IAM Acquires $1 Billion Fund of Hedge Funds Manager

Oct 15 2007 | 9:34am ET

Integrated Asset Management has agreed to acquire 51% of Altigefi, the Paris-based fund of hedge funds manager for a total of €8 million (US$11.3 million).

As part of the transaction, Pierre Edouard Coiffard and Bruno Lescoat, Altigefi’s co- founders, will join as senior members of Alternative Investment Market-listed Integrated’s investment team in London and Paris.

Financière Atlas, a French subsidiary of Luxembourg-based Sal. Oppenheim Jr & Cie, the largest shareholder of Integrated, owns 49% of Altigefi. As part of the multi-year agreement, Integrated and Financière Atlas will work to develop institutional alternative products for the French market.

Altigefi manages four principal funds of hedge funds with a total of approximately US$1 billion under management as of Oct. 5. Altigefi’s flagship product is the Altipro family of funds, a low volatility product with a nine-year track record.

“As a leading low volatility funds of hedge funds provider, Altigefi’s products will complement our existing offering, in particular with the addition of one of the best low volatility funds, in the European market,” said Emanuel Arbib, CEO of Integrated. "Altipro was one of the very few funds to have made money in the very volatile July-August period. The acquisition provides us with a strong exposure to the attractive French market for alternative investments, which we did not previously have.”

Following the acquisition, Integrated will manage and advise approximately US$2.5 billion in total assets.

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