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Investing.com -- Shares of Impax Asset Management Group Plc (LON:IPX) fell more than 16% on Tuesday after the firm issued a profit warning and reported a steep decline in assets under management for the first quarter of its financial year.
As of 31 March 2025, Impax’s AUM stood at £25.3 billion (£25,332 million), down 25.7% from £34.1 billion at the end of December 2024.
The decline was driven by net outflows of £7.8 billion and negative market movements and foreign exchange effects totalling £990 million.
The listed equities segment bore the brunt, with AUM falling from £32.0 billion to £23.3 billion, largely due to the termination of the £5.1 billion St. James’s Place Sustainable & Responsible Equity Fund mandate and several institutional account closures.
Fixed income declined modestly from £1.49 billion to £1.42 billion, while private markets remained stable at around £609 million.
Chief executive Ian Simm said the quarter was challenging, despite a broader shift in global equity performance away from US mega-cap stocks.
“Market conditions in the second half of FY25 remain highly uncertain,” he said in the company’s statement. “Given the fall in our AUM and the impact on global markets of an escalating trade war, we anticipate that full-year profits will be below market expectations,” Simm added.
Impax also noted the recent closing of its acquisition of the European assets of SKY Harbor Capital Management, which adds £1.1 billion in AUM and expands the firm’s fixed income capabilities.