Asset manager Azimut buys into Athenaeum

AN Italian independent asset manager has bought into home-grown fund management firm Athenaeum Ltd.

Athenaeum was founded by Madeleine Lee in 1999 to advise family offices, endowments, foundations and high net worth individuals. Ms Lee has had some 27 years experience in the investment management industry, including stints at GIC; Morgan Grenfell; and Commerzbank Asset Management Asia as managing director and chief investment officer.

The buyer is Azimut Group which manages roughly 21 billion euros (S$35.5 billion) in assets. Subject to regulatory approval, Azimut, through AZ International Holdings SA, will own a majority stake in Athenaeum.