Azimut takes full control of St. Louis boutique Kennedy Capital

What's the deal? Azimut ItaliaDealroom has a profile for this one. Try Dealroom → has agreed to acquire the remaining 49% of Kennedy Capital Management (KCM)Dealroom has a profile for this one. Try Dealroom →, lifting its stake to 100%. The all-cash transaction, which includes earn-out mechanisms, is expected to close by the end of 2026, subject to customary conditions. Terms were not disclosed.

Why now? The deal completes a partnership that began in November 2022, when Azimut took a 35% stake in the US firm. That holding rose to 51% in February 2025, and the latest move brings the Italian asset manager to full ownership.

What's the endgame? KCM will keep operating as an investment boutique within Azimut NSIDealroom has a profile for this one. Try Dealroom →, the asset management and distribution platform formed after Azimut's acquisition of North Square InvestmentsDealroom has a profile for this one. Try Dealroom → in 2025. Founded in 1980 and based in St. Louis, Missouri, KCM specialises in US small- and mid-cap equity, running strategies including Small Cap Value, SMID Cap Value, and Micro Cap.

What changes? The integration lets KCM tap the platform's scale and B2B2C distribution infrastructure, which spans wirehouses, Registered Investment Advisors, and broker-dealers. Teams and the investment process stay unchanged.

Since consolidation at the start of 2026, Azimut NSI's assets under management have risen from $18.3bn to more than $20bn. Azimut shares traded up 1.4% at €39.61 on the day of the announcement.

The signal: The buyout reflects how European asset managers are deepening their US footprint through boutique acquisitions, folding specialist equity shops into larger distribution platforms while preserving their independent investment culture.

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