Azimut, the Italian asset management firm, has partnered with Taiwan's An Ping Investment to distribute the former's products in Taiwan.

An Ping is the controlling shareholder of Sinopro Financial Planning Taiwan, a so-called Securities Investment Consulting Enterprise regulated by the Financial Supervisory Commission in Taiwan. Sinopro records around $52.2 million in assets under management as of 25 June 2013.

Under the terms of the deal, Azimut will purchase 51 per cent of An Ping's capital from its existing shareholders. All shareholders will contribute additional capital to finance the business plan agreed by both parties.

The partnership is still subject to regulatory approval. Should it push through, the deal will increase the Italian's firms presence in the Asian market, particularly the affluent and high net worth individual clients and vice versa. As of 31 May 2013, the onshore fund business industry in Taiwan records some $68 billion in assets under management, while offshore funds cover almost $95 billion. 

In a statement, Pietro Giuliani, chairman and chief executive of Azimut Holding said that the company has plans to export its business model to other Asian countries in the future. Azimut's other offices in Asia are in Shanghai and Hong Kong.