10th Oct 2014 07:38
LONDON (Alliance News) - Impax Asset Management Group PLC Friday said its assets under management and advisory were up 25% on the year at the end of September, and it expects its operating earnings for its recently-ended financial year to be marginally ahead of market expectations.
In a statement, the asset manager said assets under management and advisory stood at GBP2.76 billion at the end of its last financial year on September 30, up by a quarter from GBP2.20 billion a year earlier.
It secured net inflows of GBP489 million during the year, driven by clients in the US and continental Europe.
"We have continued to see strong flows into our third party listed equity funds and accounts, particularly from clients based in the United States and continental Europe. Growth of the Company's US business has been particularly encouraging and our mandate pipeline remains promising," it said in a trading update.
The AIM-listed asset manager was founded in 1998 and invests in resource efficiency and environmental markets. Its listed equity funds seek out companies it thinks are mis-priced and set to benefit from long-term trends of changing demographics, urbanisation, rising consumption, and the resultant increases in resource scarcity.
"It is pleasing to report strong AUM growth for the year and sustained interest from investors in opportunities linked to resource efficiency, particularly in the United States, where prolonged drought and climate change have recently become investment issues for many. With a growing product range, extensive track record and broad distribution capabilities, Impax is well positioned for further profitable expansion," Chief Executive Ian Simm said in a statement.
Impax said it expects to put out its full results for the financial year on November 27.
Its operating earnings are revenue minus operating costs.
Impax shares were down 1.2% at 47.44 pence early Friday.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Impax Asset Management