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Integrated Asset Management research and analysis

Contributed by eResearch

By Bob Weir

Integrated Asset Management Corp. (IAM) and its real estate asset management group, GPM Investment Management (GPM), announced that GPM has been given notice by a client to terminate a segregated account managed by GPM. The termination will be effective February 29, 2012.

Unlike GPM’s core long-term funds, the segregated account had a high component of development properties, and could be terminated by either party on 30 days’ notice. The client is reducing the number of asset managers it uses, and is consolidating the properties with those of another manager.

For IAM’s most recent fiscal year (ended September 30, 2011), the account represented about 8% of the Company’s total revenues, and about 15% of total assets under management.

THE COMPANY

IAM is a Toronto-based alternative asset management company with approximately $2.3 billion in assets and committed capital under management in Private Corporate Debt, Real Estate, Private Equity, Managed Futures, Global Bonds, and Retail Alternative Investments. The Company offers its asset management services to institutional, pension, and private clients. For more on IAM, see eResearch’s earlier reports at www.eresearch.ca.

RECOMMENDATION AND TARGET PRICE

We are maintaining our Speculative Buy Recommendation along with our 12-month Target Price of $1.00 per share. The shares offer an attractive yield of 8.33%.

eResearch Analyst:
Bob Weir, B.Sc., B. Comm., CFA