Keyrock acquire Turing Capital as it expands into asset and wealth management https://t.co/xMPQ7Lxisq ...

Yes.Andy Flattery (@andyflattery):15 years in wealth management now and the whole time you should have just bought bitcoin..? ...

Investment Advice for Average Individuals - The industry suggests individuals maintain cash reserves equivalent to 2-4 months of expenses for safety [1] - The industry recommends investing in fixed income markets (bond markets) and equities [2] - The industry advises investing in an S&P 500 fund for equities [2] - The industry suggests considering the Bloomberg aggregate (formerly Leman aggregate and Barclay's aggregate) for bond investments [2]

Summary of Azimut Holding (AZIH.F) Conference Call Company Overview - **Company**: Azimut Holding (AZIH.F) - **Event**: Update/Briefing Conference Call - **Date**: May 22, 2025 Key Points Industry and Company Developments - Azimut Holding announced the launch of TMB, a new generation wealth bank for the Italian market, in partnership with FSI [2][3] - The transaction is a significant milestone for Azimut, unlocking potential value exceeding €1,200,000,000 [3] - Azimut will retain a 19.99% strategic stake in TMB, providing exposure to future growth [4] Financial Aspects of the Transaction - The deal includes €240,000,000 in upfront cash, €210,000,000 in deferred proceeds, and over €760,000,000 in cumulative earn-outs linked to performance milestones [4] - A revenue guarantee of €2,400,000,000 for net commissions over the next twelve years is established, ensuring stable cash flows [5][31] - The transaction is expected to enhance Azimut's capital position, allowing for strategic investments and shareholder returns [10][41] Impact on Financial Metrics - Post-transaction, Azimut's assets under management are projected to be approximately €101,200,000,000, reflecting a reduction of €6,300,000,000 due to deconsolidation of third-party assets [13] - The pro forma net profit is expected to be €535,000,000, with a minimal decline in revenues of €37,000,000 [14][15] - The new rebate model will see TMB receiving 90% of management fees, impacting acquisition costs but expected to yield savings in operating costs [17][28] Strategic Takeaways - Azimut is creating two distinct growth engines: a global financial advisory platform and TMB as an independent digital player focused on wealth management [6][19] - The partnership with TMB is designed for mutual benefit, combining Azimut's asset management capabilities with TMB's banking services [7][30] - The transaction is viewed as a catalyst to unlock hidden value within Azimut, aiming to align market recognition with intrinsic business quality [9] Future Outlook - Azimut plans to utilize proceeds from the transaction for organic growth, M&A opportunities, and shareholder returns [39][41] - The company aims to present new strategic targets and dividend policies by Q3 2025 [48] - The expected timeline for closing the transaction is by the end of 2025, pending regulatory approvals [43] Additional Considerations - The transaction includes a long-term strategic partnership framework, ensuring alignment between Azimut and TMB [30][34] - The revenue guarantee provides downside protection while allowing for upside potential as TMB grows [31][38] - The management emphasizes a commitment to capital discipline and efficiency in utilizing cash reserves for future growth [57] Conclusion The conference call highlighted Azimut Holding's strategic move to establish TMB, enhancing its market position in wealth management while ensuring financial stability and growth potential through a well-structured partnership and revenue guarantees. The focus on shareholder value and long-term growth strategies positions Azimut favorably in the evolving financial landscape.