Q4 AUM update
AUM fell to £20.0bn at 30 September 2026 from £23.3bn at 30 June 2026 due to net outflows and market movements.
- Total AUM at 30 September 2026 £20.0 billion (prior £23.3 billion at 30 June 2026)
- Net outflows Q4 £2,393 million
- Performance, market movement & FX Q4 £(850) million
- Net outflows full year £7,781 million
- Listed equities AUM £17,366 million
- Fixed income AUM £2,087 million
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Impax, the AIM-listed specialist investor, today provides an update on the development of its assets under discretionary and advisory management ("AUM") for the fourth quarter of its financial year.
On 30 September 2026, the Company's AUM totalled £20.0 billion.
Ian Simm, Chief Executive, said:
"The net outflows for the quarter were concentrated in actively managed listed equities (~75% of AUM) and principally reflect the 'lag effect' of clients responding to the previous weaker investment performance of some strategies.
"Between 2023 and 2025 these strategies were challenged by an equities market dominated by a narrow part of the technology sector and our thematic strategies' investment opportunities were out of favour.
"However, since the start of 2026 there has been a significant change in equities markets, with environmental themes in particular performing more strongly, as investors reconsider areas such as energy security, resource efficiency and electrification, particularly in the context of the build out of AI.
"Since January many of our strategies in this area are performing positively compared to broad benchmarks and particularly so compared to peers. This demonstrates how the investment process enhancements and the refreshed portfolio management teams that we have introduced in the last two years are making a real impact.
"Meanwhile, we are encouraged by the notable improvement in flows in the 'sustainability' sector over the last year.[1] As our performance track record strengthens, we expect to see our own flows improve.
"As we focus on marketing our more diversified product range, it is notable that our fixed income and systematic equities strategies continue to build their strong performance track records. In private markets, the team is seeking additional capital as it identifies investment opportunities across Europe."
Management expectations for this financial year remain unchanged.
Movements in the Company's AUM for the quarter ended 30 September 2026
| Listed equities | Fixed income | Private markets | Total Firm | |
|---|---|---|---|---|
| £m | £m | £m | £m | |
| Total AUM at 30 June 2026 | 20,317 | 2,341 | 632 | 23,291 |
| Net flows | (2,173) | (188) | (32) | (2,393) |
| Performance, market movement & FX | (779) | (66) | (5) | (850) |
| Total AUM at 30 September 2026 | 17,366 | 2,087 | 595 | 20,048 |
Movements in the Company's AUM for the year ended 30 September 2026
| Listed equities | Fixed income | Private markets | Total Firm | |
|---|---|---|---|---|
| £m | £m | £m | £m | |
| Total AUM at 30 September 2025 | 22,993 | 2,429 | 634 | 26,055 |
| Net flows | (7,447) | (308) | (26) | (7,781) |
| Performance, market movement & FX | 1,820 | (33) | (13) | 1,774 |
| Total AUM at 30 September 2026 | 17,366 | 2,087 | 595 | 20,048 |
[1] Morningstar Global Sustainable Fund Flows, Q2 in Review, August 2026.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.