Impax Asset Management Group plc announces pre-close trading statement
Friday, October 02, 2009
Impax Asset Management Group plc
1, ("Impax" or the
"Company"), the AIM listed investment manager focused on the
environmental sector, today announces a pre-close trading statement
ahead of the publication of its preliminary results expected week
commencing 7 December 2009
2.
Despite challenging conditions for the global economy in
general, and investment managers in particular, the Company has
performed well. From a level of £1,098 million on 1 October 2008,
assets under discretionary and advisory management ("AUM") fell to
£889 million by 31 March 2009 as equity markets retreated, but
subsequently rose strongly to reach an estimated £1,250
million3 as of 30 September 2009 as markets recovered.
During this period, the Company was particularly successful in
retaining investors in its funds. The Board expects the Company's
results to be broadly in line with market expectations.
The investment teams at Impax have been able to maintain their
strong performance track record. In the listed equities division,
the net asset value of Impax Environmental Markets plc increased by
11.5% between 1 October 2008 and 30 September 2009, while the MSCI
World Index increased by only 9.6% over the same period. In the
private equity division the performance of the principal fund Impax
New Energy Investors LP, whose investments are typically in
fully-funded, profitable companies, has exceeded expectations.
As equity markets have recovered, Impax has been able to attract
new inflows into its listed equity funds, both those that it
promotes directly and those promoted by third parties. In addition,
the company has made good progress in the development of its
segregated accounts business. We announced earlier this week, that
we, in partnership with BNP Paribas Investment Partners, have
recently won a mandate from a European institutional investor,
which when fully funded, will have assets of up to
€150m4."
Impax has also recently announced fund raising for a new
investment trust, Impax Asian Environmental Markets Plc, to invest
in listed environmental markets companies in the Asia Pacific
region. Fund raising is being led by Collins Stewart, and the
Company hopes to be able to report a successful IPO in due
course.
On 3 September 2009 Impax announced that Vince O'Brien had
joined the Company's board. Vince brings over 20 years of private
equity experience, and is making a significant contribution towards
the development of the private equity business, particularly
preparation for the launch of Impax's second private equity
fund.
Ian Simm, Chief Executive of Impax,
commented:
"After the collapse and subsequent recovery in investor
confidence in the past 12 months, equity markets are now
demonstrating signs of stability. Meanwhile, investor interest in
environmental markets remains high, particularly as the
international community debates future policy to combat global
warming ahead of December's summit in Copenhagen. Against this
backdrop, with a strong track record, a highly qualified and
committed investment team and powerful distribution partners, Impax
is well positioned for further growth."
1 The name change from Impax Group plc to Impax Asset
Management Group plc was approved by shareholders and is awaiting
approval from Companies House
2 Exact date to follow
3 Management estimate
4 Not included in the stated AUM
-Ends-
Enquiries:
| Impax Asset Management Group plc1 |
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| Keith Falconer, Chairman |
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| Ian Simm, CEO |
020 7434 1122 |
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| Noble & Company Limited |
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| John Riddell, Director |
020 7763 2200 |
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| Penrose Financial |
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| Gay Collins |
020 7786 4882/07798626282 |
gayc@penrose.co.uk |
| Shona Prendergast |
020 7786 4884 |
shonap@penrose.co.uk |
| impax@penrose.co.uk |
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