Integrated Asset Management, the AIM-listed fund manager, has acquired the broking arm of Investory Limited.
This acquisition will form the core of a new Integrated Financial Products (“IFP”) division. IFP will be managed by Nick Levene and Ian Martin, who have each been active in equity and derivatives markets for some twenty years. The new division will be based in London but will closely interact with Integrated’s Milan based Interfin broking division, and will seek to identify trading opportunities in the equity, convertible, derivative and cash markets. The client base will be banks, hedge funds and fund management organisations.
IFP is expected to commence active trading in the fourth quarter of this year with Nick Levene and Ian Martin as co-heads.
Nick Levene and Ian Martin acquired 5.5% and 4.4% in Integrated’s issued share capital in a placing of new Ordinary Shares in June 2003. They are being granted options to subscribe for further Ordinary Shares, subject to meeting performance conditions.
Emanuel Arbib, Chief Executive of Integrated commented: “the launch of a broking division is a further step in the continuing growth of the Group. In recent months we have launched and acquired new hedge funds and have now created an organisation that can create, broke and distribute financial products and is now starting to generate cash.
“The extensive expertise of both Nicholas and Ian will certainly add further strength to our operations and I am sure their coming on board will preface an exciting and interesting phase in the Group’s development”.
Nicholas Levene has twenty years’ experience in the equity and derivatives markets, at Phillips & Drew, Tullett & Tokyo and latterly as Managing Director or Trio Equity Derivatives Ltd, the old-established money and securities broking house, for eight years. After this he joined Investory, but retains a c. 10% stake in Trio Holdings plc.