Business
Pre-Close Trading Statement
Pre-Close Trading Statement.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n RNS Number : 9097U Impax Asset Management Group plc 25 October 2010 \n \n\n \n \nImpax Asset Management Group plc announces \npre-close trading statement\n \n \nLondon, 25 October 2010 - Impax Asset Management Group plc, (\"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 for the year ending 30 September 2010 (\"FY2010\"), expected on 10 January 2011. \n \nOverall trading continues to be strong. The Board expects revenues for FY2010 to be comfortably ahead of 2009 and in line with market expectations, and profitability for FY2010 to be ahead of market expectations.\n \nDuring FY2010, assets under management and advisory (\"AUM\") increased 45 per cent from £1,260 million to £1,823 million. To this the Company has added £131m following the successful raising of new capital by Impax Asian Environmental Markets plc (\"IAEM\"), an investment trust managed by the Company, as announced on Friday last week.\n \nSince the start of FY2010, Impax has made significant progress in developing its business. \n \n· In October 2009, IAEM raised £104.5m at launch, which at that point was the largest investment company IPO on the London Stock Exchange for 15 months. After posting strong returns, last week's announcement from IAEM confirms that there is a high level of demand for this investment strategy. \n \n· In March this year, the Company announced the successful first close of Impax New Energy Investors II LP (\"NEF II\"), its second private equity fund, with €141 million of capital. The Company plans to attract new investors into NEF II, and expects to announce in the near future that it has raised additional capital into this fund.\n \n· Impax has also made good progress in developing its segregated accounts and third party business. The €150 million mandate from a European institutional investor which was announced in September 2009 was fully funded in April, while in August the Company reported a new A$50 million mandate from Local Government Superannuation Scheme in Australia. As distributio...