Impax Asset Management has plans to buy the European assets of Sky Harbor LLC, a fixed income manager.
The firm said it is part of a strategy to expand its fixed income business and follows its agreement to buy the assets of Copenhagen-based Absalon Capital Management.
As of June 30, the assets from Sky Harbor were worth £1.6bn and include short-duration high yield strategies.
An analysts note from Peel Hunt published today (July 10) detailed the £1.9bn of net outflows suffered by Impax in the third quarter with total assets under management dropping by around 7 per cent.
Ian Simm, Impax founder and chief executive, said: “This transaction marks an important milestone in our strategy to expand Impax’s fixed income capabilities globally.
"The addition of Sky Harbor’s deep expertise and track record in high yield investing and its team’s experience in client service fit well with those brought by the Absalon team and will be a significant asset as we broaden our fixed income offering.
"We are looking forward to offering Sky Harbor and Impax clients alike a wider range of investment solutions dedicated to investing in the opportunities and managing the risks associated with the transition to a more sustainable economy.”
Following the completion of the acquisition, eight Sky Harbor team members will join Impax.
Impax will become the investment manager and distributor of the new funds, the names of which may be changed.
Peel hunt called the purchase a "strategic acquisition".
It said: "We believe this offers important diversification from equities, where client sentiment remains challenging."
tara.o'connor@ft.com
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