Impax Asset Management Group (LSE:IPX) reported assets under management (AUM) of £20.0 billion as of 30 September 2026, compared with £23.3 billion at the end of June and £26.1 billion a year earlier.
The AIM-listed investment manager recorded net outflows of £2.4 billion during the quarter, alongside a £0.9 billion reduction attributable to market movements and foreign exchange effects.
The combined impact reduced AUM by £3.3 billion over the three-month period, representing a decline of approximately 14.2% from the June 2026 level. Compared with September 2025, assets under management decreased by approximately 23.4%.
Impax said the majority of client withdrawals during the quarter were concentrated in its actively managed listed equity strategies, which form part of the group’s environmental and sustainability-focused investment offering.
Chief executive Ian Simm attributed the continued redemptions to the delayed response of investors to investment performance recorded between 2023 and 2025.
According to Simm, the concentration of equity market returns in a relatively narrow group of technology companies during that period affected the relative performance of Impax’s thematic equity strategies.
The company said some clients have continued to adjust their allocations in response to those earlier performance trends, despite more recent changes in market conditions.
Management reported that environmental investment themes have experienced a recovery during 2026, with several Impax strategies delivering returns above their respective benchmarks and peer groups.
The company also identified an improvement in industry investment flows towards sustainability-related strategies, although the supplied update did not quantify the change in broader market flows.
Impax’s investment activities cover environmental and sustainability themes, including resource efficiency, energy security and electrification.
Its actively managed listed equity strategies invest in companies associated with these areas, while the group also operates fixed income, systematic equity and private markets investment businesses.
Management highlighted the investment performance records of its fixed income and systematic equity strategies, alongside continued development of its private markets activities.
These businesses provide additional investment products beyond the group’s actively managed thematic equity portfolios, where the majority of quarterly redemptions were recorded.
Impax has been expanding its private markets activities as part of its broader investment management operations, providing exposure to assets and investment opportunities outside publicly listed securities.
The company said its investment outlook continues to reflect opportunities associated with environmental markets and the development of infrastructure and technologies linked to resource efficiency and energy systems.
However, the latest quarterly figures show that client withdrawals and adverse market and currency movements continued to reduce total assets under management through the end of September.
The £2.4 billion of net outflows accounted for approximately 73% of the quarterly reduction in AUM, with the remaining £0.9 billion resulting from market and foreign exchange effects.
Despite the decline in managed assets, Impax confirmed that management guidance for the financial year remains unchanged.
The company did not provide revised financial forecasts or additional quantitative guidance in the supplied update.
Future changes in AUM will depend on client subscriptions and redemptions, investment performance, market valuations and currency movements.
Impax continues to manage assets across listed equities, fixed income, systematic strategies and private markets, with its investment approach focused on environmental and sustainability-related themes.
About Impax Asset Management Group
Impax Asset Management Group plc is a UK-based specialist investment manager listed on the AIM market of the London Stock Exchange.
The company provides investment management services focused on environmental markets, sustainability and resource efficiency.
Its investment strategies cover actively managed listed equities, fixed income, systematic equities and private markets, serving clients seeking exposure to companies and assets associated with environmental and economic transitions.
Impax’s thematic investment activities include areas such as energy security, electrification, resource efficiency and technologies supporting changes in industrial and energy systems.
The group manages portfolios across different asset classes and investment approaches, combining fundamental research with systematic investment strategies and private market activities.
Its assets under management are influenced by investment performance, client capital flows, financial market conditions and foreign exchange movements.
Leave a Reply