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Integrated gains control of Attica

Money-managing firm Integrated Asset Management has announced that it is to acquire a 50.1 per cent controlling share of the London-based hedge fund Attica Holdings.

The deal will see Integrated buy the stake in Attica Holdings from German bank Sal. Oppenheim in exchange for a 27 per cent share of Integrated's capital.

This looks set to make Sal. Oppenheim their single largest shareholder.

Commenting on the exchange, Emanuel Arbib, chief executive of Integrated said that he was delighted to acquire the stake, demonstrating the asset management company's desire to invest in the fund and hedge fund industry.

"We welcome the Attica investment management and sales team, which brings excellent skills and track record to our existing strong platform" he added.

"The combination of Attica and GAIM Advisors will enable us to achieve significant synergies and cost savings, which will favorably impact our earnings for the full year 2006."