Q4 AUM update
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Impax, the AIM listed specialist investor focused on the transition to a more sustainable economy, today provides an update on the development of its assets under discretionary and advisory management ("AUM") for the fourth quarter of its financial year ("The Period").
On 30 September 2024, the Company's AUM totalled £37.2 billion, representing an increase of 0.7% over the quarter and a decrease of 0.6% over the financial year since 30 September 2023.
Ian Simm, Chief Executive, commented:
"During the fourth quarter to 30 September we have seen stronger market conditions, driven in part by interest rate cuts and an improvement in the ratings of the 'quality growth' businesses in which our principal investment portfolios invest. The investment performance of our main strategies was positive, both on an absolute basis and relative to generic benchmarks.
"Net outflows for this quarter were 37% lower than the previous quarter, with a sharp drop in redemptions from the major intermediary clients representing European private wealth investors (including from our largest distribution partner BNP Paribas Asset Management) that have driven outflows over our financial year.
"This quarter's AUM update includes the assets that we have brought onboard following the completion of the acquisition of Absalon Capital Management in July, part of the significant expansion of our fixed income capabilities. Over the next few months, we also expect to close the purchase of the European assets of SKY Harbor Capital Management LLC, adding ca. £1.6 billion to our AUM at that time, subject to investment performance and client retention.
"We remain convinced that the outlook is positive for our investment approach of focusing on companies set to benefit from the transition to a more sustainable economy."
Figure 1: Movements in the Company's AUM for the quarter ended 30 September 2024.
| AUM movement 3 months to 30 September 2024 | Listed equities | Fixed income | Private markets | Total firm |
|---|---|---|---|---|
| £m | £m | £m | £m | |
| Total AUM at 30 June 2024 | 35,035 | 1,190 | 701 | 36,926 |
| Net flows Acquired assets (Absalon Capital Management) | (1,184) 0 | (14) 312 | 0 0 | (1,198) 312 |
| Performance, market movement, and FX | 1,169 | (10) | (12) | 1,147 |
| Total AUM at 30 September 2024 | 35,021 | 1,478 | 689 | 37,187 |
Figure 2: Movements in the Company's AUM for the full year ended 30 September 2024.
| AUM movement FY to 30 September 2024 | Listed equities | Fixed income | Private markets | Total firm |
|---|---|---|---|---|
| £m | £m | £m | £m | |
| Total AUM at 30 September 2023 | 35,552 | 1,283 | 564 | 37,399 |
| Net flows | (5,796) | (144) | 151 | (5,789) |
| Acquired assets (Absalon Capital Management) Performance, market movement, and FX | 0 5,264 | 312 27 | 0 (27) | 312 5,265 |
| Total AUM at 30 September 2024 | 35,021 | 1,478 | 689 | 37,187 |
1 Full-time equivalent
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