TIDMIPX
Impax Asset Management Group plc
09 January 2024
Impax Asset Management Group plc
("Impax" or the "Company")
Impax to acquire fixed income assets and expand portfolio
management team in agreement with Copenhagen-based Formuepleje
London, 9 January 2024 - Impax Asset Management Group plc,
("Impax"), the specialist asset manager investing in the transition
to a more sustainable economy, announced today that its wholly
owned subsidiary Impax Asset Management Ireland Limited ("Impax
Ireland") has entered into an agreement to acquire the assets of
Absalon Corporate Credit ("Absalon"), a fixed income manager, the
completion of which is subject to certain closing conditions.
Absalon, which is part of the Formuepleje Group, based in
Copenhagen, Denmark, serves European institutional investors and
Danish high net worth individuals. As of 31 December 2023, Absalon
had approximately GBP351 million (EUR405 million) of assets under
management.
The Absalon team manages two fixed income strategies in Global
High Yield (launched in 2006) and Emerging Market Corporate Debt
(launched in 2010), which are available as Luxembourg-based SICAV
funds ("SICAV Funds") and as Danish-based funds ("Danish Funds").
The team was established by Klaus Blaabjerg, who, along with three
portfolio management colleagues, is joining Impax as part of the
acquisition. Each member of the team has more than 15 years of
experience and the team has worked together for more than 10
years.
Impax Ireland has entered into an asset purchase agreement with
the Formuepleje Group, an existing client and distribution partner
of Impax, with respect to the acquisition. The consideration is not
disclosed.
Following completion of the acquisition, the Absalon portfolio
managers will become part of Impax's growing fixed income team,
reporting to Ross Pamphilon, who in October 2023 was appointed as
Impax's Head of Fixed Income. The existing Impax fixed income team,
which is based in the United States, currently runs US Investment
Grade and US High Yield fixed income funds that are distributed to
investors in North America. Post the acquisition, the combined
global team will have pro forma fixed income assets under
management and advice of approximately GBP1.6 billion (EUR1.8
billion) as of 31 December 2023.
Upon completion of the acquisition, it is planned that Impax
Ireland, acting through a newly established Danish branch, will
become the management company, investment manager and distributor
of the former Absalon SICAV Funds, which are intended to become
part of Impax's Ireland-based UCITS range. This is subject to SICAV
Funds Board, shareholder and regulatory approval. Upon completion
of the acquisition, and subject to fund shareholder and regulatory
approval, it is also planned that Impax Ireland, acting through a
newly established Danish branch, will become the sub-investment
manager of the Danish Funds, for which Formuepleje will continue to
act as the management company and distributor.
Ian Simm, Founder and Chief Executive, Impax, said: "This is an
important step in the continued enhancement of our fixed income
offering, which we have identified as a strategic priority as we
aim to provide a wider range of solutions to our clients who are
seeking to allocate to the transition to a more sustainable
economy. The addition of this highly experienced team of credit
managers, with a successful track record, will complement our
existing fixed income capabilities, particularly in high yield. We
value highly our 15-year relationship with Formuepleje, and we are
delighted to use this opportunity to expand the partnership."
Klaus Blaabjerg, Managing Director, Absalon Corporate Credit,
said: "We are excited by the opportunity to join the Impax team and
leverage the firm's extensive resources dedicated to investing in
the transition to a more sustainable economy. This is particularly
important given that our funds are now categorized as Article 8
under SFDR. We believe that the credit markets are inefficient,
which leaves many attractive opportunities for disciplined
investors. We will continue to exploit these inefficiencies by
actively selecting undervalued credits with high spreads relative
to credit quality and default risk. We look forward to building on
our successful track record and continuing to maintain our
successful relationship with the Formuepleje team."
Peter Kjærgaard, CEO at Formuepleje, commented: "We are pleased
to continue our close relationship with the Absalon Corporate
Credit team through this agreement with Impax. Absalon Corporate
Credit has a distinctive investment philosophy which is rooted in
its academic research and the unique and experienced investment
team. We look forward to continuing to provide their two strategies
to our clients and as an integrated part of our funds."
Enquiries:
Impax Asset Management Group
plc
Ian Simm, Chief Executive +44 (0)20 3912 3000
Paul French, Head of Communications +44 (0)20 3912 3032
Montfort Communications
Gay Collins
Jack Roddan +44 (0)77 9862 6282
impax@montfort.london +44 (0)78 2567 0695
Peel Hunt LLP, Nominated Adviser
and Joint Broker
John Welch
Dan Webster
+44 (0)20 7418 8900
Berenberg, Joint Broker
James Felix
Dan Gee-Summons +44 (0)20 3207 7800
About Absalon Corporate Credit
Absalon Corporate Credit is an investment management firm
focused on credit, serving European institutional investors and
Danish high net worth individuals. Based in Copenhagen, Denmark, it
has approximately EUR405 million of assets under management and
advice (as of 31 December 2023) and is part of the Formuepleje
Group. Absalon Corporate Credit has an active bottom-up bond
selection philosophy. Looking beyond index weightings it instead
focuses on identifying undervalued bonds irrespective of their
sector or geography. The team manages two funds: Absalon Global
High Yield and Absalon Emerging Markets Corporate Debt.
About Formuepleje
Formuepleje is one of Denmark's largest independent asset
managers with more than 35 years of experience in developing
optimal investment solutions. Our investment concept focuses on
risk-adjusted returns. This means that we invest with the purpose
to achieve the highest possible return with as little a risk as
possible. The total amount of assets under management is more than
EUR9.1 billion and the customer base is around 18,000. Formuepleje
employs more than 100 people in offices in Aarhus and
Copenhagen.
About Impax
Founded in 1998, Impax is a specialist asset manager, with
approximately GBP39.1 billion as of 31 December 2023 in both listed
and private markets strategies, investing in the opportunities
arising from the transition to a more sustainable global
economy.
Impax believes that capital markets will be shaped profoundly by
global sustainability challenges, including climate change,
pollution and essential investments in human capital,
infrastructure and resource efficiency. These trends will drive
growth for well-positioned companies and create risks for those
unable or unwilling to adapt.
The company seeks to invest in higher quality companies with
strong business models that demonstrate sound management of risk.
Impax offers a well-rounded suite of investment solutions spanning
multiple asset classes seeking superior risk-adjusted returns over
the medium to long term.
Impax has approximately 300 employees(1) across its offices in
the United Kingdom, the United States, Ireland, Hong Kong and Japan
making it one of the investment management sector's largest
investment teams dedicated to sustainable development.
www.impaxam.com
(1) Full-time equivalent
Issued in the UK by Impax Asset Management Group plc, whose
shares are quoted on the Alternative Investment Market of the
London Stock Exchange. Impax Asset Management Group plc is
registered in England & Wales, number 03262305. AUM relates to
Impax Asset Management Limited, Impax Asset Management (AIFM)
Limited, Impax Asset Management Ireland Limited and Impax Asset
Management LLC. Impax Asset Management Limited and Impax Asset
Management (AIFM) Limited are authorised and regulated by the
Financial Conduct Authority and are wholly owned subsidiaries of
Impax Asset Management Group plc. Please note that the information
provided on www.impaxam.com and links from it should not be relied
upon for investment purposes.
Impax is trademark of Impax Asset Management Group Plc. Impax is
a registered trademark in the EU, US, Hong Kong and Australia. (c)
Impax Asset Management LLC, Impax Asset Management Limited and/or
Impax Asset Management (Ireland) Limited. All rights reserved.
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