Impax continues to scale at a pace unmatched by any UK-listed asset manager. 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 the structural shift towards sustainable investing continuing unabated (in Europe, sustainable funds attracted 47% of all fund inflows in H1 21, according to Morningstar), and Impax growing even faster than the overall sustainable fund market (refer our Sep 21 note for details), we remain optimistic on Impax’s future growth prospects.
Couple that with the closing FY21 AUM level of £37.2bn being some distance above our previous forecast of £34.5bn, and our fair value increases from 1,205p per share to 1,300p - still roughly 25% above the current share price.
Listen to summary of note here:
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