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Impax Asset Management Group PLC on Thursday reported a drop in managed assets over the third quarter of its financial year, mainly on a decline in market movements and performance.
Impax is a London-based investor, focused on environmental sustainability.
As at June 30, assets under management dropped 9.1% to £34.55 billion from £38.02 billion at the end of March. This was driven by a £3.28 billion drop in market movements, foreign exchange and performance, particularly in listed equities.
Since April ‘sustained concerns about inflation, political risk and the effectiveness of central bank responses have exacerbated weak market sentiment, leading to further material falls in the valuation multiples of global equities,’ Impax added.
Chief Executive Ian Simm said: ‘Although we saw modest net outflows during the quarter, notably in June, asset owners, regulators and policymakers continue to signal commitment to advancing the transition to a more sustainable economy. Against this backdrop, we have continued to take steps to build the business in order to fulfil our medium-to-long term potential.’
Shares in Impax were down 3.0% to 565.34 pence each in London on Thursday around midday.
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