AUM growth ahead of forecasts and segment
On 31 August 2021, two months into financial Q4 and 11 months into FY21, AUM reached £38.0bn, substantially above our forecast year-end (30 Sep 21) estimate of £34.5bn. AUM jumped £3.6bn in the first two months of Q4, and is now 88% above the closing level of FY20 (£20.2bn).Impax is obviously benefitting from the structural shift towards sustainable investing, but it is important to highlight that it is flying faster than these market tailwinds. Globally, over the first six months of (calendar-year) 2021 the total assets managed by sustainable funds grew by 32% from US$1.7trn to US$2.2trn. Impax’s AUM grew by 37% from £25.2bn to £34.4bn over the same period.
This sets Impax up to almost certainly exceed our existing year-end forecasts of revenue (£134m), adjusted operating profit (£45m), and net cash (£54m) by some margin.
Impax has previously provided in early October a more detailed breakdown of its AUM position for the full financial year: such time would be appropriate for us to update our forecasts and valuation.
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.
Polar Capital Holdings is an investment management company providing professional and institutional investors a range of geographical and sector funds. Co. manages 25 funds and four managed accounts across a range of long only and alternative products. Co. has one class of business, being the provision of investment management and advisory services. As of Mar 31 2017, Co. had total assets under management of £9.27 billion.
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