In a stock exchange announcement on Friday, Impax AM confirmed the deal had gone ahead after the required 2,665,989 shares were issued to the Alternative Investment Market on Thursday.
The deal, first announced back in September 2017, has created a transatlantic sustainable investment group with £11.3bn ($15.3bn) of assets under management and over 130 staff based in the UK, US and Hong Kong.
Impax AM was founded in 1998 with the express purpose of investing in solutions to resource scarcity in sectors like energy, water and food and agriculture. In the three months to 31 December 2017, its AUM swelled from £7.3bn to £8.2bn.
Pax WM has been in the ethical investment space for even longer, launching the first socially responsible mutual fund in America in 1971.
Ian Simm, Impax’s chief executive, said on Friday: “After a decade of partnership, I’m delighted that Impax and Pax are joining forces, creating an investment manager focused on the transition to a more sustainable economy.”
“The combined group is well positioned to offer a broad range of investment strategies to a global client base,” he added.
