London AIM-listed Integrated Asset Management has agreed to acquire 51 per cent of Altigefi, a Paris-based fund of hedge funds manager. IAM acquired 9 per cent in August 2007 from an individual shareholder and has now acquired a further 40 per cent from its management and founding shareholders. In addition, IAM has entered into an agreement with the remaining shareholder, Financière Atlas, to acquire a further 2 per cent of the issued share capital of Altigefi, subject to regulatory approval. Financière Atlas, a French subsidiary of Luxembourg-based independent private bank Sal Oppenheim, itself the largest shareholder of IAM, has been Altigefi’s main distributor in France. The initial consideration for the acquisition of the 49 per cent was €7.7 million ($10.9 million); further deferred payments up to a maximum of €750,000 are payable in cash dependent on the growth in assets under management for a period after closing. The consideration for the acquisition of the 2 per cent from Financière Atlas will be €320,000. As part of the transaction, Pierre Edouard Coiffard and Bruno Lescoat, Altigefi’s co-founders, will join as senior members of IAM’s investment team in London and Paris. Altigefi manages four principal funds of hedge funds with a total of approximately $1 billion under management at 5 October 2007. Altigefi’s flagship product is the Altipro family. Following the acquisition, IAM will have approximately $2.5 billion under management and advice. Emanuel Arbib, chief executive officer of IAM, said: “This acquisition is a further example of our strategy to augment our organic growth with acquisitions in the funds of hedge funds industry. In addition, this transaction witnesses the strong and developing relationship we have with the Sal Oppenheim group, including its French subsidiary Financière Atlas. Finally, we warmly welcome the entire Altigefi team”.