Impax Asset Management Group PLC on Thursday saw shares fall after reporting an 8.3% decline in assets under management in the first-quarter.
The London-based investor and asset manager focused on sustainability reported total AUM decreased to £34.12 billion in the three months to December 31, from £37.19 billion at September 30.
Of this, £1.48 billion represented fixed income, compared to £1.49 billion the year prior. Private markets accounted for £689 million in the first-quarter, versus £601 million year-on-year.
Impax shares fell 3.4% to 234.33 pence each in London after Thursday morning’s announcement.
The company attributed the decline in AUM to ‘relatively high outflows’, specifically the closure of a mandate with London-based financial advisor St James’s Place PLC. Impax also cited industry consolidation in the Asia-Pacific region.
Still, Impax claims outflows are continuing to slow from US mutual funds and BNP Paribas SA, Impax’s largest European partner.
‘Looking ahead, we believe that Impax’s focus on the transition to a more sustainable economy positions us well for investment outperformance. In executing our growth strategy, we intend to further diversify the business by asset class, investment product and distribution channel,’ said Chief Executive Ian Simm.
To that end, Impax noted it will expand fixed income offerings by purchasing European assets from Greenwich, USA-based investor Sky Harbour Capital Management LLC. The acquisition is expected to close ‘shortly’, according to Impax.
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