Impax AUM drops

Impax Asset Management said assets under management fell 4 per cent for the full year but expects operating earnings to be in line with market forecasts.The aim listed investment manager said assets under management (AUM) fell to £1.819bn at August 31st 2012 from £1.896bn at September 30 2011. Positive investment returns, net of currency movements, of £55m have been offset by net outflows of £132m. Overall Impax expects operating earnings to be broadly in line with market expectations.The group said it has recently completed the expansion of its stock coverage to include the agriculture and food sector, and expects to launch a product in this area in the near future. It also continues to invest in its distribution capability in the US.Chief Executive Ian Simm commented: "The Impax team has continued to focus on delivering strong investment performance for clients while carefully extending our research coverage and distribution channels."In a separate statement the group confirmed that it has bought back 3.5m shares under the group's programme to reduce the requirement to issue new shares to satisfy the exercise of options awarded under its Employee Share Option Plan. The company's cash reserves stood at around £20m at August 31 2012.CJ Impax Asset Management