press releases 2007 archive
08 June 2007
Issue of Ordinary Shares
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05 June 2007
Shareholding Announcement
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01 June 2007
Total Voting Rights
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01 June 2007
Holding(s) in Company
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25 May 2007
Placing of Ordinary Shares
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23 May 2007
Announcement re Change in indirect shareholding structure
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30 April 2007
Total Voting Rights
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23 April 2007
Results for the year ended 31 December 2006
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London, 23 April 2007 - Integrated Asset Management plc ("Integrated" or the "Company"), the AIM-listed provider of innovative hedge fund products and the owner of one of Italy’s leading institutional brokerage firms, today announces its preliminary results for the year ended 31 December 2006.
Financial Highlights
- Total assets under management and advice up 105% to US$1.5 billion (2005: US$0.73bn)
- Turnover up 24% to £11.8 million (2005: £9.5 million)
- Operating profit up 89% to £1.2 million (2005: £0.64 million)
Operational Highlights
- Transformational alliance with Sal. Oppenheim makes Integrated the preferred fund of funds provider to the €136 billion private banking group
- Completion of Attica acquisition with US$610 million of assets under management at the time of acquisition
- Successful integration of the two fund management businesses and re-branding of combined business under a single corporate identity
- Another strong year for the institutional brokerage businesses
Commenting on the results, Emanuel Arbib, Chief Executive Officer, said:
"During the past year, the Company has grown significantly and is well positioned for the future. Our strategic investments and alliance with Sal. Oppenheim, one of Europe’s leading private banks, have helped us to create a larger, stronger and more focused business with high calibre investment professionals and state of the art risk and fund management platforms that will give us further scalability for growth in the future."
For further information, please contact:
Emanuel Arbib, Chief Executive Officer, Integrated Asset Management
Tel
+44 (0)20 7514 0540 email:
arbib@integratedam.com
Nora Ajzen, Marketing, Integrated Asset Management
Tel +44 (0)20 7514 9228
email: n.ajzen@integratedai.com
Jeff Watt/John Moriarty/Stewart Harris, Weber Shandwick Financial
Tel +44
(0)20 7067 0700 email:
jwatt@webershandwick.com
Note to Editors:
Integrated Asset Management plc is an alternative investment group listed on the Alternative Investment Market of the London Stock Exchange under the symbol IAM. Integrated Asset Management’s core businesses are innovative fund management, alternative investment products and institutional brokerage services for equity and fixed income. The Company currently has circa US$1.5 billion of assets under management and advice, and maintains offices in 4 countries. www.integratedam.com
Chairman’s Statement 2006 was a transformational year for Integrated, in which the Company achieved its key strategic objectives, giving further focus and scale to its business. The Company acquired and successfully integrated 50.1% of Attica Holdings UK Limited, the holding company of London based fund of hedge funds manager Attica Alternative Investments Limited ("Attica") into its Hedge Fund Group, further consolidating its position as a leading listed fund of hedge funds manager. As part of the transaction Integrated has formed a significant alliance with Sal. Oppenheim, which has become the Company’s largest single shareholder with a 27% stake. This acquisition will enhance the profitability and market position of the Company, enabling it to capitalise on two important trends in its business: investors’ increased portfolio weightings of alternative assets and the continuing consolidation of the industry which is favouring specialist niche players such as Integrated. According to plan for 2006, the Company also completed the disposal of its long-only business, GAIM Paragon Inc. This leaves it well positioned and focused in two core businesses, hedge funds and institutional brokerage. Integrated’s institutional broking operations were combined and rebranded as Integrated Financial Products Ltd ("IFP"). IFP’s business now comprises the following product areas: • Cash equities, Bonds, FX and interest rate derivatives based in Italy • Equity derivatives based in Switzerland • Marketing of Derivative Investment Products on behalf of Sal. Oppenheim’s investment banking division.
Financial Review Integrated achieved strong earnings growth during 2006, (EBITA before share option charges up 89% to £1.2 million) with turnover increasing by 24% to £11.8 million. In 2006 the Company increased its assets under management and advice by $763 million. Profit and revenue growth were driven by strong performances in both Integrated's funds and from the Company's brokerage business. The brokerage business was augmented by the launch of a cash equities desk towards the end of the year which has made a promising start. The hedge fund business has certainly benefited from the scale that the Company has achieved over the past year as the strong growth in management fee income mirrored its growth in assets under management. On 31 December 2006 assets under management and advice stood at $1.489 billion (up 105% from December 2005). Performance fees were also a strong contributor to profits, with fund returns ranging between 4.9% and 18.6% for the year. It is important to note that the results derived from the Attica acquisition are included from 8 August 2006. In the interim report, the Company stated that it expected a modest contribution to profitability from Attica whilst it completed the post-merger integration. Integrated’s hedge fund businesses are now fully integrated operationally and are showing better than expected economies of scale. The Company expects this benefit to continue in 2007. The appreciation in Integrated’s share price during the second half of 2006 demonstrated the market’s favourable reaction both to the Sal. Oppenheim partnership and Attica acquisition as well as the Company’s achievement of the objectives set out in previous years’ reports. The share price ended 2006 at £1.38, a gain of almost 150% over the year. The Company approaches 2007 with optimism, a bigger, more focused and healthier business, as it strives to create further value for its shareholders. Our results for 2006 could not have been achieved without the dedication and hard work of all our staff and I thank them on behalf of the Board and our shareholders.
Business Review To reinforce the link between the operations of the listed company and Integrated’s hedge fund and brokerage operations, the Company undertook a re-branding exercise in the later part of 2006. All of the Company’s operational units now include the "Integrated" name. While the investment strategies of the funds remain unchanged, the re-branding gives investors improved clarity and will help the Company enhance the visibility of its rapidly growing hedge fund business. Changes to the Board During 2006 Integrated welcomed two new Directors to the Board: Baron Christopher von Oppenheim and Herr Detlef Bierbaum both representing Sal. Oppenheim, Germany’s largest private bank and, following the Attica acquisition the Company’s largest shareholder. Both Baron von Oppenheim and Herr Bierbaum are general partners of Sal. Oppenheim jr & Cie KGaA. Cologne. Herr Bierbaum also serves on the Board of Directors of the Association of German Banks. Organisation and Employees The Company continues to invest selectively in upgrading its team and infrastructure and now has 62 employees, almost equally divided between the brokerage and hedge fund operations. The increased level of assets under management has enabled the Company to devolve further the investment management function from the operation and risk functions. As part of this process, the Company welcomed Matthew Clarke, who joined Integrated in November 2006 as the Company’s Chief Operating Officer. Matthew was formerly Finance Director of Trio Holdings plc. Within the hedge fund business the Company has added to its team of analysts to service the growing number of institutional mandates and as part of the continuous upgrading of its investment management function. As part of this process, analysts and portfolio managers migrated from being generalists to having core focus areas from which they will contribute their specific expertise to the overall process. On 4 June 2007 Peter Rose will be joining the Hedge Fund Group as Chief Investment Officer. Peter joins from Ivy Asset Management, a leading hedge fund of funds business and subsidiary of the Bank of New York. The Company will continue to add depth to its investment management function throughout the coming year. Within the brokerage business Integrated added three experienced brokers to augment its existing equities brokerage business and has also launched a bond desk.
Outlook for 2007 Following the launch of the Integrated Event Driven Fund, which took place on 1 March 2007, Integrated will continue to further broaden its product offering with additional fund launches that are addressed to a wider range of clients. The Company also expects to continue to make selective, complementary acquisitions. 2007 has begun positively for both the hedge fund and brokerage divisions, and the Board remains confident in its outlook for the year. J.D.S. Booth Chairman 23 April 2006
FOR A FULL COPY OF THE RESULTS, PLEASE CHECK THE REPORT SECTION
20 April 2007
Integrated Asset Management plc - TDR announcement
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17 April 2007
Issue of Ordinary Shares
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