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Impax bounces back from Asian trust closure
by David Campbell on Oct 08, 2013 at 07:58
Renewable energy manager Impax Asset Management has bounced back for the closure of its Asian strategy to report a 20% increase in assets under influence at £2.19 billion.
The company lost £190 million after arbitrageurs forced the company to negotiate the return of assets by Impax Asian with little more than £20 million rolling over into an Oeic version of the fund.
But strong market gains and a 122% increase in US assets to £73 million helped lift the company, which in a market update for the 12 months to 30 September said that full-year results were likely to be in-line with expectations.
The board added that it was likely to recommend an increased divided for the period. Excluding the closure of the Asian fund, net inflows over the 12 months stood at £178 million.
Chief executive Ian Simm said: ‘Investor interest in the resource efficiency sectors continues to build.
‘Our investment performance remains strong relative to global markets, sector benchmarks and the peer group, and the Company is well positioned for further expansion.’
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