AUM closed FY24 (1 Oct 23 - 30 Sep 24) on £37.2bn, 0.6% down y-o-y. Net outflows over FY24 totalled £5.8bn, largely offset by a positive investment performance of +£5.3bn and a contribution of +£0.3bn from the acquisition of Absalon Capital Management in Q4.
As flagged, outflows were heavily impacted during the year by Impax’s largest distribution partner, BNP Paribas, and some other clients in European private wealth, reducing their clients’ weighting to equities in favour of money market funds, to take advantage of higher interest rates.