Impax Asset Management experienced net outflows of £1.7bn during the second quarter of its financial year, though the company’s total assets under management rose 1.3%.
The results followed the pattern of Impax’s first quarter, when the company weathered £988m in net outflows but was buoyed by a 4.6% gain in assets under management.
While Impax was able to maintain positive flows in its private markets business, bringing in £66m, its listed equities business, which represents over 95% of the total AUM, experience £1.8bn in net outflows.
Assets under management for listed equities continued to grow due to performance and market movement, with a £2.2bn gain. Fixed income was the only section of the business to decrease its assets under management during the quarter but fell just 0.7% due to net outflows outpacing a £10m gain from performance.
Ian Simm, chief executive of Impax, said: “I am pleased to be able to report another quarter of rising AUM in the context of sustained positive market sentiment. Although our net flows were moderately negative, the outflows were overwhelmingly from a small number of intermediary clients largely representing European private wealth, and we again recorded an increase in the number of institutional clients, and no segregated mandate terminations.
“Following nearly two years of relative headwinds, asset owner sentiment around the transition to a more sustainable economy and associated areas of Impax expertise has improved in recent months. Looking ahead, we continue to develop a healthy pipeline of potential new business and to expand our distribution capabilities around the world.”
