established local leader with a similar mindset, allows us to combine our global expertise and proven track record with their deep knowledge of the Moroccan financial landscape.” He further emphasized that this transaction represents a significant step in Azimut's broader international strategy to grow its activities outside Italy.

Financial details regarding the transaction have not been disclosed by either party.