Impax AM buys SKY Harbor's European high yield funds to bolster fixed income unit

Outflows continue to bite

Impax Asset Management is expanding its fixed income business with the agreed acquisition of the European high yield assets of fixed income manager SKY Harbor, as outflows continue to bite.

The transaction, which is subject to terms and conditions, will see the firm acquire SKY Harbor's European-based funds and mandates targeting short-duration high yield and broad high yield strategies, which are distributed to non-US investors. Impax will become the manager of the separate mandates and the investment manager and distributor of the SKY Harbor UCITS fund and sub-funds, which hold about £1.6bn of assets under management and advice. Following the completion of the acquisition, eight SKY Harbor team members, including senior executives who have managed and supported SKY Har...