Integrated Asset Management Corp. (“IAM”) (TSX:IAM) today announced its financial results for the fiscal year ended September 30, 2016. In aggregate, AUM were approximately $2.6 billion as at September 30, 2016 up approximately $927 million from the prior year end. AUM in IAM Private Debt increased approximately $907 million in fiscal 2016. During the year IAM Private Debt Group closed two funds raising $667 million and $347 million respectively.
John Robertson, Chief Executive Officer said “2016 was a transition year for the Corporation. The Private Debt Group raised over $1 Billion; $667 million in our fifth Corporate Debt Fund and $347 million in our first long-term Infrastructure Debt Fund. This is expected to significantly increase revenue and profitability from growing management fees over the next two years, and beyond, as the committed capital is invested.
The Real Estate Group had a very strong year as they invested over $100 million in their thirteenth fund. The team is now preparing to raise additional capital in 2017 for this fund as it becomes an open fund following completion of the initial investment period. Over the course of the year we completed our re-organization, with a one-time cost of approximately $1.0 million. A substantial reduction in operating expenses will be seen in 2017 and the years following The deployment of capital we have raised, combined with the overhead reduction made in 2016, is expected to lead to a very strong performance in 2017.” for complete details, please click here.