Impax Asset Management’s assets under management dipped to £37.4bn in the fourth quarter, representing a decrease of 5.8% over the three months to 30 September.
Despite the weaker end to the year, the firm booked an increase in AUM of 4.8% over the full financial year.
It was equities that delivered the boost, rising to £33.8bn from £35.5bn over the year. Fixed income funds actually shed money, dipping from £1.34bn to £1.28bn. Private markets assets rose to £564m from £521bn.
Ian Simm, chief executive, commented: “Investment conditions continued to remain challenging during the final quarter of our financial year, when moderate redemptions from several of our distribution partners compounded market-driven falls in net asset values.
“Notwithstanding the sustained market volatility, Impax has continued to show its resilience with an up-tick in our assets under management over the financial year, inclusive of overall net outflows of £92 million,” Simm continued.
“Although the macro environment is leading some clients to delay deploying their capital, we remain confident in the strength of our pipeline and our ability to convert. Meanwhile, we continue to develop new investment capabilities while enhancing our operating model to ensure that the business is efficient and scalable.”
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