Deals



Impax Asset Management Group plc to acquire Pax World Management LLC


Posted: 18th September 2017 08:47

Impax Asset Management Group plc, the AIM quoted investment management group, today announces that it has entered into agreements to acquire 100% of Pax World Management LLC, subject to certain closing conditions.

Strategic rationale for the acquisition


Pro forma assets under management ("AUM") of the combined Group would be £10.3 billion (US$13.4 billion).[1]

-  Impax, which is headquartered in London, with offices in the New York metropolitan region, Portland (OR) and Hong Kong, has assets under management of £7.245 billion (US$9.367 billion), and focuses on actively managed global public equity and private equity strategies;

- Pax, which is headquartered in Portsmouth (NH), USA, has AUM of £3.477 billion (US$4.496 billion), offers actively and passively managed equity and fixed income strategies.

- Impax and Pax have collaborated since 2007 in the design and management of the Pax Global Environmental Markets Fund, which as of 31 August 2017 had net assets of US$511 million.

Financial terms

Integration plan

 Keith Falconer, Chairman of Impax stated:

"At a time when many asset owners are seeking increased exposure to investment opportunities arising from the transition to a more sustainable global economy, Impax's acquisition of Pax represents a compelling opportunity for all stakeholders."

Ian Simm, Founder and Chief Executive of Impax commented:

"I am delighted that, after a decade of working with Joe and his team to design, launch and manage the Pax Global Environmental Markets Fund, the Impax and Pax teams will be joining forces."

"Like Impax, Pax has a long track record as a pioneer in sustainable investing and a strong team of highly experienced investment management and support staff.  The combined group will start with a closely aligned business culture and be well placed to offer a broader service and more diversified range of products to existing and future clients."

Joe Keefe, President and Chief Executive Officer of Pax added:

"This is an exciting new chapter in our decade long partnership with Impax.  Combining our two firms will create a leading sustainable investment manager with business on both sides of the Atlantic. Pax World Funds' shareholders stand to benefit in significant ways from our increased scale, research and investment capabilities as we seek to deliver a more robust investment and client service platform for the global market."

There will be a conference call for analysts at 11am today. Please contact the Company for details (a.gilding@impaxam.com).

 


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