Impax Asset Management Group plc
("Impax" or the "Company")
Impax to acquire fixed income assets and expand portfolio management team in agreement with
Absalon, which is part of the Formuepleje Group, based in
The Absalon team manages two fixed income strategies in Global High Yield (launched in 2006) and Emerging Market Corporate Debt (launched in 2010), which are available as Luxembourg-based SICAV funds ("SICAV Funds") and as Danish-based funds ("Danish Funds"). The team was established by Klaus Blaabjerg, who, along with three portfolio management colleagues, is joining Impax as part of the acquisition. Each member of the team has more than 15 years of experience and the team has worked together for more than 10 years.
Impax Ireland has entered into an asset purchase agreement with the Formuepleje Group, an existing client and distribution partner of Impax, with respect to the acquisition. The consideration is not disclosed.
Following completion of the acquisition, the Absalon portfolio managers will become part of Impax's growing fixed income team, reporting to Ross Pamphilon, who in October 2023 was appointed as Impax's Head of Fixed Income. The existing Impax fixed income team, which is based in
Upon completion of the acquisition, it is planned that Impax Ireland, acting through a newly established Danish branch, will become the management company, investment manager and distributor of the former Absalon SICAV Funds, which are intended to become part of Impax's
Ian Simm, Founder and Chief Executive, Impax, said: "This is an important step in the continued enhancement of our fixed income offering, which we have identified as a strategic priority as we aim to provide a wider range of solutions to our clients who are seeking to allocate to the transition to a more sustainable economy. The addition of this highly experienced team of credit managers, with a successful track record, will complement our existing fixed income capabilities, particularly in high yield. We value highly our 15-year relationship with Formuepleje, and we are delighted to use this opportunity to expand the partnership."
Klaus Blaabjerg, Managing Director, Absalon Corporate Credit, said: "We are excited by the opportunity to join the Impax team and leverage the firm's extensive resources dedicated to investing in the transition to a more sustainable economy. This is particularly important given that our funds are now categorized as Article 8 under SFDR. We believe that the credit markets are inefficient, which leaves many attractive opportunities for disciplined investors. We will continue to exploit these inefficiencies by actively selecting undervalued credits with high spreads relative to credit quality and default risk. We look forward to building on our successful track record and continuing to maintain our successful relationship with the Formuepleje team."
Peter Kjærgaard, CEO at Formuepleje, commented: "We are pleased to continue our close relationship with the Absalon Corporate Credit team through this agreement with Impax. Absalon Corporate Credit has a distinctive investment philosophy which is rooted in its academic research and the unique and experienced investment team. We look forward to continuing to provide their two strategies to our clients and as an integrated part of our funds."
Impax Asset Management Group plc
Ian Simm, Chief Executive
Paul French, Head of Communications
+44 (0)20 3912 3000
+44 (0)20 3912 3032
+44 (0)77 9862 6282
+44 (0)78 2567 0695
Peel Hunt LLP, Nominated Adviser and Joint Broker
Berenberg, Joint Broker
+44 (0)20 7418 8900
+44 (0)20 3207 7800
About Absalon Corporate Credit
Absalon Corporate Credit is an investment management firm focused on credit, serving European institutional investors and Danish high net worth individuals. Based in
Formuepleje is one of
Founded in 1998, Impax is a specialist asset manager, with approximately
Impax believes that capital markets will be shaped profoundly by global sustainability challenges, including climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.
The company seeks to invest in higher quality companies with strong business models that demonstrate sound management of risk. Impax offers a well-rounded suite of investment solutions spanning multiple asset classes seeking superior risk-adjusted returns over the medium to long term.
Impax has approximately 300 employees1 across its offices in the
1 Full-time equivalent
Issued in the
Impax is trademark of Impax Asset Management Group Plc. Impax is a registered trademark in the EU, US,