Impressive AUM inflows despite market rout
Clients of Impax continued to show their confidence in the face of a collapse in equity markets, with £1.1bn of net inflows during the recent quarter and, impressively, £6m during March. This bodes well strategically.AUM unsurprisingly took a hit in March, dropping £1.9bn (11.7%) from £16.3bn to £14.4bn. In fact, March accounted for nearly all of the £1.7bn (10.6%) AUM drop over Q2, with the stock market crash chiefly responsible.
A key attraction will be the downturn-resilience provided by Impax’s cash-flush balance sheet. On 30 Sep 2019, cash reserves stood at £26.2m, with no debt. Our estimates show Impax has remained comfortably cash-flow positive during H1, and over the FY to Sep 2020 will actually increase its cash position by over £9m.
The trend of capital moving into the sustainable investing space is now well established and is unlikely to merely be a short-term phenomenon. Indeed, we think investors are intensifying their hunt for ‘post-corona portfolios’ and more are turning to Impax. Consequently, the 11% decline in its shares this year seems strange.
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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