Impax AM bolsters fixed income arm with acquisition of Danish bond boutique
Impax CEO Ian Simm (pictured) said the acquisition is 'an important step' in the 'continued enhancement' of the firm's fixed income offering.
The boutique, which is owned by Copenhagen-based asset manager Formuepleje Group, manages around £351m (€405m) of assets for European institutional investors and Danish high-net-worth individuals.
Absalon runs two fixed income strategies in global high yield and emerging market corporate debt, launched in 2006 and 2010, respectively, and are available as both Luxembourg- and Danish-based funds.
The team was established by Klaus Blaabjerg, who, along with three portfolio management colleagues, will join Impax as part of the acquisition. Each team member brings more than 15 years' experience and the team has worked together for more than ten years, the firm said.
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Once the acquisition is completed, the Absalon portfolio managers will become part of Impax's fixed income team, reporting to Ross Pamphilon, who was appointed head of fixed income in October.
The US-based Impax fixed income team currently runs US investment grade and US high yield fixed income funds for North American investors. Following the acquisition, the combined global team will have pro forma fixed income assets of around £1.6bn, as of 31 December 2023.
After the transaction closes, Impax Irish subsidiary Impax Ireland will become the management company, investment manager and distributor of the former Absalon SICAV funds, which are intended to become part of Impax's Ireland-based UCITS range, subject to approval.
The firm also plans that Impax Ireland, acting through a newly established Danish branch, will become the
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