LONDON (ShareCast) - It’s been another bad day for fund of hedge funds manager Integrated Asset Management after it warned that first half profits are likely to be lower than last year.
The group, which admitted in April that market conditions in the first quarter of 2008 were not favourable, said difficulties had continued into the opening weeks of July.
It blamed the performance on significant negative sentiment and high price volatility across a range of asset classes.
“The generation of performance fees has been adversely impacted and the current environment is not conducive to raising assets for funds of hedge funds although AUM in discretionary portfolios at 30 June 2008 has been maintained at $2bn (December 2007: $2.05bn),” it said.
“Although it is too early to comment on the likely full year outcome, earnings before interest tax depreciation and amortisation and profit before tax for the first half of 2008 are anticipated to be positive but lower than those for the first half of 2007.”
Results for the six months ended 30 June are due on 16 September.
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