The Commercial Partnership Between UniCredit and Azimut

Cappelli RCCD and Greenberg Traurig Santa Maria also advised UniCredit. 

The partnership, which was first announced last December, will see Azimut setting up a new asset management business in Ireland tailored to the needs of UniCredit’s clients. The business, to be independently managed by Azimut, will develop investment products – and especially UCITS funds – for non-exclusive distribution through UniCredit’s network.  

The partnership is intended to accelerate UniCredit’s strategy in the asset management sector by tapping into Azimut’s global presence in established and emerging markets. Azimut has confirmed that the first 12 funds linked to the project would be launched by the end of the year, conditional upon regulatory approval. 

Dillon Eustace advised Azimut Holding and UniCredit with a team led by Partner Colman O’Loghlen and Senior Associate Hannah Fenlon. 

An Interview with Colman O’Loghlen at Dillon Eustace LLP 

Please share a little more about the agreement between UniCredit and Azimut and the role that your team played in ensuring its successful signing.

Following the recent agreement of terms, Azimut is now in the process of establishing a new UCITS management company in Ireland that will launch of number of investment strategies for distribution through UniCredit’s network in Italy, which we understand reaches 7 million customers. 

The Dillon Eustace asset management and funds team advised Azimut and UniCredit on a wide range of matters including advice on legal structures, distribution arrangements and various other agreements entered into by the parties. Our team continues to advise Azimut directly on the establishment of the Irish UCITS Management Company and UCITS ICAV platform – we hope to have regulatory approvals from the Central Bank of Ireland shortly.  

The Dillon Eustace corporate team led by Adrian Benson and Philip Lea also advised on many aspects of the project. There were many legal points on the overall framework that had to be reviewed and negotiated from an Irish legal and regulatory perspective. Dillon Eustace, as a multi-service law firm, was therefore well placed to advise both Azimut and UniCredit. 

We liaised directly with Marita Freddi, General Counsel in Azimut, and Roberto Tazzioli, Head of Group Legal in UniCredit, who both did a fantastic job in getting the deal across the line with the support of their respective teams. 

Did you encounter any significant obstacles during the course of your work? If so, how did you overcome them?

Not really – as mentioned above, we were dealing with experienced lawyers in Italy and the key to our role was explaining the various Irish rules in a clear and concise manner and ensuring there was no conflict between the two jurisdictions from an Italian and Irish legal and regulatory perspective. At one point, close to the end when the final terms were being agreed, Hannah Fenlon and I flew to Milan to meet in-person with the various legal teams; I think this helped everyone get comfortable on the outstanding Irish legal points that had to be agreed, and shortly thereafter both Azimut and UniCredit were happy to move forward to finalise the deal. 

In what ways would you say your work on this deal suited the skills of yourself and your team and the profile of your firm?

Dillon Eustace has a Tier 1 Asset Management and Investment Funds practice advising approximately 25% of fund promoters in Ireland – we have a lot of experience in this space, and this type of work is what we are known for. Establishing management companies and fund platforms, providing structuring and tax advice, etc., is what we do on a day-to-day basis.  

When dealing with clients in other jurisdictions, who may not be as familiar with the Irish regulatory landscape, the key for me is making matters as simple as possible for them – being clear and succinct with advice is paramount. It is also knowing how other teams within the firm may be able to help – in that regard we had AML and tax experts, transaction lawyers, our financial regulation team and many others assist Azimut and UniCredit throughout the project.