reports
- Paul Bryant
Investment performance drives 6% H1 AUM growth
AUM was up by £2.2bn or 6% over H1-24, reaching £39.6bn on 31 Mar 24 (30 Sep 23: £37.4bn). This is slightly above the trajectory required to meet our FY24 AUM forecast of £41.1bn (+10% annual growth), but taking a cautious approach our FY24 forecasts remain unchanged. A very strong investment performance was the growth driver in H1, contributing +£4.9bn (+13%) while net outflows were £2.7bn. We maintain our strong conviction that medium-to-long term structural factors favour Impax, but also fla...
Impax Asset Management Group: 1 director
A director at Impax Asset Management Group bought 5,500 shares at 434p and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Paul Bryant
AUM up 4.6% in Q1 and fixed income acquisition
Impax recorded a solid Q1 of FY24, with AUM growing by £1.7bn (+4.6%) to £39.1bn on 31 Dec 23 (30 Sep 23: £37.4bn). This is above the trajectory required to meet our FY24 AUM forecast of £41.1bn (+10% annual AUM growth), but as it is very early in the financial year and markets remain volatile, we have taken a conservative approach and not yet adjusted our forecasts. It has also announced an acquisition in the fixed income segment. While not huge in the context of the group (£351m or just under...
- Paul Bryant
A tough year, but clear fundamental value
AUM closed FY23 (30 Sep 23) on £37.4bn, 5% up y-o-y. Net flows were slightly negative (-£92m or -0.3% of opening AUM), with investment performance adding £1.8bn. It’s been a tough year for asset managers, but in a London-listed peer group, Impax recorded the second-strongest net flow rate (median -7%, see note). Some experienced heavy (double-digit) net outflows. A profit fall was due to adjusted operating costs increasing faster than revenue, by 11% from £108.0m to £120.3m. Part of this increas...
- Paul Bryant
Sector-leading growth, but 3rd quartile valuation
AUM closed FY23 (30 Sep 23) on £37.4bn, 5% up y-o-y. Net flows were slightly negative at -£92m, while investment performance added £1.8bn. Q4 however saw £893m of net outflows as retail investors in particular withdrew capital from markets. Impax has stressed that institutional client flows are more stable with these clients tending to delay investments, as opposed to withdraw funds. Q4 investment performance also pegged back AUM by £1.4bn (-3.6% compared to the FTSE Environmental Opportunities ...
- Paul Bryant
Slow Q3, dividend yield now over 5%
On 30 Jun 23 (end-Q3 FY23), AUM totalled £39.7bn, 1% (£0.4bn) down over the quarter (31 Mar 23: £40.1bn) but 11% up over the first 9 months of FY23 (30 Sep 22: £35.7bn). Encouragingly, AUM increased 2.2% over the last month of the quarter (31 May 23: £38.9bn). Net flows dipped into negative territory at -£315m. However, this is only the second net quarterly outflow since 2015. The other (small) outflow was in the calender-Q2-22 quarter, a period of sharp market falls and extreme investor uncert...
- Paul Bryant
Poised to thrive in ‘sustainable investing 2.0’
Impax’s recent AUM progress during another period of market turmoil looks more impressive than we previously thought. Over H1-23 (Oct 22 – Mar 23), 12% AUM growth (+£4.4bn to £40.1bn) was the highest among a London-listed peer group. £1.1bn of net inflows translated to a 6-month inflow rate of +3.1% which was also the highest by some distance (peer group median: -2.3%). Investment performance contributed £3.3bn to AUM, one of the highest returns among peers. H1-23 revenue of £88.0m was up 1.4%...
- Paul Bryant
Positive net flows continue, AUM +12% over H1’23
Ongoing net inflows Impax maintained its impressive record of attracting and retaining client assets, with net flows in Q2-FY23 (to 31 Mar 23) of +£326m, achieved in a quarter characterised by further market turmoil and, no doubt, investor nerves. A strong investment performance of +£1.9bn was recorded. AUM reached £40.1bn, up 6% over Q2 and 12% over H1 (AUM end-FY22: £35.7bn). In the context of the wider sustainable investing market, we highlight that flows into sustainable funds were indeed f...
- Jason Streets
Hardman & Co Insight - Asset managers had a poor 2022
Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m...
SDR SCHRODERS PLC
CLIG CITY OF LONDON INVESTMENT GROUP
RAT RATHBONE BROTHERS PLC
IPX IMPAX ASSET MANAGEMENT GROUP PLC
LIO LIONTRUST ASSET MANAGEMENT PLC
FEN FRENKEL TOPPING GROUP PLC
MTW MATTIOLI WOODS
HL. HARGREAVES LANSDOWN PLC
A2PG8B MAN GROUP PLC
PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
BRK BROOKS MACDONALD GROUP PLC
ASHM ASHMORE GROUP PLC
TAM TATTON ASSET MANAGEMENT
IHP INTEGRAFIN HOLDINGS
AJB AJ BELL
MNG M&G PLC
HL HARGREAVES LANSDOWN
- Paul Bryant
AUM up 6% in Q1 of FY23, in line with forecasts
Impax has recorded a strong Q1 of FY23, with AUM growing by £2.3bn (+6.4%), from £35.7bn on 30 Sep 22 to £37.9bn on 31 Dec 22. Market movements, FX and investment performance was responsible for £1.5bn of the increase, while the group continued its impressive record of attracting and retaining client assets, recording £797m of net inflows, up from £606m in the prior quarter. While market conditions remain uncertain, Impax’s recent net inflow trend does look like an encouraging shift back to a ...
- Paul Bryant
Revenue, profit, cash & dividends up materially
Given the sharp pullback in financial markets, which saw growth stocks and ‘sustainable’ stocks in particular suffer heavy falls, and also given widespread fund outflows, Impax’s financial FY results are highly impressive. While end-of-FY22 AUM (£35.7bn) closed 4.1% down y-o-y (30 Sep 21: £37.2bn), average AUM, the primary driver of revenue, increased around 28% from £29.6bn to £37.9bn. In turn, revenue increased 23% from £143m to £175m, adjusted operating profit* 20% (£56m to £67m), and cash r...
- Paul Bryant
Positive net inflows despite market declines
AUM closed FY22 (30 Sep) on £35.7bn, 3.3% up over Q4 (30 Jun 22: £34.5bn) and 4.1% down y-o-y (30 Sep 21: £37.2bn). The sharp market falls over 2022, particularly in growth-oriented sustainability stocks, will understandably dominate any review of the year. Indeed, the FTSE Environmental Opportunities All-Share Index fell 28.1% over Jan-Sep 22, which contributed to a -£4.4bn AUM impact from market movements and investment performance over FY22. At a company-fundamental level, what characterises...
- Paul Bryant
Hugely impressive H1 despite market fall in Q2
H1-22 results highlight just how impressive Impax’s progress over the last year has been, given that sharp equity market falls resulted in an 8.1% drop in AUM over Q2 alone. AUM was up 27% year-on-year (31 Mar 21: £30.0bn), revenue 46% (£88.6m v £60.6m in H1-21), adjusted operating profit 64% (£34.0m v £20.7m), and net cash 88% (£72.0m v £38.3m). Impax maintained positive net inflows of +£2.5bn over the half-year (and importantly, +£0.5bn during the turbulent Q2), sourced from a diverse range o...
- Paul Bryant
Q1 AUM ahead of forecast
AUM grew by £4.1bn over Q1 of FY22 (1 Oct 21 – 30 Sep 22), reaching £41.4bn on 31 Dec 21, 11% up over the quarter and 64% up y-o-y (AUM on 31 Dec 20 £25.2bn). Particularly pleasing is the continuation of strong net AUM inflows, which totalled £2.0bn for the quarter. Growth from market movements and investment performance was also very strong, totalling £2.1bn. Impax’s quarterly growth is ahead of our forecasted trajectory for FY22 (average quarterly AUM growth of just under £2bn, with AUM reac...
POLR POLAR CAPITAL HOLDINGS
BRK BROOKS MACDONALD GROUP PLC
TAM TATTON ASSET MANAGEMENT
RIV.L RIVER AND MERCANTILE GROUP PLC
LIO.L LIONTRUST ASSET MANAGEMENT PLC
RAT.L RATHBONES GROUP PLC
STJ.L ST. JAMES'S PLACE PLC
HL..L HARGREAVES LANSDOWN PLC
JUP.L JUPITER FUND MANAGEMENT PLC
ASHM.L ASHMORE GROUP PLC
BRW.L BREWIN DOLPHIN HOLDINGS PLC
QLT.L QUILTER PLC
- Paul Bryant
Another leap in scale and outlook still strong
FY21 (to 30 Sept) saw Impax continuing to scale at a pace unmatched by any UK-listed asset manager, and the broader sustainable investing market. AUM reached £37.2bn, 84% up from 30 Sep 20 (£20.2bn). By 31 Oct 21 AUM grew another 4.6% to £38.9bn Financial results for FY21 were hugely impressive with revenue up 64% to £143.1m (higher than our previous forecast of £139.4m) and adjusted operating profit* up 140% to £55.8m (again higher than our previous forecast of £49.7m, and providing evidence ...
- Paul Bryant
Inflows main contributor to 84% AUM growth in FY21
Impax continues to scale at a pace unmatched by UK-listed asset managers. AUM grew to £37.2bn on 30 Sep (end of FY21), 84% up on the FY20 close of £20.2bn. Net inflows accounted for £10.7bn (63%) of the increase, with market movements accounting for £6.4bn (37%). Q4 inflows of £1.5bn show continuing impressive momentum in winning new business. Over FY21, average quarterly inflows were £2.6bn, 204% up on the £865m average of FY20, which was in turn 251% up on the FY19 average of £345m. With t...
- Paul Bryant
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 (calenda...
- Paul Bryant
Surging AUM boosts revenue, profit & dividend
AUM reached £30.0bn on 31 Mar 21, up 49% over H1 (£20.2bn on 30 Sep 2020). Net inflows were particularly impressive at £6.8bn (full-year FY20 inflows: £3.5bn). Compared to a 15-strong UK-listed peer group, this was by far the highest net inflow rate (as a % of opening AUM) : 34% for Impax, next highest 9%, peer group median 2%. On top of this, Impax achieved strong investment returns of £3.0bn in H1 (12% of average AUM: 2nd highest in peer group, median return 9%). Post-results, AUM continued to...
- Paul Bryant
Another surge in AUM, outlook remains positive
AUM reached £30.0bn for the first time on 31 Mar 21 (six months into FY21), up 49% in H1 and 19% in Q2. Net inflows were particularly impressive for the quarter at £4.0bn (average quarterly inflows in FY20 were £0.9bn). This was on top of a solid market movement contribution to AUM (£0.8bn or 3.4% of opening AUM). We see no let up in capital flows towards sustainable investing and maintain a positive outlook for Impax. Moreover, we think the trend can get even stronger, particularly as COP26 app...
- Paul Bryant
Leader in Sustainable Investment moves into overdrive
AUM on 31 Jan (four months into FY21) reached £26.8bn, already 33% up on FY20 closing AUM of £20.2bn. Q1 21 inflows totalled £2.8bn, compared to average quarterly inflows of £0.87bn in FY20 and £0.35bn in FY19. This step-change makes our previous inflow estimates of around £3bn per year look overly conservative. In addition, it is also almost certain to ratchet up profit margins as operational leverage kicks in. Both London-managed listed equities and Impax North America are performing well. Lon...
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