According to its 2019 financial statement, Azimut group owns a 20% stake in Mofid.
According to the Financial Times, Azimut “has become the first foreign investment group to buy a stake in an Iranian financial company [Mofid Entekhab]…. Azimut will buy the stake through AZ International Holdings, its Luxembourg-based unit. Azimut and Mofid also plan to establish a fund, domiciled in Luxembourg, for foreign investors to invest in Iran.” (Financial Times, “Italian asset manager buys stake in Iranian rival,” 10/10/2017). In the same article, Azimut is quoted as saying, Azimut was “looking for an opportunity to invest in a very interesting market. Iran is a great story.” (Id.).