Market helps boost Impax assets 20%

Impax Asset Management Group has reported a 20 per cent increase in assets under management year-on-year in spite of the closure of one of its investment trusts earlier this year.

In a trading update the specialist environmental investment group stated assets had increased to £2.2bn on September 30 2013, up from £1.8bn a year earlier.

It attributed the increase to its listed equity strategies outperforming global equity markets, particularly the Impax Leaders strategy and the Specialists and Water strategies.

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However net inflows in the year of £178m were not enough to cover the net loss of £190m of assets as a result of the closure of the Impax Asian Environmental Markets trust, which was announced in July. Although market movements of £381m in the year helped offset the loss.

The trading statement also highlighted the group’s £2m investment to seed a new Food and Agriculture fund and a further £2.4m spent buying back 6.8m Impax shares.

Ian Simm, chief executive of Impax, stated: “Investor interest in the resource efficiency sectors continues to build. Our investment performance remains strong relative to global markets, sector benchmarks and the peer group, and the company is well positioned for further expansion.”