Impax warns of uncertain outlook

29th Sep 2011 16:23

Impax, the asset manager focused on the environmental markets sector, said the company was coping despite the current economic instability. In a trading update ahead of the announcement of its final results for the year ending 30 September, the group said: "Despite difficult equity market conditions and an uncertain outlook for financial markets and the wider economy, the company has experienced only limited fund outflows in recent months. "Assets under management (AUM) and advisory were £2bn on 31 August, an increase of 15% since the start of the period, when AUM were £1.8bn, but a fall of 11.2% since the end of the first half on 31 March 2011, when AUM reached £2.4bn."Since the interim results statement on 2 June 2011, the company has completed the fund raising for Impax New Energy Investors II, a private equity/ infrastructure fund which is investing in renewable power projects and companies across Europe, securing €330m of capital commitments. Chief executive Ian Simm added: "Against a backdrop of high fossil fuel prices, water shortages and concerns about pollution, investment opportunities in environmental markets offer excellent potential over the medium to long term. Although the climate for raising new assets is currently challenging, we are continuing to build relationships with investors and their advisers and are well positioned to attract additional capital when risk appetite improves."The share price fell 3.19% to 45.5p by 16:28. NR