I am writing to let you know that the independent trustees of Pax World Funds have decided to change the name of the Pax World Funds and each individual fund from “Pax” to “Impax” effective December 31, 2022.

Accordingly, as of that date the names of the re-named Impax (formerly Pax World) Funds will be as follows:

  • Impax Large Cap Fund
  • Impax Small Cap Fund
  • Impax Global Opportunities Fund
  • Impax Global Environmental Markets Fund
  • Impax Ellevate Global Women’s Leadership Fund
  • Impax Global Sustainable Infrastructure Fund
  • Impax US Sustainable Economy Fund
  • Impax International Sustainable Economy Fund
  • Impax Sustainable Allocation Fund
  • Impax High Yield Bond Fund
  • Impax Core Bond Fund 

The only change is that “Pax” will be replaced by “Impax” as the name of the mutual funds. There will be no other changes to any fund, its investment strategy, process or portfolio management team as a result of the name change.

Why the mutual fund names are changing

The rationale underlying the name change is to eliminate any confusion by offering brand clarity to investors globally.

In 2018, Pax World Asset Management LLC, investment adviser to Pax World mutual funds, was purchased by Impax Asset Management Group plc, and changed its name to Impax Asset Management LLC. The Pax World mutual funds did not initially change their name. By renaming the funds this year we are seeking to convey Impax’s unified investment approach across its investment strategies, offer a consistent brand globally and avoid any confusion among investors and in the marketplace.

Because all Impax-managed strategies globally apply the same investment management philosophy, process and proprietary tools, our concern is that continuing to use the “Pax” name for some investment offerings and the “Impax” name for others may create confusion rather than clarity among investors and in the marketplace. In North America, for example, Impax manages separately managed accounts, segregated institutional mandates and other investments branded under the Impax name in addition to the Pax World Funds.

The Transition to a More Sustainable Economy

All Impax strategies focus on investing in the risks and opportunities arising from the transition to a more sustainable economy. We believe that capital markets will be shaped profoundly by global sustainability challenges, particularly climate change, environmental pollution, natural resource constraints, demographic and human capital issues such as equity, diversity, and inclusion. We believe these trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.

By investing in companies and assets that are well positioned for this transition, Impax focuses on higher quality companies with strong business models and governance that demonstrate sound management of risk whilst being able to adapt intelligently to changing conditions. Across its portfolios, Impax’s fundamental and systematic analysis incorporates long-term risks, including environmental, social and governance (ESG) factors, to enhance investment decisions.

Again, because this investment approach is shared by all Impax investment strategies globally, we believe it is better expressed by a unified brand than through separate brands.

The Pax World legacy

Pax World founded in 1971, introduced the first mutual fund in the United States to include environmental and social criteria in addition to traditional financial metrics in company research and portfolio construction. Over the following decades, Pax expanded its offerings to its current line-up of 11 mutual funds, including the first “gender lens” fund in the United States focused on investing in companies that are leaders in advancing women.

To honor the history and legacy of Pax World Funds, particularly in the region of their historical home in Portsmouth, New Hampshire, Impax has created the Pax Scholarship Program to award annual scholarships to three New Hampshire-based educational and non-profit institutions promoting sustainability, advancing gender equality, and fostering global peace.

  • Those organizations are:
    • The Peter Paul School of Business at the University of New Hampshire – A merit-based scholarship will support students enrolled in the Peter T. Paul College of Business and Economics with a GPA of 3.0 or higher and a demonstrated focus in sustainability and/or sustainable investing.
    • The New Hampshire Women’s Foundation – The NHWF’s mission is to advance social, political and economic opportunity and equality for women and girls through research, education, advocacy, grantmaking and philanthropy.
    • Friends Forever International – FFI works with communities around the globe to build the leadership abilities of their youth from diverse backgrounds to tackle local and global issues.

The Impax Opportunity

Since the acquisition was announced, the combined business has expanded considerably. Combined assets under management have grown from US$13.4 billion (as of September 2017) to US$42.1 billion (as of June 2022). We have grown from a business of approximately 125 employees to a global business with more than 245 employees and offices in the US, UK, Hong Kong, and Ireland. With approximately 70 investment professionals, we are also one of the largest asset managers dedicated to the transition to a more sustainable economy.

Most importantly, we believe that our investment philosophy – investing in the opportunities arising from the transition to a more sustainable economy – is the right approach for our economy, our society, and for the times we live in. The decades ahead will require an epochal transition from an industrial-age economy where negative environmental and social externalities are too often ignored to a sustainable economy where future growth is accompanied by dramatically improved environmental and social outcomes. Our future depends on it.  At Impax, we intend to continue investing in that future.

Joseph F. Keefe
Impax Asset Management | Pax World Funds


You should always consider Pax World Funds’ investment objectives, risks, and charges and expenses carefully before investing. For this and other important information, visit www.impaxam.com for a fund prospectus and read it carefully before investing.

The investment techniques and decisions of the investment adviser and the Fund’s portfolio manager(s), including the investment adviser’s assessment of a company’s ESG (Environmental, Social and Governance) profile when selecting investments for the Fund, may not produce the desired results and may adversely impact the Fund’s performance, including relative to other Funds that do not consider ESG factors or come to different conclusions regarding such factors.

All investments involve risk and principal loss is possible.

Pax World Funds are distributed by Foreside Financial Services, LLC. Foreside Financial Services, LLC is not affiliated with Impax Asset Management LLC.

Impax Asset Management Group plc includes Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Management LLC, and Impax Asset Management (Hong Kong) Limited (together, “Impax”).  Impax Asset Management Ltd, Impax Asset Management (AIFM) Ltd and Impax Asset Management LLC are registered as investment advisers with the U.S. Securities and Exchange Commission (“SEC”), pursuant the Investment Advisers Act of 1940 (“Advisers Act”). Registration with the SEC does not imply a certain level of skill or training.  Copies of the most recently filed Form ADV for Impax and additional information about registered investment advisers is available through the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

The views, opinions, and forecasts included or expressed herein are as of the date indicated and are subject to change without notice. You should not assume that such information, views and forward-looking statements would remain the same after the date indicated.

The information presented herein is provided for general informational purposes only and is not intended to provide legal, tax, investment, or financial planning advice. It does not constitute an offer, invitation, solicitation, recommendation, or advice to buy or sell any securities, financial instruments, investments; to follow a particular investment strategy; to engage in any other transaction; or to engage Impax to provide investment advisory or other services. 

Certain content (including data) contained within may include, or be based on, data obtained from statistical services, company reports or communications, or other third-party sources, that Impax believes are reliable. However, Impax has generally not verified this information where Impax believes the third-party source is reliable and, therefore, there is a risk that information from such third-party sources are inaccurate or incomplete. You should not rely on the information presented here as a basis for investment decisions.

IMPAX is a U.S. registered trademark of Impax Asset Management Group Plc.

IMPX-20220922-1240 (9/23)

Joseph Keefe

Former President, North America

Joe Keefe held the role of President and CEO of Pax World Management starting in 2005, and continued serving as President of Impax Asset Management, North America, from the firm’s acquisition in 2018 through his retirement in 2024. Joe is a recognized leader in the sustainable investing industry in the US, acknowledged for his work promoting sustainable investing and ESG analysis, and especially for his advocacy supporting and enabling gender lens investing. Though his leadership, Joe exemplified the culture and values of Impax.

Prior to joining the firm, Joe was President of NewCircle Communications, a strategic consulting and communications firm specializing in corporate social responsibility and public policy communications. He served as Senior Advisor for Strategic Social Policy at Calvert Group from 2003-2005 and as Executive Vice President and General Counsel of Citizens Advisers from 1997-2000. He is a former member of the Board of Directors (2000-2006) of US SIF, the trade association representing asset managers and investors engaged in sustainable investing throughout the United States. Joe co-founded the Thirty Percent Coalition and is former co-chair of the leadership group for the Women’s Empowerment Principles, a joint program of the United Nations Global Compact and UN Women. Before entering the investment management industry, Joe worked in private law practice for 16 years.

Joe holds a Juris Doctor from the University of Virginia School of Law and a Bachelor of Arts in philosophy from the College of the Holy Cross.

Recent Insights

Additional Insights

Scroll to top
To get started, please select your location and investor type below.

If you are invested in Impax Funds – regardless of share class (Investor, Institutional, or Class A) or account type (individual, business or other entity) please select Impax Funds Investor as your Investor Type.

Access Impax Asset Management Limited’s Form CRS here.

Important Information

I confirm that I am an [investor_type] based in [investor_country] and that I have read and understood the important information, privacy policy and terms and conditions which govern the use of this website.

Risk Warning

Capital at risk. The value of investments may go up or down and is not guaranteed.