Reuters – Integrated Asset Management said on Wednesday it is repositioning as a pure play brokerage business after agreeing to sell a 51 percent stake in its French fund of hedge funds business.

The firm, listed on London’s AIM market, is selling the stake in Altigefi to Sal. Oppenheim in a deal which will also see the private banking group exit as Integrated’s major shareholder.

The move is evidence of smaller asset management players being forced to reexamine their business models as the financial crisis changes the market place. A spokesman said Integrated’s decision to concentrate on brokerage came because it had become more and more difficult to achieve the scale thought necessary to successfully run a fund of funds business.

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Tags: aim, banking-group, brokerage-business, business-models, financial crisis, fund-of-hedge-funds, integrated asset management, london, percent-stake, private-banking, repositioning, reuters, sal oppenheim, shareholder, spokesman

West Palm Beach (HedgeCo.net) – Hedge fund manager Integrated Asset Management plc has sold the majority of one of its London fund of hedge funds business to a subsidiary of Sal. Oppenheim jr & Cie S.C.A, for approximately €3.5 million ($4.6 million) in cash and the cancellation of Sal. Oppenheim’s entire share interest.

The transaction does not impact the hedge fund manager’s brokerage operations in Milan which will continue to operate as usual, Integrated said.

The fund of hedge funds business as a whole reported net assets of £24.28 million ($32.3 million). In the 6 months ended 30 June 2008 the fund of hedge funds business reported unaudited net assets of £24.42 million ($32.4 million) and assets under management of $2,402 million ($3.2 million).

“In response to the unprecedentedly challenging market conditions of the past nine months, we have structured this deal with Sal. Oppenheim to benefit both our funds’ investors and the Company’s shareholders." Emanuel Arbib, CEO of Integrated, said. "Once the transaction is completed, Integrated, with a strong and liquid balance sheet, will be well positioned to consider opportunities that are available in today’s marketplace.”

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Reuters – Integrated Asset Management said on Wednesday it is repositioning as a pure play brokerage business after agreeing to sell a 51 percent stake in its French fund of hedge funds business.

The firm, listed on London’s AIM market, is selling the stake in Altigefi to Sal. Oppenheim in a deal which will also see the private banking group exit as Integrated’s major shareholder.

The move is evidence of smaller asset management players being forced to reexamine their business models as the financial crisis changes the market place. A spokesman said Integrated’s decision to concentrate on brokerage came because it had become more and more difficult to achieve the scale thought necessary to successfully run a fund of funds business.

Read Complete Article

Tags: aim, banking-group, brokerage-business, business-models, financial crisis, fund-of-hedge-funds, integrated asset management, london, percent-stake, private-banking, repositioning, reuters, sal oppenheim, shareholder, spokesman