Impax Asset Management Group

Impax Asset Management Group plc
Company typePublic Company
LSE: IPX
IndustryInvestment Management
FoundedLondon, 1998
HeadquartersLondon, England, UK,
United Kingdom
Number of locations
London, New York, Portsmouth, Portland, Hong Kong
Key people
Chair - Sally Bridgeland
Chief Executive - Ian Simm CFO - Charlie Ridge
AUM£34.4 billion (as of 30 June 2021)[1]
Websitewww.impaxam.com

Impax Asset Management Group plc is a specialist asset manager based in London, England.

History

The business was founded in 1998 to invest in companies whose work might reduce resource scarcity, with support from the International Finance Corporation.[2] Various commentators have referred to the company's focus on environmental matters.[3][4][5][6]

On 18 September 2017, the group plc announced that it had entered into agreements to acquire 100% of Pax World Management LLC. The acquisition was completed on 18 January 2018.[7] In December 2018, the company announced that it would be opening an operation in Dublin to serve clients after Brexit (the withdrawal of the United Kingdom from the European Union).[8]

After 23.7% of shareholders voted against the re-appointment of EY as the company's auditor in May 2018,[9] the company was criticised by the Investment Association, over an apparent lack of independence of EY as its auditor, in December 2018.[10]

Investments

The company manages environmentally focused equity investments such as renewable energy, water and waste management[11] through various funds including Impax Environmental Markets, which is focused on environmental companies in North America, Europe and Asia was launched in 2002.[12] Impax New Energy Investors is a €125 million fund which closed in August 2006[13] and Impax New Energy Investors II is a €330 million fund which closed in August 2011.[14] It also manages listed equity funds on behalf of third parties including BNP Paribas.[15]

The company had assets under management of £20.2 billion at 30 September 2020.[16] However, it remains exposed to the risks that have adversely affected developers in the solar and wind industries.[17] According to the New York Times research by Impax Asset Management Group has found that only one third of investors are sufficiently concerned about climate change to invest in clean energy implying that those investors are clearly failing to realise the risks of not doing so.[18] The company has therefore been lobbying the U.S. Securities and Exchange Commission to force companies to disclose the location of their assets so their exposure to environmental risks can be properly evaluated.[19]

The company has made some unusual investments:[20] businesses supported by the company have included Royal DSM, a Dutch chemical company which had invented a food additive which reduces the methane released by cows burping.[21]

Significant shareholders

One of the largest institutional shareholders in the company, BNP Paribas, who had held a 28% stake in the business,[22] sold more than 40% of its shareholding in November 2020.[23]

References

  1. ^ "The news service of the London Stock Exchange". London Stock Exchange. London Stock Exchange. Retrieved 7 July 2021.
  2. ^ "Impax Environmental Markets: A sustainable way to make money". The Times. 19 November 2019. Retrieved 26 November 2020.
  3. ^ "Impax's unprecedented tailwind". Investors Chronicle. 4 December 2019. Retrieved 23 December 2020.
  4. ^ Ross, Alice (2020). Investing To Save The Planet: How Your Money Can Make a Difference. Penguin. ISBN 978-0241457238.
  5. ^ "Impax finance chief sells as group shows little sign of virus ill-effects". Financial Times. 17 July 2020. Retrieved 27 November 2020.
  6. ^ "Industry Leader of the Year: Male – Ian Simm, Impax Asset Management". Financial News. 4 November 2020. Retrieved 26 November 2020.
  7. ^ "Pax World Management Agrees to be Acquired by IMPAX Asset Management Group PLC". Green Money. Retrieved 6 March 2020.
  8. ^ "Asset management roundup: Impax joins the move to Dublin". IPE. 6 December 2018. Retrieved 26 November 2020.
  9. ^ "Impax Environmental Markets to look for a new auditor". Proactive Investors. 30 January 2019. Retrieved 26 November 2020.
  10. ^ "UK fund manager body warns corporate governance 'repeat offenders'". IPE. 5 December 2018. Retrieved 26 November 2020.
  11. ^ Stankovska, Simona (2011-09-26). "Investment Adviser: Company profile: Impax Asset Management". Investment Adviser. Financial Times. Archived from the original on 2020-12-14. Retrieved 2020-12-14.
  12. ^ "Impax Environmental Markets". Investors Chronicle. Retrieved 26 November 2020.
  13. ^ 23 August 2006 (2006-08-23). "Impax reaches €125m goal | People & Markets". PFIe. Retrieved 2017-07-06.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ "Impax targets wind with $450 million renewables, fund chief says". Bloomberg News. Archived from the original on 2014-09-15. Retrieved 2017-03-07.
  15. ^ "Best performing funds of 2015: BNP Paribas Aqua Fund". Environmental Finance. Retrieved 6 July 2017.
  16. ^ "Impax AUM jumps to record £20.2bn on 'high levels of net inflows'". Investment Week. 7 October 2020. Retrieved 26 November 2020.
  17. ^ "Scientist drinks the Kool-Aid before launching green fund house". Financial Times. 8 March 2018. Retrieved 3 December 2020.
  18. ^ "Climate Change and Choosing Where to Invest". New York Times. 4 December 2015. Retrieved 3 December 2020.
  19. ^ "Climate Change Poses 'Systemic Threat' to the Economy, Big Investors Warn". New York Times. 21 July 2020. Retrieved 3 December 2020.
  20. ^ "Green 50: Top business moves that helped the planet". Corporate Knights. 20 April 2020. Retrieved 23 December 2020. Pioneered investing in environmental solutions and helped bring the idea to scale
  21. ^ "Agriculture Funds Aim to Harvest Profit, Along With Corn and Wheat". New York Times. 11 October 2019. Retrieved 3 December 2020.
  22. ^ Rice, Nick (2010-04-19). "Investment Adviser: In the spotlight: Impax Asset Management". Investment Adviser. Financial Times. Archived from the original on 2020-12-14. Retrieved 2020-12-14.
  23. ^ "Impax tumbles 10% as biggest backer sells major stake". City Wire South. 11 November 2020. Retrieved 23 December 2020.

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