Azimut buys Yapı Kredi Portföy for $346M to lead Turkey's private asset market

What's the deal? Italian asset and wealth manager AzimutDealroom has a profile for this one. Try Dealroom → Holding has agreed to acquire Yapı KrediDealroom has a profile for this one. Try Dealroom → Portföy Yönetimi for 16.4 billion lira (about $346 million). The deal makes Azimut Turkey's largest private-sector portfolio manager and second-largest overall, behind state-owned Ziraat Portföy.

By the numbers: As of the end of June 2026, Yapı Kredi Portföy managed 1.21 trillion lira in assets, while Azimut Turkey managed 575.7 billion lira. Azimut said it struck the deal at roughly 7 times Yapı Kredi Portföy's expected 2026 net profit.

What's the endgame? The two firms will also form a 15-year exclusive distribution partnership, giving Azimut access to Yapı Kredi's customer base of more than 18 million to sell investment products through the bank's network. The combined structure creates a portfolio management platform of about €30 billion.

Why it matters: The acquisition makes Turkey Azimut's third-largest market. The partners aim to bridge Turkish capital markets and international investors, channelling foreign capital into local opportunities while offering Turkish products abroad.

What they're saying: Yapı Kredi chief executive officer Gökhan Erün called the deal "an important milestone" in the bank's asset management growth strategy. Azimut chief executive officer Giorgio Medda said the partnership marks a key step in the firm's global growth, having invested in Turkey since 2011.

The fine print: Azimut chief executive officer Alessandro Zambotti said the deal is expected to add €65 million to €75 million in combined net profit in 2026 and lift earnings per share by an average of 10% over the next three years. Completion depends on regulatory approvals and closing conditions. J.P. Morgan is financial adviser; ASC Law is Yapı Kredi's legal counsel.

The signal: Global asset managers continue to hunt for growth in emerging markets, pairing capital and international expertise with local banks' distribution reach. For Azimut, Turkey is becoming a core pillar of its international expansion.

Read more: Dünya