Reuters – Fund-of-hedge funds firm Integrated Asset Management, enlarged by an acquisition, said its assets under management rose to near $1.5 billion (790 million pounds) in early September from$832.9 million at the end of June.
Pre-tax profit rose to 387,047 pounds at June 30, recovering from a loss of 342,724 pounds a year before, when the firm’s figures were restated under new international accounting rules.
In May this year, Integrated bought a controlling 50.1 percent stake in London-based hedge fund firm Attica Holdings from Sal. Oppenheim, Germany’s largest private bank. The deal boosted Integrated’s assets by more than $400 million.
Funds of hedge funds invest in portfolios of hedge funds to spread the risks.
