Impax Asset Management
Ticker: IPX Exchange: AIM www.impaxam.com

Impax is a market leading and multi award winning manager of both listed and private equity funds, which invest in ways that take advantage of more environmentally sustainable corporate and economic growth globally.

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.

 

 
Download as a PDF file
26810392321 - impax-asset-management
Return to Impax Asset Management

Register to be first

Get research on the companies that interest you straight to your inbox

Register For Updates