Impax selected by Environment Agency Pension Fund to manage global equities
September 8 2008
Impax Asset Management Limited ("Impax"), the specialist
environmental investment company, announces today that it has been
selected by the UK's Environment Agency as one of three investment
management companies appointed to manage global equities for the
Agency's £1.5 billion Active Pension Fund ("the Fund").
Impax was appointed after a rigorous evaluation process involving
approximately 50 tender applications to the Environment Agency.
Under the terms of the agreement, Impax will manage £35m of
the Fund. Two other companies, RCM and Generation Investment
Management were also selected to manage portions of the Fund.
Mercer acted as one of the advisors to the Environment Agency on
the tender process.
Ian Simm, CEO of Impax said: "Impax has a substantial track record of managing funds investing in global equities focused on the environmental sector. Our performance over the past decade has helped us develop an excellent reputation among institutional investors and the consultants that advise them. We are delighted that the Environment Agency has selected Impax and we look forward to working with them on this exciting opportunity."
Impax, RCM and Generation have each been awarded a three year investment management agreement, extendable subject to satisfactory performance. The three firms were selected based on a combination of factors including the quality of their investment processes, integration of financially material environmental risks and opportunities, performance track record, organisational and team stability, client service and reporting and active participation in the United Nations Principles of Responsible Investment (UN PRI).
Howard Pearce, Head of Environmental Finance and Pension Fund
Management for the Environment Agency said: "After evaluating
nearly 50 tenders, we are delighted to have appointed Impax, RCM
and Generation, whom we, and our advisors, believe possess the
necessary quality of staff, investment processes, research and
track record to deliver our demanding financial performance
targets."
About Impax Asset Management
Impax Asset Mangement Ltd ("Impax") is the trading entity of Impax Group plc, which is quoted on the Alternative Investment Market of the London Stock Exchange. Impax was founded in 1994 as a specialist finance house focusing on the markets for cleaner or more efficient delivery of basic services of energy, water and waste. These markets are expanding rapidly, as business and political leaders encourage the development of cleaner products and services in response to the increasing pressures placed on the environment.
Impax's dedicated team of professionals, with many years of experience in the financial and environmental sectors, is ideally placed to understand and take advantage of the investment opportunities arising from the fast growing environmental markets. Impax has assets under management or advisory of around £1.2 billion from institutional and private investors, across a range of listed and private equity funds.
Key facts:
- Impax has an extensive track record of identifying compelling
investment opportunities in the environmental sector.
- Environmental markets are growing at up to 30%, with aggregate
revenues in excess of US $200 billion per year.
- Impax manages the only "pure-play" environmental investment
trust in the FTSE All Share Index.
- Impax has a team of 13 investment professionals focusing solely
on the environmental sector.
- Impax has been selected to partner FTSE in the development and
management of its Environmental Technology Index series.
- Impax is a signatory to the UN Principles of Responsible
Investment (UNPRI)
For further information please visit: www.impax.co.uk
About the Active Pension Fund:
1. The Environment Agency's Active Pension Fund, with a market value of £1.5bn, is the 24th largest fund in the Local Government Pension Schemes (LGPS).
2. Details of the Active Pension Fund's investment strategy and its supporting Environmental Overlay strategy can be found at www.environment-agency.gov.uk/pensions.
3. The Agency's Active Pension Fund is a signatory to the UN Principles of Responsible Investment and Carbon Disclosure Project, and a member of the UK Social Investment Forum (UKSIF) and Institutional Investors Group on Climate Change (IIGCC), and it supports the environmental campaigns of the Local Authority Pension Fund Forum (LAPFF).
4. Between 2006-2008 the Environment Agency Active Pension Fund has won numerous awards for its investment strategy and work on environmentally responsible investment and corporate governance. Further information on these awards can also be found on the website.
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