Impax Asset Management Group recorded a steady start to the new year with growth in assets under management (AUM) and positive net flows in its financial first quarter.
In the three months to 31 December 2022, the firm’s AUM jumped 6.4% to £37.9bn.
This largely stemmed from its listed equities division, which saw AUM rise to £36.1bn from £33.8bn at the start of October. However, Impax’s fixed income strategies fell slightly to £1.3bn, a £58m decline.
The Alternative Investment Market-listed firm aims to invest in the transition to a more sustainable economy.
A net £797m flowed into the firm’s strategies in the quarter as Impax continued to go against a wider industry, which saw steady net outflows over the past year. UK equity funds suffered their second worst month on record in terms of flows as investors pulled £1bn from the sector in November 2022, according to Calastone’s Fund Flow Index. Meanwhile, Impax reported £2.9bn of net inflows for its 2022 financial year.
Chief executive Ian Simm (pictured) said: “Although inflation and geopolitical tensions continue to weigh on market sentiment, Impax has delivered a robust quarter, recording positive net inflows and AUM growth during the period.
“The company’s focus on investing in resilient businesses that are well positioned to benefit from the transition to a more sustainable economy continues to appeal to asset owners and their advisers globally.”
As of midday (9 Jan) the asset manager’s share price was up 26% in the last six months, trading at £7.19 per share.
Impax AM Q1 2023 results
| Listed equities (£m) | Fixed income (£m) | Private markets (£m) | Total (£m) | |
|---|---|---|---|---|
| Total AUM at 30 September 2022 | 33,801 | 1,354 | 521 | 35,676 |
| Net flows | 765 | 15 | 17 | 797 |
| Market movement, FX and performance | 1,539 | (73) | 5 | 1,471 |
| Total AUM at 31 December 2022 | 36,105 | 1,296 | 543 | 37,944 |
