Integrated Asset Management, a fund of hedge funds manager and broker listed on London's alternative investment market, has taken its assets under management above $1bn (€800m) through the acquisition of Attica, a smaller rival.

Under the terms of the deal, concluded at 2am yesterday morning, Integrated has bought a 50.1% controlling interest in Attica from Sal Oppenheim, a German private bank. In exchange, Sal Oppenheim has taken a 27% stake in Integrated, valued at €5m ($6m), making it the London-listed firm's largest single shareholder.