Impax Asset Management Group plc - trading update and distribution agreement
London, 8 October 2015 - Impax Asset Management Group plc ("Impax" or the "Company"), the AIM quoted investment manager focused on environmental markets and related resource efficiency sectors, today reports a trading update ahead of the announcement of its final results for the year ending 30 September 2015 (the "Period"), expected 2 December 2015.
Trading Update
Assets under management and advisory ("AUM") were £2,823 million on 30 September 2015, a 2% increase on 30 September 2014 (£2,755 million). Net inflows for the Period were £77 million. Further details are set out in the table below.
AUM movement Year to 30 September 2015 |
Impax label listed equity funds £m |
Third party listed equity funds and accounts £m |
Private equity funds £m |
Property funds £m |
Total £m |
Total AUM at 30 September 2014 |
511 |
1,867 |
354 |
22 |
2,755 |
Net (outflows)/inflows |
(12) |
110 |
(21) |
- |
77 |
Market movement and performance |
(3) |
14 |
(20) |
- |
(9) |
Total AUM at 30 September 2015 |
495 |
1,992 |
313 |
22 |
2,823 |
Although operating earnings1 may be modestly behind forecasts, the Board expects the Company's profit before tax to be in line with market expectations.
Equity market volatility in the last quarter created difficult conditions for all investment managers. However, all our listed equity strategies have outperformed the MSCI All Country World Index for the year to date and most have out-performed their benchmarks cumulatively over the last three years.
Distribution Agreement
Impax also announces that its subsidiary Impax Asset Management (AIFM) Limited has entered into an agreement with BNP Paribas Investment Partners ("BNPP IP") for BNPP IP to act as exclusive placement agent for Impax's third private equity infrastructure fund (the "Fund"). BNPP IP will be paid placement fees in accordance with normal market parameters.
The Independent Directors consider, having consulted with the Company's nominated adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
The Transaction is defined as entering into the current agreement and subsequent agreements to be entered into with entities within the BNPP IP group to act as placement agent for the Fund.
Independent Directors in relation to this matter are all of the Directors of the Company except Guy de Froment who is not considered independent in this instance because of his previous roles at BNPP IP group.
Ian Simm, Chief Executive of Impax, commented:
"Investor interest in climate risk and stranded assets is gathering momentum and the build up to the Paris climate conference this December is also fuelling unprecedented investor interest in Impax's markets. The Company is well positioned to benefit from these long term trends and we continue to develop our suite of products to meet investor needs."
"We are making strong progress with the development of both our renewable infrastructure and sustainable property strategies, where we continue to return money to investors from our existing funds and are implementing plans to raise new monies."
1Revenue less operating costs.
Enquiries:
Ian Simm Tel: + 44 (0) 20 7434 1122 (switchboard)
Chief Executive
Impax Asset Management Group plc
www.impaxam.com
Anne Gilding Tel: +44 (0) 20 7434 1122 (switchboard)
Head of Brand & Communications Tel: +44 (0) 20 7432 2602 (direct)
Impax Asset Management Group plc Tel: +44 (0) 7881 249612 (mobile)
www.impaxam.com Email: [email protected]
Guy Wiehahn Tel: +44 (0) 20 7418 8893
Nominated Adviser
Peel Hunt LLP
Notes to Editors - About Impax Asset Management
Impax Asset Management is a leading investment firm, managing approximately £2.8bn* primarily for institutional clients through both listed and private equity strategies.
Impax's investments are based on a strong conviction that population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will profoundly shape global markets, creating investment risks and opportunities. The Company expects that these trends, reflecting the transition towards a more sustainable global economy, will drive earnings growth for well-positioned companies. Impax's proprietary investment framework identifies and calibrates the rising risks and expanding opportunities from this transition, and guides the search for investments that will deliver long term outperformance.
Impax is a holder of a Queen's Award for Enterprise: Sustainable Development and numerous other industry awards.
*As at 30 September 2015
Issued in the UK by Impax Asset Management Group plc, whose shares are listed on the Alternative Market of the London Stock Exchange. Impax Asset Management Group plc is registered in England & Wales, number 03262305.
Performance relates to Impax Asset Management Limited and Impax Asset Management (AIFM) Limited. Both companies are authorised and regulated by the Financial Conduct Authority and are wholly owned subsidiaries of Impax Asset Management Group plc.
Please note that the information provided and links from it should not be relied upon for investment purposes. For further information please visit www.impaxam.com.
