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GRUPPO AZIMUT AZIMUT LA DIREZIONE PER INVESTIRE PRESS RELEASE Azimut Holding : 1H 2021 Results All - time Net Profit record in the 1H of the year : € 226 ( ¹ ) million ( + 58 % compared to the first half of 2020 ) excluding potential performance fees to be cashed in at year end 2021 Targets ( under normal market conditions ) : • FY Net Profit : € 350-500 million ( up from the previous € 350 million ) FY Net Inflows : at least € 6 billion excluding the consolidation of Sanctuary Wealth ( up from the previous € 4.5 billion ) Record Total Assets at € 75.7 billion , of which € 3.5 billion ( 2 ) in Private Markets Net inflows in the first half : € 12 billion Milan , 29 July 2021 Azimut Holding's ( AZM.IM ) Board of Directors approved today the 1H 2021 results , highlighting the following : Consolidated Total Revenues in 1H21 of € 566.5 million ( + 19 % vs. vs. € 476.0 million in 1H20 ) Consolidated Operating Profit in 1H21 of € 232.8 million ( + 27 % vs. € 183.2 million in 1H20 ) Consolidated Net Profit in 1H21 of € 226.0 ( ¹ ) million ( + 58 % vs. € 143,0 million in 1H20 ) Total Managed Assets at the end of June 2021 were € 51.3 billion , and including assets under custody and third parties ' funds reached € 75.7 billion . Net inflows in the first six months of the year , including Sanctuary Wealth , were approximately € 12.0 billion , and International Business accounted for 37 % of Total Group Assets at the end of June . In the Private Markets segment , Azimut reached € 3.5 billion of AUM , also thanks to the latest acquisitions in the US , and confirms the target of at least € 10 billion by the end of 2024 . The strong Net Profit achieved in the first half of the year ( € 226 million ) , allows -under normal market conditions- to increase the targets for FY 2021 Net Profit and Net Inflows from € 350 million to € 350-500 million and from € 4.5 billion to at least € 6 billion ( 3 ) respectively . Net Financial Position as of June 30 , 2021 was positive for € 58 million ( 4 ) of Net Cash , increasing compared to the € 30.5 million at the end of December 2020. The NFP in the first half includes ca. € 136 million ordinary dividends paid in cash and € 48 million invested in the foreign development and M & A . The NFP also includes payments of ca. € 43 million for policyholders tax advance , stamp duties and mathematical reserves . Recruitment of financial advisors and private bankers in Italy remained positive : in the first half of 2021 Azimut recorded 96 new hires , bringing the total number of FAs to 1,842 . Gabriele Blei , CEO of Azimut Holding , comments : " The first half of this year , even compared to 2020 , marks a new record , with growing results in Italy , abroad and in the private markets segment . In these first six months we have accelerated in all divisions , as demonstrated by the total net inflows figure that reached almost € 13 billion ( including recent acquisitions ( 2 ) ) and allowed us to reach ca. € 76 billion in Total Assets , the highest level ever reached by the Group . The weight of international business reached 37 % of Total Assets , also thanks to the US acquisitions in the Private Markets space where as a Group we have grown significantly in terms of AUM from € 0.6 billion in 2019 to € 3.5 billion today . All of our accomplishments are also transforming into value creation for clients , who benefited from a net weighted average performance of over + 5 % since the beginning of the year and + 16 % in two and a half years . " Pietro Giuliani , Chairman of Azimut Holding , comments : " These achievements are the result of teamwork , innovation and the ability to pursue a strategy that makes Azimut a truly independent and cutting - edge company . Precisely for these reasons , we have set a new , challenging target of delivering a FY 2021 Net Profit in the range € 350-500 million ( under normal market conditions ) , versus the previous target of € 350 million . "