Impax Asset Management (AIM:IPX, FRA:LW4) shares dropped in Friday morning's deals, losing 21% to 98.68p, as the firm reported assets under management fell 8% over its fiscal second quarter to £22.3 billion, as continued client redemptions prompted the AIM-listed specialist investor to guide for lower full-year revenue.
Net outflows totalled £2.01 billion in the three months to 31 March 2026, driven principally by listed equities, while performance, market movements and foreign exchange added just £83 million. Listed equities AUM fell to £19.34 billion from £21.22 billion at the end of December, while fixed income slipped to £2.33 billion from £2.39 billion.
Chief executive Ian Simm said the group had seen more favourable markets since January and that 63.4% of AUM outperformed in the quarter, but added that net outflows were not a surprise as many asset owners make allocation decisions based on at least a year of historical returns.