Aim Bulletin
Impax reports 8pc decline in assets under management
By Josh White
Date: Friday 10 Apr 2026
(Sharecast News) - Impax Asset Management reported an 8.0% decline in assets under management over the second quarter of its financial year on Friday, as continued net outflows outweighed modest positive market performance.
The AIM-traded sustainable investment specialist said total AuM stood at £22.3bn as at 31 March, down from £24.2bn at the end of December.
Net outflows of £2.0bn during the quarter were only partially offset by £83m of gains from performance, market movements and foreign exchange.
Outflows were driven primarily by listed equities, which saw £2.0bn of net redemptions, while fixed income recorded £53m of outflows.
Private markets remained broadly stable, with a small net inflow of £7m.
By asset class, listed equities AuM fell to £19.3bn, fixed income declined to £2.3bn, and private markets edged up to £641m.
Chief executive Ian Simm said performance had improved despite a challenging backdrop for thematic active managers.
"Since January, after a difficult three-year period for investment managers like Impax that focus on actively managed thematic strategies, markets have been considerably more favourable.
"During the second quarter, 63.4% of our AuM outperformed, notwithstanding the more recent market turbulence."
Simm said continued redemptions from a small number of institutional clients had driven overall net outflows, although trends in other channels were more encouraging.
"As many asset owners base their investment decisions on historical numbers over at least one year, we were not surprised to see a continuation in net outflows, driven principally by redemptions from a small number of institutional investors.
"By contrast, net outflows in our wholesale channel were lower and we continue to see an improving trend in flows via our largest distribution partner."
Looking ahead, the group warned that the planned exit tender at Impax Environmental Markets could result in a significant reduction in assets, although it aimed to retain some of these through fund switches.
"Looking ahead, in the near term we expect that the 'exit tender' process by Impax Environmental Markets will lead to the loss of most of the assets that we currently manage in this investment trust; however, we aim to retain a meaningful percentage of those assets by offering a switch to the equivalent Impax UCITS fund, managed by the same team."
Impax said it expected full-year revenue to come in at £109m to £113m and said it was taking further steps to improve operating efficiency in response to outflows and external risks.
Despite near-term pressures, Simm said the long-term outlook remained supportive.
"Longer term, the fundamentals that underpin our investment thesis continue to strengthen, particularly in the areas of renewable energy and energy efficiency, key components of energy security, which is already a priority globally in light of the currently elevated geopolitical tension."
At 0956 BST, shares in Impax Asset Management Group were down 23.32% at 96.31p.
Reporting by Josh White for Sharecast.com.
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