Impax Shares Drop Following Decline In Assets Under Management

(RTTNews) - Impax Asset Management Group PLC (IPX.L), a London-based investor and asset managing company, Thursday reported an 8.3% decline in AUM "Assets Under Management" for the first quarter, leading to a drop in its share price.

The company stated that total AUM fell to £34.12 billion as of December 31, down from £37.19 billion on September 30,

Among the total, £1.48 billion was in fixed income, which was slightly down from £1.49 billion the previous year. Private markets accounted for £689 million in the first quarter, up from £601 million year-on-year.

Following the announcement, Impax shares declined by 3.4%, reaching 234.33 pence each in London.

The company attributed the decline in AUM to "relatively high outflows," particularly the closure of a mandate with London-based financial advisor St James's Place PLC. Impax also noted industry consolidation in the Asia-Pacific region.

However, Impax stated that outflows from U.S. mutual funds and its largest European partner, BNP Paribas SA, are continuing to slow.

Wednesday, IPX.L closed at $224 or 7.63% lower on the London Stock Exchange.