(The Wall Street Journal Europe) -- London-based Integrated Asset Management said it bought a majority stake in fellow fund-of-hedge-funds group Altigefi, a signal that consolidation in the industry is starting to intensify.

Altigefi, based in Paris, has $1bn (€702m) under management and brings Integrated's funds under management to $2.5bn. Integrated, which owned a 9% stake in Altigefi, bought an additional 40% stake in the fund from Altigefi's co-founders, Bruno Lescoat and PE Coiffard.