Impax Asset Management Group PLC - London-based investment manager focused on sustainable ventures - Says assets under management fall 16% to £28.5 billion as at February 28, from £34.1 billion as at December 31. Chief Executive Officer Ian Simm says absolute returns are ‘no longer dominated by a handful of US-listed stocks’. ‘Against this backdrop, Impax’s investment performance relative to generic indices has improved, with strategies representing 69% of our AUM outperforming their benchmarks since the start of January,’ Simm says. The fall in assets under management was mainly driven by the previously announced loss of the St James’s Place Sustainable & Responsible Equity Fund mandate, which represented about £5.1 billion and 8% of Impax’s annualised revenue as at at the end of January, Impax highlighted.
CEO Simm adds: ‘With successful recent experience of both seeding new products and making acquisitions, we continue to reflect on how our capital allocation to these areas and/or to dividends and share buybacks can optimise shareholder value.’
The firm says it cut 30 roles, 10% of its headcount, ‘in light of the contraction of our assets under management’. It trims its run-rate annual costs by more than £11 million but not at the expense of ‘capabilities or growth prospects’.
The company will release a further AuM update in April, for the second financial quarter ending on March 31.
Current stock price: 172.20 pence each, down 0.1% on Wednesday afternoon in London
12-month change: down 62%
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