Lunate buys into Azura Partners: Abu Dhabi alternative asset manager Lunate nabbed an undisclosed stake in wealth management firm Azura Partners, marking its entry into the wealth management space, according to a joint statement. While the financial terms of the transaction were not disclosed, the acquisition will help Azura scale its assets under management, broaden its product suite, hire top talent, and roll out advanced tech.

Abu Dhabi — the new Monaco? The agreement will see Azura relocate its headquarters from Monaco to Abu Dhabi. Post-acquisition, the firm’s founder and team will retain control of the company, and its operations will remain independent from Lunate’s.

IN CONTEXT- Abu Dhabi is pitching itself as a magnet for global wealth offering a low-tax environment and an increasingly sophisticated regulatory setup. “[The emirate] has become a home for ultra-high net worth individuals and a hub for family offices,” Azura Founder, Chairman and CEO, Ali Jamal said. “Its emergence as a leading financial center presents immense opportunities,” he added.

Lunate’s play: The investment gives Lunate exposure to the fast-growing wealth management space and a way to deepen its presence across the private capital stack. Azura offers direct access to high-net-worth individual clients and a platform to distribute alternative investment products.

About Azura: Founded in 2019, the wealth management firm has USD 5 bn in AUM with a global footprint spanning seven offices, namely Monaco, London, New York, Geneva, Miami, Singapore and Dubai. The firm offers investment management, advisory, and private wealth solutions to ultra-high-net-worth individuals, entrepreneurs, and single-family offices.

The story was also picked up by Bloomberg.

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