Impax Asset optimistic despite assets under management decline

(Alliance News) - Impax Asset Management Group PLC on Friday said that annual assets under management declined, despite a decent end to its financial year.

At September 30, the London-based sustainability-focused investment trust's assets under management totalled GBP35.68 billion, up 3.3% quarter-on-quarter. This was helped by net inflows of GBP606.0 million for the quarter.

Over the full financial year, despite total net inflows of GBP2.89 billion, Impax's AUMs fell by 4.1%.

AUMs took a GBP4.42 billion hit from market movements.

Nevertheless, Impax was confident about its overall performance and the year ahead, highlighting positive net inflows in the second half of the financial year and in the most recent financial quarter.

Weak market sentiment was blamed on rising inflation and geopolitical instability.

Looking to the future, Chief Executive Ian Simm said: "Asset owners continue to be attracted to Impax's focus on the transition to a more sustainable economy, which includes renewable energy, energy efficiency, water and digital infrastructure, sectors that are responding positively to both near term and longer horizon economic trends."

Impax shares were trading 4.5% higher at 563.00 pence each in London on Friday afternoon.

By Holly Beveridge; hollybeveridge@alliancenews.com

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