Description of the Business
IAM is an alternative asset management company offering high quality alternative asset management to institutional investors, pension funds and high net worth private clients. As at March 31, 2017, the alternative asset classes the Corporation manages for investors are private debt, real estate, and infrastructure debt. The Corporation’s strategy is to hire or acquire the best managers in each asset class and to develop the business around these managers. While the Corporation is presented with many such opportunities, the Corporation pursues only those opportunities that management believes have the potential to add significant value for clients.
|As at June 30, 2017|
|Assets and committed capital under management||$2.5 billion|
|Number of employees||40|
|Number of shares outstanding||28,079,295|
|Current annual dividend||$0.06 per common share|
The Corporation was incorporated on December 23, 1996 under the Business Corporations Act (Ontario) (the “OBCA”) under the name “Edenbridge Corp.”. By articles of amendment dated June 24, 1999, the name of the Corporation was changed to “Integrated Asset Management Corp.” and the outstanding Common Shares were consolidated on a five-to-one basis. By Articles of Amalgamation dated October 1, 2014, the Corporation and a wholly-owned subsidiary company, 2241952 Ontario Limited, amalgamated and continued as “Integrated Asset Management Corp.”.
The registered and head office of the Corporation is located at 70 University Avenue, Suite 1200, Toronto, Ontario, Canada M5J 2M4.
Development of the Business
Since 1999, when IAM acquired all of the issued and outstanding shares of Integrated Asset Management Limited by way of a reverse take-over transaction, IAM has operated within the asset management business focused exclusively on the management of alternative asset classes. IAM’s mandate is to be Canada’s leading alternative asset management company. Operating under this mandate, the Corporation is focused on growing its assets and committed capital under management (“AUM”) by attracting new clients, expanding its product offerings and attracting additional assets from existing clients. IAM’s clients include institutional investors, pension funds and private clients throughout Canada.
Key material changes in IAM’s business strategy over the past three completed financial years, were of BluMont Capital Corporation (“BluMont Capital”) which closed in fiscal 2014, as described below, and the sale of Integrated Managed Futures on March 31st 2017. BluMont Capital was IAM’s retail alternative asset management company.
The sale of BluMont Capital was completed in December 2013. As a result of the sale, IAM’s client base no longer includes retail clients and the Corporation entered into a non-competition and non-solicitation agreement with the purchaser which, among other things, restricts the Corporation for a period of three years from competing directly or indirectly with the business of the purchaser (a retail alternative asset management company) and the business of BluMont Capital acquired by the purchaser.
John Roberston, President and CEO, said “We first announced in 2014 our strategy of focusing on our two core businesses, private debt and real estate, and becoming a pure-play institutional manager. The closing of the sale on March 31, 2017 of our managed futures business completed the divestiture of non-core businesses. Private debt and real estate have been growing and are performing well.’