8th Oct 2013 10:03
LONDON (Alliance News) - Impax Asset Management Group PLC Tuesday said that it expects its full-year operating earnings to be in line with market expectations.
In a trading update before the release of its full-year results on November 28, the investment manager, which focuses on environmental markets and resource efficiency sectors, said total assets under management and advisory were GBP2.2 million at year end, up 20% from GBP1.8 million a year earlier.
Impax said that net inflows for the year were GBP178 million, not including the net loss of GBP190 million of assets caused by the closure of Impax Asian Environmental Markets PLC.
It said that developments in its US business remain particularly encouraging, with assets under management and advisory from US investors up 122% to GBP73 million for the year ended September 30.
Impax said it invested GBP2 million during the year to seed a new food and agriculture fund and spent GBP2.4 million buying back 6.8 million Impax shares.
It said that at year end, it held cash reserves of around GBP17 million.
The company shares were down 4.1% Tuesday morning, trading at 35.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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