8th Oct 2015 07:41
LONDON (Alliance News) - Impax Asset Management Group PLC on Thursday said it expects full-year pretax profit to be in line with market expectations, although operating earnings - the difference between revenue and operating costs - may be "modestly below" what was forecast in the market.
In addition, the AIM-listed investment manager said its Impax Asset Management (AIFM) Ltd subsidiary has agreed a deal that will see BNP Paribas Investment Partners act as exclusive placement agent for Impax's third private equity infrastructure fund. "BNPP IP will be paid placement fees in accordance with normal market parameters," Impax said.
Impax, which focuses on environmental markets, said that volatility in equity markets has created "difficult conditions" for investment managers. Funds under management increased to GBP2.82 billion at the end of September from GBP2.76 billion one year earlier, as net inflows of GBP77 million more than offset a GBP9 million hit from market exposure.
"Investor interest in climate risk and stranded assets is gathering momentum and the build up to the Paris climate conference this December is also fuelling unprecedented investor interest in Impax's markets. The company is well positioned to benefit from these long term trends and we continue to develop our suite of products to meet investor needs," Chief Executive Ian Simm said in a statement.
"We are making strong progress with the development of both our renewable infrastructure and sustainable property strategies, where we continue to return money to investors from our existing funds and are implementing plans to raise new monies," Simm said.
Shares in Impax were untraded on Thursday morning, having last traded at 48.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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