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Italy's Azimut expects to beat guidance with net inflows of 8.5 billion euros

Italy's Azimut expects to beat guidance with net inflows of 8.5 billion euros
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By Reuters
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ROME - Italian asset manager Azimut said on Wednesday that it expects 2022 net inflows of 8.5 billion euros ($9.23 billion) this year, beating its previous guidance, and of 6-8 billion euros in 2023.

The company forecast a net profit of 395-405 million euros for 2022, in line with targets, rising to at least 450 million in 2023 "under normal market conditions."

Azimut expects to beat its 2022 net inflows guidance of 6-8 billion euros "despite the difficult market environment throughout the year", it said in a statement.

Total assets stood at 79 billion euros as of December 31, with 42% attributable to its international business, the company added.

Azimut's shares on the Milan stock exchange rose as much as 2.3% before paring gains. By 1041 GMT they were up by 0.84%.

CEO Pietro Giuliani said Azimut had shown "its ability to grow and deliver results for investors", noting the asset manager had generated profits of 1.4 billion euros in the last three years and was expecting to make as much in the next three.

The company is scheduled to report its 2022 results on March 9.

($1 = 0.9207 euros)

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