Impax Asset Management Group PLC (LON:AUM) saw its shares rise on Monday after the firm reported a 15% increase in assets under management (AUM) in the first quarter of 2019.
AUM at the end of March stood at £13.3bn, up 6% since the start of the company's fiscal year, which was 1 October 2018.
"It has been a strong start to 2019 for Impax,” said Ian Simm, the chief executive officer of Impax AM.
“The transition to a more sustainable global economy is yielding a wide range of attractive investment opportunities, and our specialist expertise in this area continues to resonate with asset owners around the world. At a time when many investment managers are experiencing sustained outflows, Impax is attracting a high level of new subscriptions from multiple channels," he added.
In a note to clients, analysts at ‘house’ broker Peel Hunt commented: “Although current AuM is slightly ahead of what we expected, investor sentiment remains fragile and we, therefore, leave our forecasts unchanged for now.
“We are looking for PBT/EPS of £17.7m/10.0p (consensus is £18.5m/10.7p). The stock continues to trade at a premium to the sector (an EV/EBIT of 15.5x vs c.11x), but this remains justified by the medium-to-longer-term prospects.”
Peel Hunt reiterated a ‘buy’ recommendation and 250p target price on Impax AM shares, which in mid-morning trading were 2.6% higher at 241p.
-- Adds analyst comment, share price --