12 Stocks of Christmas: Impax Asset Management
Impax Asset Management (LON:IPX) - A fallen angel fund manager where I’m betting on recovery
Market cap at the time of writing: £320m, at a share price of 241.5p.
I recently added this one to my personal portfolio as my perception of the value on offer created a sense of obligation to buy it.
Impax is an ESG-focused fund manager whose mission since its inception has been sustainable investing.
Founder and CEO Ian Simm retains an interest in 9.5 million shares or 7% of the company.
When it was still enjoying net inflows during the 2021 bubble, the share price reached a level that in hindsight was ludicrous, topping out at £14.80:
The share got another kicking this month, falling 19% on the news that St James’s Place (STJ) was taking away a £5 billion mandate from Impax.
The only consolation was that this particular mandate generated lower margins than Impax generates across the rest of its activities. And when you look into the situation at STJ more closely, it is clear that they (STJ) are under pressure to make changes that in normal circumstances they might not feel obliged to...