Impax suffers net outflows despite strong performance
The firm’s Environmental Markets strategies suffered large outflows, losing £1.7bn, largely due to redemptions from the firm’s distribution partners such as BNP Paribas Asset Management.
In the year to 30 September, the firm saw £144m of outflows from listed equities, which was partially balanced by £2m of inflows into fixed income and £49m of inflows into private markets.
Following the popularity of the firm's fixed income offerings during the period, Impax said it had «identified a particular opportunity» in that space and as a result, had made «strategic hires» into that team.
«We are reviewing opportunities to source additional fixed income capabilities and will provide an update in due course,» it said.
The firm's Environmental Markets strategies suffered large outflows, losing £1.7bn, largely due to redemptions from the firm's distribution partners, such as BNP Paribas Asset Management.
«Overall, the proportion of Impax's annual revenues from the BNPP AM range of SICAV mutual funds fell to 28%, compared to 30% in the previous financial year,» Impax noted.
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In contrast, the firm's Sustainability Lens strategies saw net inflows of £1.6bn, while Global Opportunities received £1bn throughout the year, partially thanks to a large contribution from St James's Place.
«The US Large Cap strategy registered net inflows of £700 million, supported by subscriptions via Lombard Odier and a significant segregated mandate from a Japanese pension fund, awarded in October 2022,» Impax added.
Meanwhile, the listed equities arm of the firm recorded strong growth from market movement, FX and performance, rising £1.9bn throughout the year, while
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