AUM down in Q3, another fixed income acquisition
AUM declined over Q3 of FY24 (year-end 30 Sep 24) from £39.6bn on 31 Mar 24 to £36.9bn on 30 Jun 24, a fall of 6.8%. That offsets a 5.9% increase over H1, resulting in AUM being down 1.3% over the first 9 months of FY24. Net flows and market movements/investment performance were negative in the quarter, -£1.89bn and -£0.81bn respectively.
Impax (IPX ) noted that outflows were dominated by its wholesale channel, with some clients continuing to
rotate out of equities, although outflows eased in key parts of its European operations. It noted the
direct sales team enjoyed a busy period and that its new business pipeline is healthy. This outlook
is supported by data points showing an increased interest in equities in some markets.