Hedge fund manager Integrated Asset Management Corp. (TSX:IAM) posted a smaller loss for the fourth quarter ended September 30, the company said Monday.

Net loss and comprehensive income for the quarter was $455,000 or 2¢ per share compared with a net loss and comprehensive income of $514,000 or 1¢ per share in the prior year.

Assets under management at September 30, 2009 declined to $2.13 billion from $2.3 billion a year ago as a result of reduced AUM in Retail Alternative Investments and in the normal course of business in Private Corporate Debt.

Total revenues for the quarter slipped to $4.0 million, compared with $4.5 million a year ago.

Victor Koloshuk, chairman, president and CEO, said “We have just come through a year of unprecedented distress and upheaval in credit and equity markets. We did not escape unscathed, but were protected by our broad, diversified product line. Our real estate and private corporate debt businesses performed well under the circumstances. BluMont Capital, our retail investment business, had a very difficult year. Management responded to the challenges and implemented changes to the business.”

“Looking ahead, we see a variety of opportunities. Many asset management firms were hurt badly last year and are now considering merger, joint venture or acquisition proposals. We have held onto our cash reserves and are actively evaluating a variety of potential acquisitions that would increase our assets under management and expand our product line.”

IAM has approximately $2 billion in assets and committed capital under management in real estate, private corporate debt, private equity, managed futures, and retail alternative investments.

IE