Lehman Brothers has acquired a 9.4 per cent stake in London-based fund of hedge funds manager Integrated Asset Management through a second capital-raising in less than a month that brought
Lehman Brothers has acquired a 9.4 per cent stake in London-based fund of hedge funds manager Integrated Asset Management through a second capital-raising in less than a month that brought in GBP6.7m from Lehman as well as from the firm’s largest shareholder, the Luxembourg arm of German private bank Sal. Oppenheim.
Integrated has issued 4.9 million new shares, equivalent to 13.4 percent of its issued share capital. The price of the new shares is GBP1.35, the same at the previous share placement on May 25. Following completion of the placing, the company will have 37.1 million ordinary shares.
At that time, AIM-listed Integrated announced that it was in preliminary discussions about selling a stake to a major global investment bank. Lehman is paying GBP4.75m for 3.5 million shares, while Bank Sal. Oppenheim jr. & Cie. (Luxembourg) has paid GBP2m for 1.46 million shares to keep its shareholding in Integrated at 29.5 per cent.
Says chief executive Emanuel Arbib: ‘We are absolutely delighted to have completed this significant placing with two prestigious financial institutions. The GBP17.5m of funds raised in the last month put Integrated Asset Management in a very strong position to further pursue selected strategic acquisitions and continue to accelerate growth in our funds under management.’
Integrated is active in fund management, alternative investment products and institutional brokerage services for equity and fixed income, and currently has some USD1.5bn in assets under management and advice. In addition to its headquarters in London, the firm also has offices in Lugano, Milan and New York.