Italy's Azimut almost triples 2025 net inflow target

(Reuters) -Italian asset manager Azimut Holdings on Thursday almost tripled its full-year net inflow target on the back of strong momentum and recent acquisitions and disposals.

The group raised its 2025 outlook to a range between 28 and 31 billion euros ($35.45 billion), from an initial guidance of 10 billion euros.

It also upped its forecast for net income at the end of the year, now expecting it to be in excess of 1 billion euros, while previously seeing it around that figure.

Earlier this month, Azimut signed a binding agreement to buy Chicago-based North Square Investments, a transaction that "consolidates the U.S. as our second-largest market with $50 billion in assets," said Chief Executive Giorgio Medda.

The group added in a statement it remains focused on completing by year-end the spin-off of fintech bank TNB, following an agreement with private equity fund FSI.

Azimut recorded total revenue of 646 million euros in the first six months of the year, driven by higher recurring fees across all core markets, with net income growing 18% year-on-year to 240 million euros.

($1 = 0.8746 euros)

(Reporting by Gaia Neiman and Enrico Sciacovelli, editing by Giulia Segreti)