Impax Asset Management Group (IPX) AGM 2025 presentation summary

FY24 highlights and business performance

• Assets under management remained flat at £37.2bn despite significant outflows, with resilient financial and operational performance maintained.

• Fixed income capabilities expanded through two acquisitions and process development, while distribution saw further expansion and new product launches.

• Shareholder equity increased to £138.2m, with adjusted operating profit at £52.7m and revenues at £178.4m for FY24.

• Dividend per share held steady at 27.6p, and capital surplus was maintained with no debt.

• Net outflows were dominated by two large clients, but acquired assets and market movements partially offset these.

Market environment and investment performance

• Market leadership in 2024 was dominated by US mega-cap stocks, with a low percentage of global stocks outperforming the index.

• Major listed equity strategies underperformed generic indices over three years, but some fixed income and international strategies outperformed their benchmarks.

• Select strategies, such as Water and Specialists, delivered performance above peer medians over multiple timeframes.

• In early 2025, 69% of AUM outperformed generic benchmarks, with market leadership broadening and Europe/Asia outperforming the US YTD.

Strategic priorities and growth initiatives

• Focus on organic growth in listed equities, including strengthening team leadership, launching new products, and enhancing investment processes.

• Private equity growth driven by strong performance and successful fundraising, with Fund IV reaching €459m and plans for further capital raising.

• Acquisitions in fixed income, including Absalon and SKY Harbor, increased AUM and expanded investment strategies and geographic reach.