Business
Trading update and change of Nominated adviser
Trading update and change of Nominated adviser.
About this update from Impax Asset Management Group Plc
[{"type":"text","content":"\n \nRNS Number : 9398P Impax Asset Management Group plc 08 October 2013 \n \n\nImpax Asset Management Group plc\nTrading update and change of Nominated Adviser\n \nLondon, 8 October 2013 - Impax Asset Management Group plc (\"Impax\" or the \"Company\"), the AIM quoted investment manager focused on environmental markets and related resource efficiency sectors, today reports a trading update ahead of the announcement of its final results for the year ending 30 September 2013 (the \"Period\"), expected on 28 November 2013.\n \nAssets under management and advisory (\"AUM\") were £2,197 million on 30 September 2013, a 20% increase from 30 September 2012 (£1,828 million) as shown in the table below. The Board expects the Company's operating earnings (*) to be in line with market expectations.\n \nDuring the Period, Impax's principal listed equity strategies out-performed global equity markets. In particular, the Impax Leaders strategy returned 31.7% while the Specialists and Water strategies returned respectively 30.2% and 24.9%, compared to a 17.4% return for the MSCI All Country World Index (**).\n \nNet inflows for the Period were £178 million, an amount which does not include the net loss of £190 million of assets arising from the closure of Impax Asian Environmental Markets plc. The development of Impax's business in the United States remains particularly encouraging: AUM from US investors increased 122% to £73 million at the end of the Period, and the Company has recently been appointed by a leading wealth management firm to sub-advise on a new water strategy. \n \nInvestment of the Impax New Energy Investors II private equity fund has continued to advance, and we have now invested, committed or reserved approximately 60 per cent of the fund's €330 million of committed capital. We have recently sold the first asset from this fund at an attractive profit. Although the assets from the Impax New Energy Investors I fund continue to perform well, the fund's holdings of Spanish solar projects have been negatively impacted by the Spanish government's plans to reduce financial support to the energy sector; we expect to book a write-down of the Company's holding as a result.\n \nDuring the Period, the Company invested £2 million to seed a new Food and Agriculture fund and spent...