Impax AM's pre-tax profits more than double despite fossil fuel outperformance

Inflows of £2.5bn

Impax Asset Management’s pre-tax profit over six months to the end of March soared from £14.4m to £32.7m compared to the same time period last year, while its adjusted operating profit increased by 64% to £34m.

The firm, which described its financial and business activity during the first half of the financial year as "solid", benefited from net inflows from investors of £2.5bn over six months, following the launch of new products, as well as increased investor demand across most of its existing range. However, these inflows were offset by a £1.7bn fall in assets caused by investment performance, market movements and the impact of foreign exchange. While eight out of ten of the firm's largest mandates beat their respective benchmarks over three years to the end of March, its Environmental Ma...