Impax Asset Management, based in the U.K., with $9.4 million in assets under management, is absorbing U.S.-based Pax World Management, with $4.5 billion in assets. Pax, founded in 1971, will be rebranded as Impax Investment Management and continue to manage Pax World funds.
The two managers already worked together to design and manage a $500 million environmental equities fund that focuses primarily on energy efficiency and water infrastructure and technology.
Impax’s impact portfolio consists of an equity portfolio comprised of wind and solar farms in western Europe; a green building portfolio based in the U.K.; and stock portfolios in water, food and agriculture, and environmental strategies.
At least 20% of the listed companies’ revenues must come from “environmental products or services in the energy efficiency, renewable energy, water, waste and sustainable food and agriculture markets.”
At an event announcing the deal, Pax’s CEO Joe Keefe said, “Investors have an opportunity to profit and an obligation to hasten a more sustainable economy.”