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Italian fund manager Azimut doubles dividend on profit jump
March 7, 2013 / 2:17 PM / in 5 years

Italian fund manager Azimut doubles dividend on profit jump

LONDON, March 7 (Reuters) - Italian asset manager Azimut said on Thursday its net profit doubled last year to 160.6 million euros ($209 million), driven by a more than three-fold increase in performance fees.

The asset manager also raised the dividend to 0.55 euros a share from the 0.25 euros per share paid for the previous year.

“The group has all the resources necessary to continue its firm course of growth and development in both Italy and abroad,” Chairman and Chief Executive Pietro Giuliani said.

Azimut, one of Italy’s leading independent asset managers, said assets under management at the end of December stood at 19.6 billion euros. ($1=0.7692 euros)

Reporting by Stephen Jewkes; Editing by Greg Mahlich

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