Business
Acquisition of Pax World Management
Acquisition of Pax World Management.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n \nRNS Number : 9643Q Impax Asset Management Group plc 18 September 2017 \n \n\n \n \nImpax Asset Management Group plc to acquire Pax World Management LLC\n \nAcquisition further extends Impax's position as a leading investment manager \nfocused on the transition to a more sustainable global economy\n \nLondon, 18 September 2017 - Impax Asset Management Group plc (\"Impax\", the \"Group\" or the \"Company\"), the AIM quoted investment management group, today announces that it has entered into agreements to acquire 100% of Pax World Management LLC (\"Pax\"), subject to certain closing conditions.\n \nStrategic rationale for the acquisition\n \n· Combination of two pioneering firms focused on the transition to a more sustainable economy:\n \n- Rising interest from asset owners worldwide in allocating capital to high growth sustainable investment opportunities, in investment products that take a broad view of risk, including environmental, social & governance (\"ESG\") factors, and/or that demonstrate positive, non-financial impact; \n \n- Impax, founded in 1998, and Pax, founded in 1971, have extensive, diversified client bases and award-winning investment products that reflect these concepts;\n \n- Pro forma assets under management (\"AUM\") of the combined Group would be £10.3 billion (US$13.4 billion).[1]\n \n· Highly complementary investment capabilities:\n \n- Wider team and deeper bench of investment talent offers a broader range of investment solutions for clients;\n \n- Impax, which is headquartered in London, with offices in the New York metropolitan region, Portland (OR) and Hong Kong, has assets under management of £7.245 billion (US$9.367 billion), and focuses on actively managed global public equity and private equity strategies;\n \n- Pax, which is headquartered in Portsmouth (NH), USA, has AUM of £3.477 billion (US$4.496 billion), offers actively and passively managed equity and fixed income strategies.\n \n· Acquisition builds on the companies' successful ten year relationship and similar business cultures:\n \n-  ...