Azimut Holding (OTCPK:AZIHF) (OTCPK:AZIHY) is a relatively small independent asset manager with AUM of about 55 Billion EUR. The company is active mainly in Italy but has made great strides in recent years to expand internationally and achieve a significant presence in some foreign markets. Although investors did not seem to notice, the growth story has been mostly successful. Mainly through an active strategy consisting of M&A (bolt-on acquisitions) and JVs, Azimut has achieved a significant footprint in a few mature (Singapore, Australia) and growth markets (Brazil, Turkey, China). I’ve covered