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Acquisition drives asset growth at Impax

Acquisition drives asset growth at Impax

Sustainable investing firm Impax Asset Management saw its assets under management (AUM) grow by 51 per cent to £11bn in the six months to March 31 2018.

Total net inflows were more than £1bn, driven mostly by clients in Europe and North America.

The completion of the acquisition of Pax World Funds, which took place in September 2017, added £2.9bn of assets.

Impax reported a profit before tax of £5.5m on revenue of £25.7m.

Ian Simm, chief executive of Impax, said: "I am pleased to report on a successful first half of the year. Alongside robust investment performance and net inflows of £1bn, we completed the acquisition of Pax World Management LLC , further extending our investment management capabilities and client base in North America."

Impax said assets under management have grown further since the end of the six-month period, to £11.8bn at the end of May 2018.

Shareholders will receive a dividend of 1.1p per share, plus a one-off special dividend of 2.6p per share. This represented a 57 per cent increase in the ordinary dividend.

During the six months the company announced the final closure of its third infrastructure fund, which raised €357m.

david.thorpe@ft.com