Impax reports continued net outflows in first quarter

(Sharecast News) - Impax Asset Management reported assets under discretionary and advisory management of £24.2bn as at 31 December, according to its first-quarter trading update on Monday, reflecting continued net outflows alongside modest adverse market and foreign-exchange movements.

The AIM-traded sustainable investment specialist saw total assets fall from £26.1bn at the end of September to £24.2bn, with net outflows of £1.6bn during the quarter.

Outflows were concentrated in listed equities, which declined to £21.2bn from £23.0bn, while fixed income assets edged down to £2.4bn from £2.4bn and private markets were broadly stable at £0.6bn.

Market movement, foreign exchange and performance contributed a further £0.2bn reduction in assets over the period.

Ian Simm, chief executive of Impax Asset Management Group, said net outflows during the quarter were driven by "a small number of institutional clients", while flows in the wholesale channel continued to improve.

"Overall, net outflows have stabilised in recent quarters following a more challenging period around 12 months ago."

Simm said investor appetite for Impax's sustainable investment approach remained evident despite challenging market conditions, noting that the group expects to onboard a new fixed income client in the second quarter.

"This marks our first significant credit account win following the successful integration of the two teams that we have recently acquired as part of our aim to diversify our product range beyond our traditional strength in actively managed listed equities," he said.

At 0923 GMT, shares in Impax Asset Management Group were down 2.5% at 145.28p.

Reporting by Josh White for Sharecast.com.

Impax Asset Management