AUM fall as expected and profits seen holding up
Ahead of its AGM, Impax has confirmed AUM of £28.5bn on 28 Feb 25. This is close to our expectations as on 31 Dec 24 AUM stood at £34.1bn, and we already knew that the termination of a £5.1bn James’s Place mandate would impact the current quarter (Q2 of FY25). We expect AUM to jump again soon by c. £1.3bn once the Sky Harbor acquisition closes.At the same time Impax reported an acceleration of the efficiency programme. Over 30 roles have been cut since 1 Oct 24 (c. 10% of headcount). This reduces run-rate annual costs by more than £11m (c. 9-10% of cost base) ‘without materially reducing capabilities or growth prospects.’
The H2 outlook is encouraging due to its pipeline and recent account wins. Flows may receive a boost when investors see the improvement in Impax’s investment performance: strategies representing 69% of AUM have outperformed their benchmarks in 2025.
The acceleration of the efficiency programme offsets top-line reductions with our profit forecasts largely unchanged. Our fundamental valuation also remains at 600p per share, based on a DCF model assuming a FY26 return to net inflows.
Impax Asset Management Group is an investment firm, providing listed and private equity strategies primarily to institutional clients. As of Sep 30 2017, Co. has total assets under management and advice of £7.30 billion.
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