Investment Group Azimut Agrees to Acquire North Square Investments
Azimut Acquires North Square Investments to Expand U.S. Presence
Azimut Group, one of Europe's largest independent asset managers, has announced a strategic acquisition of North Square Investments (NSI). The deal, which is subject to regulatory approvals and expected to close in early 2026, will create a leading integrated asset management and distribution platform in the U.S.
NSI, founded in 2018, manages $16 billion in assets and has focused on delivering best-in-class asset management solutions by partnering with top-tier institutional asset managers. Azimut aims to leverage this by integrating NSI's distribution platform with its global ecosystem of traditional and alternative investment strategies.
The acquisition will be made through Azimut US Holdings and will see NSI's workforce expand to over 100 employees. The combined assets under management will exceed $20 billion, making the U.S. Azimut's second home market after Italy.
Piper Sandler served as the exclusive financial advisor to NSI, while Kirkland & Ellis and Estancia served as legal counsel. Sidley Austin represented Azimut in the deal.
North Square Funds and ETFs will retain their respective brands. The merger will enable NSI to offer additional product capabilities in asset classes such as global equity, global fixed income, private equity, private credit, and alternative investments.
Giorgio Medda, CEO of Azimut Group, highlighted that NSI operates as an integrated asset management and distribution firm with outstanding reach and execution. Takashi Moriuchi, Managing Director and Co-Founder of Estancia, noted that NSI's ability to provide scaled U.S. intermediate distribution to talented money managers is a valuable, business-critical solution.
Takashi Moriuchi is pleased that NSI's next phase of growth will be driven by a significant commitment from Azimut, benefiting the company's investment teams and all the retail clients who have put their trust in North Square investment products. According to Mark Goodwin, Co-Founder and CEO of NSI, the acquisition will capitalize on North Square's distribution success since its founding in 2018.
The combination of NSI's powerful sales engine with Azimut's suite of high-performing, differentiated strategies will create a compelling win-win for both parties, as highlighted by Giorgio Medda. The deal will also enable Azimut to expand its product offerings, scaling its U.S. distribution and asset management capabilities, and accelerating growth.
Kennedy Capital Management will become a subsidiary of NSI, which will be renamed Azimut NSI. Estancia identified non-U.S. asset managers seeking access to the largest retail pool of assets in the world as high-probability future partners for NSI.
In conclusion, the transaction is a move by Azimut to establish a strong U.S. market presence via acquisition of North Square’s fast-growing multi-boutique platform, complemented by Azimut's global scale and varied product lineup, creating a $20 billion integrated asset management and distribution platform that enhances competitiveness in the U.S. market.
- Azimut Group plans to integrate North Square Investments' distribution platform with its global ecosystem of traditional and alternative investment strategies, suggesting a focus on private equity, finance, and investing.
- The merger will enable NSI to offer additional product capabilities in asset classes such as global equity, global fixed income, private equity, private credit, and alternative investments, indicating a business expansion in the realm of private equity.
