Impax Asset Management Group PLC on Wednesday posted a quarterly update on assets under management, and also announced its acquisition of assets belonging to Sky Harbor Capital Management LLC, a fixed income manager.

Impax is a London-based asset manager, focused on investments in the renewable energy, and waste and water management sectors.

Shares in the firm were trading 12% lower at 365.13 pence each in London on Wednesday morning.

As at June 30, Impax Asset Management’s assets under management totalled £36.9 billion, representing a decrease of 6.8% from £39.62 billion in the three months prior, which ended March 31.

‘Aggregate net flows for the quarter to June 30 remained negative and dominated by our wholesale channel, despite a notable easing of outflows from key parts of our European distribution structure. Following a busy period for our direct sales team, our pipeline of potential new business is healthy,’ explained Chief Executive Ian Simm.

Separately on Wednesday, Impax Asset Management said that it has agreed to buy the European assets of Sky Harbor Capital Management.

Although it didn’t specify the cost of this transaction, Impax said the buy marked ‘an important step’ in its strategy to expand its fixed income business. Sky Harbor is a specialist investment firm focused on the management of fixed income corporate high yield securities and leveraged loans for institutional investors, private wealth advisers and multi-asset managers.

‘The addition of Sky Harbor’s deep expertise and track record in high yield investing and its team’s experience in client service fit well with those brought by the Absalon team and will be a significant asset as we broaden our fixed income offering,’ said Chief Executive Simm.

Copyright 2024 Alliance News Ltd. All Rights Reserved.