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LONDON (Alliance News) - Impax Asset Management Group PLC said Tuesday that it signed a client introduction agreement with a unit of French banking group BNP Paribas SA
The fund manager's subsidiary, Impax Asset Management Ltd, entered the agreement with Alfred Berg Kapitalforvaltning AB, a unit of BNP Paribas Asset Management Holding.
BNP Paribas Asset Management owns a 24.5% stake in Impax Asset Management Group.
The agreement provides for unit Impax Asset Management to compensate Alfred Berg for services linked to introduction of clients. The fees payable to Alfred Berg will be calculated as a percentage of the annual management fee Impax Asset Management receives from the new client on rolling inflows.
On Monday, Impax Asset Management Group reported a rise in managed funds for its recently ended financial year, due to net inflows and market movements.
The company's reported assets under management as at the end of September stood at GBP12.51 billion, up 6.0% from GBP11.75 billion at the end of the previous quarter and 72% from GBP7.26 billion the same date the year before. Net inflows during the year totalled GBP1.46 billion, with positive market movements contributing GBP781 million.
Shares in Impax Asset Management Group were down 3.3% at 251.00 pence each on Tuesday morning.