Impax boosts AUM to £10bn with US boutique acquisition

Decade-long relationship with firm

Impax Asset Management Group has entered into agreement to acquire American asset manager Pax World Management, creating a group with combined AUM of £10.3bn.

US-based Pax was founded in 1971 and has £3.4bn in assets under management. It offers investors a range of active and passive equity and fixed income products.  Impax said the investment capabilities of the two firms were "highly complementary" and has already got a ten year relationship with the firm with its Pax Global Environmental Markets fund, which is $511m and launched in 2007.     Under the terms of the deal, Impax will acquire 100% of Pax at an initial valuation of $52.5m, then make additional contingent payments of up to $37.5m in 2021, subject to Pax's performance. Impax...