London-based green investment firm Impax Asset Management was hit by net outflows of £2.7bn in the six months to the end of March.
The figure was revealed in the AIM-listed firm’s interim results which also showed it had enjoyed AuM growth of 5.9% to £36.9 billion – driven by strong investment performance, according to a statement.
Chief executive Ian Simm said the outflows were due to “asset allocation decisions by clients primarily within our wholesale channel in Europe, who rotated to a more ‘risk-off’ stance amid a higher interest rate environment.
“Following nearly two years of relative headwinds, asset owner sentiment around the transition to a more sustainable economy and associated areas of Impax expertise has improved in recent months.
“We believe that companies providing innovative solutions that address environmental and social challenges remain compelling.
“Over the long run, we believe these companies can benefit from rising demand for their products and services and deliver strong earnings growth.”
