Impax Asset Management has seen inflows slow in the second quarter of the year, but its chief executive is confident Brexit has not impacted its invested markets.
The discretionary fund management firm, which manages around £3.7bn, has seen its net inflows hit £112m between April and June this year, down from the £272m posted in the first quarter of 2016.
According to a trading update, inflows mainly came from Continental European investors and an institutional client in the US.
The company also saw its assets under management nudge up 13 per cent to £4bn, from £3.6bn posted at the end of March, which is also a 42 per cent jump compared with assets under management for the start of Impax’s current financial year on 1 October 2015.
Impax, which is listed on the Aim market, is focused on environmental investments, a sector which chief executive Ian Simm said should not be hugely affected by the UK’s vote to leave the European Union.
“The catalysts for change remain compelling and the underlying attractiveness of these markets should not be significantly impacted by Brexit,” he said, pointing to the firm’s wind farm portfolios, which he said “demonstrate the value of our private equity investment strategy”.
AUM movement 3 months to 30 June 2016 | Impax label listed equity funds £m | Third party listed equity funds and accounts £m | Private equity funds £m | Property funds | Total £m |
Total AUM at 31 March 2016 | 600 | 2,604 | 335 | 22 | 3,562 |
Net inflows | (8) | 198 | (77) | - | 112 |
Market movement and performance | 55 | 263 | 16 | - | 334 |
Total AUM at 30 June 2016 | 648 | 3,064 | 274 | 22 | 4,008 |
Source: Impax
Mr Simm added Impax will continue to identify attractively priced assets and companies operating across “rapidly expanding” environmental markets.
He said Impax has recorded “unprecedented” levels of commitments from new clients and has a “healthy pipeline of prospects”.
katherine.denham@ft.com
