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Impax Asset Management Group PLC shares plummeted on Friday after reporting that St James’s Place Unit Trust Group Ltd has terminated its mandate to manage the Sustainable & Responsible Equity Fund. Impax Asset Management, a London-based investment manager focused on sustainable ventures, expects termination to take effect in February, subject to final approval from unitholders at an extraordinary general meeting on January 9. St James’s Place Unit Trust Group is a Gloucestershire, England-based financial services provider focused on pooling client funds into group investments. This was Impax’s only mandate with St James’s Place, totalling £5.2 billion of assets under management as of the end of November. ‘The impact on Impax’s revenue is expected to be circa £12.7 million on an annualized basis. The termination of the mandate has been driven by SJP seeking to further diversify the fund across investment styles,’ Impax adds. Impax shares were down 24% at 249.50 pence each on Friday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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