West Palm Beach (HedgeCo.net) – Hedge fund manager Integrated Asset Management plc has sold the majority of one of its London fund of hedge funds business to a subsidiary of Sal. Oppenheim jr & Cie S.C.A, for approximately €3.5 million ($4.6 million) in cash and the cancellation of Sal. Oppenheim’s entire share interest.

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 £24.28 million ($32.3 million). In the 6 months ended 30 June 2008 the fund of hedge funds business reported unaudited net assets of £24.42 million ($32.4 million) and assets under management of $2,402 million ($3.2 million).

“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.”