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The firm recorded £1.3bn under management in May this year, up from £687m 14 months ago. Impax Environmental Markets – the group's flagship green fund – was at the core of the growth spurt, holding £336m under management at the end of March.

Keith Falconer, chairman of Impax, said the results indicated the strength of appetite for environmentally aware products.

He said: "As a specialist investment manager operating exclusively in the environmental sector, we are continually encouraged by the positive developments in our target markets. The sectors in which we invest are propelled by strong fundamentals.

"Energy and commodity prices have continued to strengthen, making the economic case for alternative energy generation, energy efficiency products and recycling technologies even more attractive."

Mr Falconer said legislation had helped the green investment cause, particularly detailed 2020 EU targets for renewable energy production, energy efficiency and greenhouse gas reduction.