LONDON (ShareCast) - (Sharecast News) - Specialist investor Impax reported a decrease in assets under management in an update on Thursday, as a result of market and foreign exchange movements.
The AIM-traded firm said as at 31 March, its assets under management totalled £38bn, representing a decrease of 8.1% for the quarter.

It said total net flows for the three months were a positive £468m, but that was more-than-offset by negative market, currency and performance movements of £3.81bn.

"Despite market headwinds, Impax has seen positive net flows over the recent financial quarter," said chief executive officer Ian Simm.

"Companies whose business plans are aligned with a more sustainable economy should continue to offer compelling opportunities for investors."

Simm said Russia's invasion of Ukraine, and the recent reports from the Intergovernmental Panel on Climate Change, had reinforced the drivers behind many of the markets in which Impax invests, particularly renewable power generation, zero-emissions transportation and resource efficiency.

"Our investment approach, with careful attention to risk and a focus on quality companies, is attractive to asset owners that are seeking to build robust portfolios in this area."

At 1146 BST, shares in Impax Asset Management were down 5.29% at 958.5p.

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