Titanium and Impax launch two funds and announce distribution agreement
December 16 2009
London, 16th December 2009: Titanium Asset Management Corp ("Titanium") and Impax Asset Management Group plc ("Impax") today announce a distribution agreement together with the launch of two new funds: the Impax Green Markets Fund, and the Titanium Impax International Green Fund. Both funds will invest globally in quoted companies that provide cleaner or more efficient delivery of services in the alternative energy, water and waste sectors and will be distributed to US institutional investors.
Commenting on the launch, Nigel Wightman, Chief Executive of Titanium said: "Environmental investment has moved firmly onto the mainstream investment agenda. We're pleased to be broadening our range of fund offerings to include environmental funds. Impax, with one of the longest and best track records of managing funds focused on the environmental sector, is the ideal investment partner."
Ian Simm, Chief Executive of Impax commented: "These two new funds will give US pension plans and other institutional investors exposure to high growth environmental companies on a global and EAFE basis. The launches coincide with the COP-15 conference in Copenhagen where the future of policy to reduce global warming is being debated. We firmly believe that the drivers behind environmental markets will continue to strengthen for many years to come."
The Impax Green Markets Fund will be managed by the quoted equities team at Impax in line with its ‘Environmental Specialists’ strategy, which invests worldwide in smaller quoted companies active in the environmental sector. This strategy has a long-standing track record - the net asset value in Impax's flagship ‘Environmental Specialists’ fund, Impax Environmental Markets plc, increased by 59.0% over the five years to end September 2009, compared to an increase of 22.1% in the MSCI World Index over the same period (performance in US dollars).
The Titanium Impax International Green Fund, a global ex-US (EAFE) fund, will be sub-advised by the quoted equities team at Impax and distributed exclusively by Titanium to institutional investors in the US. It will invest in Impax's 'Environmental Leaders' strategy which encompasses environmental specialists plus more diversified companies.
Both funds will be domiciled in Delaware and will be open to eligible institutional investors in the second quarter 2010.
-Ends-
Notes to Editors
Titanium:
Titanium Asset Management is an asset management business with managed and fee paying assets of $9.3 billion (30/11/09). It provides US equity, balanced, fixed income, quantitative, international equity and alternative strategies through its four wholly owned subsidiaries and business partners. It has offices in Chicago, Cleveland, Milwaukee, Charlotte, Sarasota and London. An important client segment for Titanium is Taft Hartley retirement plans. These Taft Hartley plans are jointly sponsored by labour unions and employers in specific industries and provide both defined benefit and defined contribution pension benefits to their members.
Impax:
Impax Asset Management is a leading specialist investment
manager dedicated to the environmental sector. Founded in 1994,
Impax now manages c. US $2.3 billion1 across a range of
closed end funds, open ended funds and segregated accounts on
behalf of institutional and private investors.
Impax has a track record of delivering excellent returns across
long only, private equity and hedge fund strategies. Key investment
team members have been working together at Impax for over a decade
and have spent the majority of their careers in the environmental
sector.
Impax manages a range of specialist own brand and white label
funds. These include two closed ended funds: Impax Environmental
Markets plc, the UK’s largest environmental markets fund and
in the FTSE 250 index; and Impax Asian Environmental Markets plc,
the largest investment company IPO on the London Stock Exchange
since July 2008 when floated in October 2009.
In 2007, Impax and FTSE established a partnership to develop and
manage the Environmental Markets Index Series. The indices in the
series are derived from a database managed by Impax.
Impax is a signatory to the UN Principles of Responsible Investment
(UNPRI) and the Carbon Disclosure Project and is also a member of
the Institutional Investors Group on Climate Change (IIGCC) and the
Investor Network on Climate Risk (INCR).
Impax has an award winning track record and most recently won the
2009 Financial News Award for Excellence in Institutional Asset
Management as Sustainable Investment Manager of the Year.
1 Assets under management as of 30th November 2009
For further information please contact:
For Titanium:
Penrose Financial:
Gay Collins / Elisha Vincent
+ 44 (0) 20
7786 4882 / 4833
titanium@penrose.co.uk
For Impax:
Penrose Financial:
Gay Collins / Lisa Haines
+
44 (0) 20 7786 4882 / 4871
impax@penrose.co.uk
