Azimut Group has agreed to acquire a majority interest in Brazil-based wealth management firm Unifinance Group, further extending its presence in the market.
In a statement, Azimut described Unifinance as having a “strong” position in wealth management for the ultra-high-net-worth (UHNW) category.
The Italian asset manager also outlined Unifinance’s “significant” reach among institutional clients, including closed pension funds and insurance companies.
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The deal will be executed via a share swap in Azimut Holding, with no upfront cash component.
It also includes an earn-out structure tied to the delivery of set growth targets.
The parties have not disclosed the financial terms of the deal.
Azimut said the acquisition aligns with its broader strategy of growing in “strategic” markets.
Unifinance operates from offices in Rio de Janeiro and Santa Catarina.
Its assets under advisory and management exceeded 4.1bn reais ($764.2m) as of the end of 2025.
Azimut said that the combination is expected to improve service to clients by increasing scale, expanding the product range and reinforcing internal processes.
The company emphasised that Unifinance’s independence, corporate culture and investment methodology will be preserved following the transaction.
The deal is contingent on standard closing conditions and regulatory clearances.
While approvals are pending, Azimut and Unifinance plan to begin integration work, with priorities including maintaining continuity for clients, retaining key professionals and accelerating commercial initiatives.
The latest deal builds on Azimut’s purchase of a majority stake in Brazilian wealth advisory firm Knox Capital, focused on serving private and UHNW clients.
Azimut holds 50% plus one share in Knox, with the latter now trading under the Azimut Knox brand.
Azimut Holding CEO Giorgio Medda said: “With the acquisition of Unifinance, following the recent agreement to acquire Knox Capital, we are taking another decisive step toward deepening our presence in this fast-growing market across both Wealth Management and the Institutional & Wholesale segment.
“As a result, Azimut will manage approximately R$ 60 billion (over € 9 billion) in Brazil, confirming its role as our third-largest market globally. This move reflects our long-term commitment to the country and is fully aligned with our Elevate 2030 strategic plan and our ability to scale in high-potential markets.”
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