North Square Investments Enters New Era with Azimut Group Acquisition

In a significant move that marks a pivotal moment in the financial landscape, North Square Investments (NSI) has announced it has entered into a binding agreement to be acquired by the Azimut Group, one of Europe’s largest independent asset managers. This acquisition, facilitated through Azimut's U.S. subsidiary, Azimut US Holdings Inc., is set to substantially enhance NSI's capabilities in the U.S. market.

Founded in 2018 and headquartered in Chicago, NSI has rapidly established itself as an integrated asset management firm offering a variety of investment solutions that have attracted clients since its inception. With this new partnership, NSI aims to amplify its growth trajectory by leveraging Azimut's extensive expertise and resources in traditional and alternative investment strategies.

Mark Goodwin, CEO and Co-Founder of NSI, expressed strong enthusiasm about joining the Azimut family, citing the firm's commitment to delivering best-in-class asset management solutions in collaboration with top-tier institutional managers. Goodwin highlighted that the partnership will allow NSI to accelerate its growth, stating, "The partnership with Azimut will allow us to accelerate our growth trajectory by leveraging a wide array of traditional and alternative strategies from across their global ecosystem."

The acquisition not only solidifies Azimut's foothold in the U.S. but also aligns with NSI's proven track record since its founding in 2018, optimizing the distribution success that has characterized its operations thus far. Goodwin emphasized the significance of cultural alignment between the two firms, noting shared values of innovation and collaboration.

Giorgio Medda, CEO of Azimut Group, echoed similar sentiments regarding NSI's strategic fit within the group. Medda stated, "NSI is an exceptional fit for our Group. Like Azimut, it operates as an integrated asset management and distribution firm with outstanding reach and execution." Furthermore, he pointed out that the merger will harness NSI's strong sales engine alongside Azimut's distinguished investment strategies, creating a mutually beneficial scenario for both parties.

This acquisition will also see Kennedy Capital Management—an entity owned by Azimut—become a subsidiary of NSI, which will undergo a rebranding as Azimut NSI. Following the completion of the transaction, expected in early 2026 pending regulatory approvals, Azimut NSI’s assets under management (AUM) will rise to over $20 billion, a notable achievement for both groups. NSI plans to continue marketing its funds and ETFs under the existing North Square brand, with a focus on a joint long-term growth strategy.

The deal has garnered attention for its potential to reshape asset management dynamics within the U.S. market, particularly in utilizing NSI's distribution channels to introduce a broader range of products including global equity, fixed income, private equity, and alternative investments to an expanding clientele.

Piper Sandler & Co. acted as NSI's exclusive financial advisor, while Kirkland & Ellis LLP provided legal counsel to NSI. Sidley Austin LLP represented Azimut during these negotiations, emphasizing the strategic importance of such partnerships in the competitive financial landscape.

As NSI embarks on this new chapter as Azimut NSI, stakeholders from both organizations anticipate a rich future marked by enhanced product offerings and robust growth opportunities—all laid on a foundation of proven success and mutual support. The coming months will be critical as the firms transition and consolidate their operations for a seamless integration aimed at maximizing client value and market impact.