Impax Asset Management, a listed asset manager specialising in transition investing, is expecting its fixed income business to expand. The fund manager has published a quarterly update showing its fixed income AUM at $2.38bn at the end of 2025.
The company’s total AUM stood at 24.2bn, $21.2bn of which sits in listed equity strategies.
Ian Simm, the company’s chief executive says Impax is expecting demand for its investment philosophy to pick up, despite the headwinds.
“While conditions remain challenging, we continue to see investor appetite for our investment approach and, for example, expect to onboard a new client in the second quarter within our fixed income business”, he commented.
Although details of the new account were not disclosed, Simm views this as a significant development for Impax’s bid for diversification.
“This marks our first significant credit account win following the successful integration of the two teams that we have recently acquired as part of our aim to diversify our product range beyond our traditional strength in actively managed listed equities”, he said.
Simm says outflows in the past quarter were driven by “a small number of institutional clients” but these have stabilised over the year. “Overall, net outflows have stabilised in recent quarters following a more challenging period around 12 months ago”, he added.
A note, published by the company today, outlines a positive investment outlook for one segment of fixed income: high-yield debt. The outlook, co-authored by three Impax portfolio managers, cites high absolute yields, low default rates and overall improvements in credit quality among other contributing factors.
