ESG & Investing
Impax CEO Says Sudden Loss of $6 Billion Mandate Is ‘a Blow’
- St. James’s Place pulled its funds from Impax in December
- Impax has struggled to post gains from its low-carbon strategy
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The chief executive officer of Impax Asset Management Group Plc says the sudden exit of one of its biggest clients represents a setback, as the firm embarks on a number of strategy adjustments to reverse a losing streak.
Impax is still recovering from a decision by St. James’s Place Plc to pull a £5.2 billion ($6.3 billion) mandate, which the wealth manager said was needed to “improve diversification.” The loss of the portfolio, which St. James’s awarded to Schroders Plc, has resulted in an 8% drop in Impax’s total assets under management, bringing them to around $40 billion.