July 27 (Reuters) - Italian asset manager Azimut (AZMT.MI) said its partnership with UniCredit (CRDI.MI) was on track and would start contributing to net profit from early next year, when it begins marketing products built for the bank's clients across its branches.
UniCredit, which sold its asset management operations in 2017 to boost capital, has turned to Azimut as it works to grow its fee income by bringing back in house parts of the business.
"We have entered into stage two of the ... strategic partnership with UniCredit," CEO and CFO Alessandro Zambotti said in a statement, as Azimut posted a 15% yearly rise in first-half net profit.
Under the deal unveiled in December, Azimut will set up in Ireland an asset management business tailored to UniCredit clients' needs which the bank has an option to acquire for a token price within five years.
Azimut has said it expects to reap a 0.5% profit margin on the sales of new products to UniCredit clients.
Persons:
Azimut, UniCredit, Alessandro Zambotti, Andrea Orcel, Pietro Giuliani, Enrico Sciacovelli, Valentina Za
Organizations:
UniCredit, Wednesday, Thomson
Locations:
Italian, Ireland