Just last month Impax Asset Management (IPX) announced its transformative acquisition of US fund manager Pax World Management. However, its latest trading update shows it doesn’t need to rely on buying in growth. Year-on-year assets under management grew 61 per cent organically during the 12 months to the end of September 2017.
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Assets under management stood at £7.2bn at the year-end, after achieving £2.1bn in net inflows and £0.66bn in market and currency gains over the year. Most this growth was via its listed equity funds. During the fourth quarter alone it grew assets under management by 9 per cent. Analysts at Peel Hunt upgraded their adjusted pre-tax profit forecast for 2017 by 6 per cent to £8.4m.
