Impax Asset Management funds climb to new record in fourth quarter

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Impax Asset Management Group PLC (LON:IPX) revealed it has enjoyed a strong finish to its financial year, with positive inflows lifting assets under management (AUM) to a record GBP20.2bn as at the end of September, 2020.

AUM for the sustainability-focused investment group was up 11.4% over the quarter since what was a strong third quarter and 34% on a year earlier, helped by GBP0.6bn of fund inflows.

“The COVID-19 pandemic has created a tragedy of exceptional proportions and has significantly impaired all economies around the world,” Ian Simm, Impax’s chief executive said in a statement.

“Although markets have been volatile, Impax’s investment performance has remained strong, and the company has attracted high levels of net inflows. The pandemic has reinforced the imperative of a transition to a more sustainable economy, while society’s response has given us an indication of what will be needed to address climate change and other challenges of sustainable development.”

Within Impax’s total AUM, listed equities ended the year at GBP16.6bn, with GBP542mln of net flows over the fourth quarter and GBP1.4bn of market movement, currency swings and performance.

Fixed income, smart beta and US equity funds ended at GBP4.2bn, with GBP149mln of net flows and GBP123mln from markets and performance.

Shares in Impax climbed 2% to 539.81p on Wednesday morning.

Broker Peel Hunt upped its shares price target to 565p from 420p, saying: “Even over what would typically be the quieter summer months, Impax has continued to generate impressive levels of net flows.”

The analysts added: “We believe there is still an attractive pipeline of new business and interest in the invest ment products remains very healthy.”

–Adds share price and broker comment–

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