Market movements offset quarterly net outflows for Impax

9th Jan 2024 12:42

(Sharecast News) - Sustainability-focussed investor Impax said in an update on Tuesday that as of 31 December, its assets under management totalled £39.1bn, reflecting a 4.6% increase over the preceding three months.

The AIM-traded firm said it experienced a net outflow of £988m during the period.

However, market movements, foreign exchange and performance gains contributed positively, adding £2.69bn to assets under management.

"This quarter, after more than 12 months of market headwinds, the investment performance of our principal strategies has strengthened significantly, underpinning a 4.6% jump in assets under management," said chief executive officer Ian Simm.

"Although asset allocation decisions at some of our wholesale clients have led to net outflows this quarter, we've retained all our material client accounts and added some significant new ones, particularly in Europe."

Looking ahead, Simm said the firm had a healthy pipeline of potential new business, and saw encouraging signs that the transition to a more sustainable economy was accelerating in a number of areas.

"To capitalise on Impax's commercial opportunities we have recently seeded two new equity-oriented investment products and made material progress in the development of our fixed income franchise."

At 1211 GMT, shares in Impax Asset Management Group were down 0.75% at 530p.

Reporting by Josh White for Sharecast.com.