LONDON (dpa-AFX) - Impax Asset Management Group PLC (IPX.L), a London-based investor and asset managing company, Thursday reported an 8.3% decline in AUM 'Assets Under Management' for the first quarter, leading to a drop in its share price.
The company stated that total AUM fell to £34.12 billion as of December 31, down from £37.19 billion on September 30,
Among the total, £1.48 billion was in fixed income, which was slightly down from £1.49 billion the previous year. Private markets accounted for £689 million in the first quarter, up from £601 million year-on-year.
Following the announcement, Impax shares declined by 3.4%, reaching 234.33 pence each in London.
The company attributed the decline in AUM to 'relatively high outflows,' particularly the closure of a mandate with London-based financial advisor St James's Place PLC. Impax also noted industry consolidation in the Asia-Pacific region.
However, Impax stated that outflows from U.S. mutual funds and its largest European partner, BNP Paribas SA, are continuing to slow.
Wednesday, IPX.L closed at $224 or 7.63% lower on the London Stock Exchange.
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