Impax AM assets drop 5.8% on quarterly outflows and market movement

investmentweek.co.uk:

CEO Ian Simm said the uptick in assets under management during the financial year continued to show “resilience” despite the sustained market volatility.

In the three months to 30 September, the firm's assets fell by 5.8% to £39.7bn, with total outflows amounting to £893m and market performance losses of £1.4bn. 

While private markets attracted £20m, Impax was hit by significant outflows from listed equities, totalling £910m, while fixed income shed £3m. 

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In the year to the end of September, however, the firm's AUM rose 4.8%, mainly due to performance gains of £1.8bn, which greatly offset redemptions worth £92m. 

CEO Ian Simm said investment conditions «continued to remain challenging» during the final quarter of the financial year, in which «moderate redemptions» from several of the firm's distribution partners compounded market-driven falls in net asset values.

The chief executive said the uptick in assets under management during the financial year continued to show «resilience» despite the sustained market volatility. 

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«This is testament to our strong relationships with clients, our diversified revenue base and our long-term investment approach, which focuses on companies with robust business models that are well placed to benefit from the transition to a more sustainable economy,» he said. 

«Although the macro environment is leading some clients to delay deploying their capital, we remain confident in the strength of our pipeline and our ability to convert. Meanwhile, we continue to develop new investment capabilities while enhancing our operating model to ensure that the