Integrated Asset Management Corp. (IAM) says its assets under management grew to over $ 1.4 billion at Sept. 30, 2003. The company released its 2003 financial results today.

The alternative investment firm says consolidated revenue for the year ended September 2003 grew modestly to $17.1 million, while core management fees increased by 35 %, from $10.8 million in 2002 to $14.5 million in 2003.

IAM reported a net loss for the year ended Sept. 30, 2003 of $ 467,639 or 2¢ per share compared with net income of $ 1,850,931 or 9¢ per share in fiscal 2002. IAM says net income was adversely affected by the fact that significant resources are being dedicated to growing both the Asset Management operations and the Hedge Fund operations. In addition, no performance fees were realized in the Asset Management operations in fiscal 2003. It says that unrealized performance fees increased to $ 13.4 million at September 30, 2003, compared to $ 13.1 million at the end of 2002.

Over the last three years we have been building the infrastructure for growth and we are now in a position where approximately 50 % of new revenues should flow to the bottom line as pre-tax income. Each of our businesses achieved notable successes during the year, and we expanded our line-up of alternative asset classes to include managed futures with the formation of Integrated Managed Futures Corp,” says Victor Koloshuk, chairman and CEO of IAM.

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