Doha – Italian asset management firm Azimut Holding has entered the Moroccan market through strategic minority stake acquisitions in two subsidiaries of Red Med Capital, one of Morocco’s leading independent investment banks.
According to Borsa Italiana, the transaction involves Azimut acquiring a 29% stake in Red Med Asset Management and a 25% stake in Red Med Securities, marking its first entry into the Moroccan financial sector.
The deal comes as Morocco’s asset management industry reaches total assets under management of over €61 billion ($65.98 billion) as of December 2024.
Red Med Capital, headquartered in Rabat since its founding in 2004, operates across five key areas: asset management, brokerage & custody, corporate finance, private equity, and real estate.
Red Med Asset Management, one of the acquired units, manages approximately MAD 18 billion ($1.88 billion) in assets, commanding a 3% market share as one of Morocco’s largest independent asset managers.
The company has steadily built momentum, recording an average annual growth of 30% in assets under management since late 2017.
The securities arm of the business, Red Med Securities has gained ground in the market, with its share rising from 2.3% in 2023 to 4.4% in 2024. The unit specializes in investment solutions, including capital market transactions, IPOs, and securities trading.
“The partnership with Red Med Capital, a well-established local leader with a similar mindset, allows us to combine our global expertise and proven track record with their deep knowledge of the Moroccan financial landscape,” said Giorgio Medda, CEO of Azimut Holding.
He added that “this transaction is another milestone in our broader international strategy, reinforcing our ambition to achieve more than 50% of our total activities outside Italy through strategic expansion and strong underlying organic growth.”
The financial terms of the transaction were not disclosed by either party.
