press releases 2006 archive
22 December 2006
Announcement - Voting Rights
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23 November 2006
Integrated Asset Management Re-Brands Hedge Fund Businesses As Integrated Alternative Investments
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16 November 2006
Directors Shareholding
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15 November 2006
Purchase of Ordinary Shares
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09 November 2006
Issue of Ordinary Shares & Exercise of Options
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26 September 2006
Holding(s) in Company
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26 September 2006
Interim Results for the 6 months to 30 June 2006
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London, 26 September 2006 - Integrated Asset Management plc ("Integrated"), the AIM-listed provider of fund of hedge funds (FoHF) products and solutions and owner of a European based institutional derivatives brokerage business, today announced its interim results for the six months ended 30 June 2006.
...........................................30 June 2006..30 June
2005...Increase
............................................................£...(Restated).£...........%
Total
AUM (including
advice)...........$832.9m........$655.0m........27%
Revenue.....................................5,979,920......4,338,493.......38%
Operating
profit before
goodwill
amortisation...................................513,289..........76,212.......86%
Profit/(loss)
on ordinary activities
before
taxation...............................387,047......(342,724).............
Financial Highlights
- Total assets under management up 27% to US$832.9 million (2005:$655 million)
- Turnover up 38% to £5.98 million (2005: £4.34 million)
- Operating profit (before goodwill) up 86% to £513,289 (2005: £276,212)
- Fund of hedge fund assets under management up 46%
Operational Highlights
- Purchase of Attica Alternative Investments Ltd. Significant synergies, cost savings, enhanced team of investment professionals and extended product range as a result of acquisition.
- Closer integration with Sal. Oppenheim's sales and marketing effort is expected to provide a strong driver for growth in AUM from Germany and the other areas in which Sal. Oppenheim operates.
- Board strengthened by appointment of two senior Directors from Sal. Oppenheim.
- Finalisation in June 2006 of the sale of loss-making GAIM Paragon Inc. The sale allows Integrated to focus managerial and financial resources further on fund of hedge funds. A profit on sale of this subsidiary of £382,911 has been recorded in the June 2006 results.
- The core brokerage product range has seen a steady half year, whilst mutual funds distribution has produced a good interim result.
Commenting on the results, John Booth, Chairman of Integrated said: "The Group has achieved an exceptionally strong first half of 2006, capitalising on the past two years of investment in people and infrastructure. In June we successfully completed the acquisition of Attica Alternative Investments from Sal Oppenheim, Europe's largest independent private bank. This partnership positions us as their Preferred Partner for fund of hedge funds management."
Emanuel Arbib, Chief Executive of Integrated, added: "The increased institutional interest in the hedge fund industry has forced the pace of iinfrastructural improvement in our industry and has increased the speed of consolidation of many smaller businesses. Our investment in risk software and risk managers over the last year has put us in a strong position to benefit from both institutional interest and consolidation. We are comfortable that the remainder of the year will build on the solid performance of the first half and believe that we are well positioned for the future."
For further information, please contact:
Emanuel Arbib, CEO, Integrated Asset Management
Tel +44 (0)20 7514 0540 -
email: arbib@integratedam.com
Alex Clelland/John Moriarty - Weber Shandwick Square Mile
Tel +44 (0)20
7067 0700 - email: aclelland@webershandwick.com
and jmoriarty@webershandwick.com
Chairman's Statement
Integrated Asset Management plc ("Integrated") experienced an exceptionally strong first half to 2006 reflected in both our operating results and the robust growth in assets under management ("AUM"). Turnover was up 38% to 5.98 million and operating profit increased 86% to 513,289. AUM and advice within the core hedge fund business increased by an impressive 46% prior to the Attica acquisition which then raised our AUM to well over $US1 billion. As this report goes to press, the enlarged group now has close to US$1.5 billion of AUM.
In June 2006, Integrated successfully finalised the sale of its 50.1% interest in GAIM Paragon Inc. The Group had previously resolved to sell its long-only business as part of our focusing on alternative investments and this disposal completes the process.
Integrated completed the acquisition of its second fund of funds business on 8 August 2006. Attica Alternative Investments Limited ("Attica") was purchased from Sal. Oppenheim International S.A., a subsidiary of Sal. Oppenheim jr. & Cie. KGaA ("Sal. Oppenheim"), Europe's largest independent private bank with EUR136 billion of assets under management. This strategic acquisition represents a critical milestone in Integrated's growth strategy and will, we hope, prove transformational.
As a result of the acquisition, Sal. Oppenheim now holds approximately 27% of the issued share capital of Integrated. This partnership builds on Integrated's existing alliance with Sal. Oppenheim, positioning us as their Preferred Partner for fund of hedge funds management.
In the four months since announcing the intention to acquire Attica, the Preferred Partner relationship with Sal. Oppenheim has resulted in new institutional mandates of over US$130 million. The closer integration with Sal. Oppenheim's sales and marketing effort is expected to provide a strong driver for growth in funds under management in the future from Germany and the other areas in which Sal. Oppenheim operates.
The Board of Integrated is pleased to welcome as Directors, Baron Christopher von Oppenheim and Mr. Detlef Bierbaum, both General Partners of Sal. Oppenheim. We look forward to benefiting from their extensive international experience.
I am also delighted to welcome the Attica investment management team. The proximity of Attica's office to our own and the similarity of operations have served to expedite the integration process and the two teams are already successfully working together. Attica's results will be included in Integrated's operations as of 8 August and should produce a modest contribution to profitability in the 2006 financial year whilst we complete the integration of the businesses.
Turning our attention to the markets over the first half of 2006, war in the Middle East, rising interest rates and commodity prices and continuing inflation have created a challenging environment for investors. That said, 2006 has continued to offer opportunities to the absolute return investor. World equity markets were weaker in May and June and so too were hedge fund returns, but this followed on from robust performance in the first four months of the year.
Increased institutional interest in hedge funds has forced the pace of infrastructural improvement in the industry. The consolidation of smaller businesses in order to address the needs of larger clients continues apace. Their broad experience of the sector gives fund of funds investors an advantage, but continuous development of risk and analysis skills is essential to remain at the forefront of the industry. Our investment in risk software and risk managers over the last year has substantially enhanced our investment process. The combined investment and distribution capabilities of GAIM Advisors and Attica are already apparent and the teams are working hard to achieve a successful integration. Looking forward to the remainder of 2006, we remain positive and believe that we are on track to achieve competitive annual performance for all our funds.
We are comfortable that the remainder of the year will build on the solid performance of the first half and believe that we are well positioned for the future.
I am as ever grateful to my colleagues for their energetic and thoughtful work and to our shareholders for their continuing support.
J.D.S. BOOTH
Chairman
26 September 2006
FOR A FULL COPY OF THE RESULTS, PLEASE CHECK THE REPORT SECTION
21 September 2006
Issue of Ordinary Shares
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09 August 2006
Exercise of options
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09 August 2006
Integrated Asset Management PLC Completes Acquisition of 50.1% of Attica Holdings Appointment of Two Directors from Sal. Oppenheim
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