Azimut appoints Northern Trust for asset servicing and portfolio reporting services

Northern Trust has been appointed by Azimut (DIFC) Limited to provide asset servicing and portfolio reporting for its Dubai International Financial Centre (DIFC) funds in the Middle East.

Azimut (DIFC) Limited’s Dubai-managed funds provide its investors with access to a range of investment strategies, private wealth solutions and mutual funds, both proprietary and third-party. As custodian for its DIFC fund range, Northern Trust will deliver portfolio reporting and local servicing in its client’s time zone directly from the United Arab Emirates.

Azimut (DIFC) Limited is part of the Azimut Group – one of Italy’s leading independent asset managers with EUR54.5 billion of assets under management (as of 31 May 2020). Headquartered in Milan, the group was founded in 1989 and is listed on the Italian stock exchange.

Michael Slater, head of Middle East and Africa at Northern Trust says: “Azimut is a prominent European asset manager requiring a Middle East asset servicing solution. The combination of Northern Trust’s technology, local presence and ability to provide global custody in over a hundred countries supports Azimut’s strategic growth objectives by delivering servicing and solutions in its working week and time zone. Our business supporting Middle East funds continues to grow – underpinned by our global scale and expertise in supporting the full spectrum of investment strategies.”

Giorgio Medda, global head of Asset Management and Azimut Group Co-CEO, says: “As we continue to grow our investment solutions offering for our clients in the Middle East, we are committed to providing them with efficient and best-of-class services. Northern Trust’s multi-asset class expertise, technology platform and sound financial standing offer us a solid and secure base for our ambitious expansion plans.”