Shares in the AIM-listed firm have dropped by 60.83 per cent in the last 12 months.
 
Integrated Asset Management, which admitted that the financial crisis prompted its exit from the hedge fund business, will now concentrate on being a broker dealer rather than an alternative investment manager.

The sale is part of a growing trend as the downturn provokes a wave of consolidation in the asset management industry.

The transaction does not impact the hedge fund manager’s brokerage operations in Milan which will continue to operate as usual, Integrated said.

The fund of hedge funds business as a whole reported net assets of £24.28m. In the 6 months ending 30 June 2008 the fund of hedge funds business reported unaudited net assets of £24.42m and assets under management of £2,402m.

"In response to the unprecedentedly challenging market conditions of the past nine months, we have structured this deal with Sal.Oppenheim to benefit both our funds’ investors and the company’s shareholders," Emanuel Arbib, CEO of Integrated, said.

"Once the transaction is completed, Integrated, with a strong and liquid balance sheet, will be well positioned to consider opportunities that are available in today’s marketplace."

IAM also noted Sal.Oppenheim would cancel its 28 per cent interest in IAM.