Strong Q2 AUM update underpins FY 19e
Excellent AUM growth for the three months to end March 2019 comprised net inflows of £0.5bn into its funds plus £1.2bn of market performance gains.For now, at least, we have held our forecasts. A slightly cautious approach reflecting recent volatile global equity markets: the latter make us reluctant to read too much into one, albeit very encouraging, quarter. Q1 was relatively weak and total AUM growth for the first six months was 6%. The US operation reported a small £15m net inflow in Q2 19 vs a £227m outflow in Q1. We shall revisit projections on the back of AUM updates over the next few months.
Nonetheless, the sheer scale of a 14.7% increase in Q2 AUM was impressive. We anticipate further inflows into equity funds in the second half, which supports our £14.4bn September 2019 AUM forecast i.e. assumes c 9% net AUM growth in H2 2019.
That provides considerable underpinning for our current year forecast and reinforces the longer-term attractions of both the sustainable segment that Impax leads, and of value in its own shares.
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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