4th Mar 2019 13:21
LONDON (Alliance News) - Impax Asset Management Group PLC on Monday said it has entered an agreement with BNP Paribas Asset Management Holding to provide investment management services.
The services will relate to a client mandate for an undisclosed Luxembourg-based client of BNP Paribas. The fee for these services will be paid quarterly and will be undisclosed percentage of the assets under management relating to the Luxembourg-based client.
The deal will take place between Impax Asset Management's subsidiary, Impax Asset Management Ltd, and BNP Paribas's subsidiary, BNP Paribas Asset Management France.
Because BNP Paribas Asset Management Holding is a substantial shareholder in Impax Asset Management, the agreement is classed as a related-party transaction under AIM rules.
Impax Asset Management has consulted with its nominated advisor, Peel Hunt LLP, and considers the agreement to be "fair and reasonable insofar as the company's shareholders are concerned".
Shares in Impax Asset Management were down 0.5% at 208.00 pence on Monday.
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