Impax Reports Flat Q4 AUM of £26.1bn Amid Stabilising Flows and AI Market Impact

Impax Q4 2025 AUM: broadly flat at £26.1 billion with flow stabilisation signs

Impax Asset Management has reported fourth-quarter assets under management (AUM) of £26.1 billion as at 30 September 2025, essentially flat quarter-on-quarter (down £71 million from £26,126 million on 30 June). Management describes net outflows as continuing but stabilising, with “material inflows” from clients in Europe and North America.

For context, AUM is the pool of client assets on which managers earn fees. Flat AUM for the quarter implies broadly steady revenue run-rate versus Q3, while the mix and flow trends give useful clues about momentum into the new financial year.

Quarterly AUM movements: flows negative, markets helpful

The moving parts this quarter were straightforward: outflows were largely offset by market gains.

• Total net flows: -£1,443 million.
• Market movement, FX and performance: +£1,373 million.
• Net effect: broadly flat AUM at £26,055 million (£26.1 billion).

£m	Listed equities	Fixed income	Private markets	Total firm
AUM at 30 June 2025	23,140	2,363	623	26,126
Net flows (Q4)	(1,429)	(14)	0	(1,443)
Market/FX/performance	1,282	80	10	1,373
AUM at 30 September 2025	22,993	2,429	634	26,055

Listed equities did the heavy lifting on both sides: they saw the bulk of outflows (-£1,429 million) but also the bulk of market gains (+£1,282 million). Fixed income was close to flat on flows (-£14 million) and benefited modestly from markets (+£80 million). Private markets were steady on flows (0) with a small uplift from performance (+£10 million).

Full-year 2025: a reset year, helped by acquisition and markets

Over the full year, AUM fell from £37,187 million to £26,055 million, a decline of £11,132 million. The main driver was net outflows of £12,959 million, partially offset by acquired assets of £1,079 million (entirely in fixed income) and positive market/FX/performance of £749 million.

£m	Listed equities	Fixed income	Private markets	Total firm
AUM at 30 September 2024	35,021	1,478	689	37,187
Net flows (FY)	(12,646)	(230)	(84)	(12,959)
Acquired assets	0	1,079	0	1,079
Market/FX/performance	618	102	29	749
AUM at 30 September 2025	22,993	2,429	634	26,055

The acquisition-driven step-up in fixed income (+£1,079 million) is notable, broadening the platform beyond listed equities. Nevertheless, the year was dominated by outflows, especially in equities, which explains the significant year-on-year AUM contraction.

CEO’s read-through: stabilising flows and client appetite returning

Chief Executive Ian Simm highlights “solid evidence that flows are stabilising, including in our wholesale channel”, alongside “material inflows” from Europe and North America. Wholesale typically refers to the intermediary retail market (platforms and advisers), where flow trends can be volatile but often turn ahead of institutions.

If that stabilisation holds, it could be the first step towards a more constructive 2026 financial year. Importantly, the commentary frames the client interest as partnership-driven with a specialist in the sustainable transition – a positioning that remains Impax’s core differentiator.

Performance context: the AI mega-cap effect

Impax says absolute performance was positive across strategies, but relative returns in September lagged as “AI mega-cap technology” dominated global equity indices. In plain English: if you are underweight the handful of very large AI-linked tech stocks, you can look soft versus benchmarks, even with gains elsewhere.

This matters for flows. Sustained absolute gains help protect AUM, but relative performance often drives mandate wins and adviser recommendations. The comment suggests September was a tricky month for keeping pace with benchmark-heavy tech moves.

What the quarter means for investors

• Near-term revenue steadiness: With AUM at £26.1 billion, quarterly fee revenue is likely to be broadly stable versus Q3 (exact revenue not disclosed).
• Flow headwinds easing: Net outflows of £1,443 million are still a drag, but management’s stabilisation message – plus regional inflows – is an encouraging shift in tone.
• Asset mix evolving: Fixed income has grown to £2,429 million, helped by acquired assets. That diversification can smooth earnings through equity cycles.
• Private markets steady: At £634 million, private markets remain a smaller slice but held firm on flows, with a modest performance tailwind.
• Full-year picture still tough: AUM down from £37.2 billion to £26.1 billion reflects significant equity outflows through the year, only partially cushioned by markets and acquisition.

Positives, negatives, and my take

Positives: flow stabilisation signals, geographic inflows, and positive absolute performance. The acquisition strengthening fixed income is helpful, and Q4’s flat AUM after a difficult year hints at a base forming.

Negatives: continued net outflows, particularly in listed equities, and September’s relative performance challenge against AI-led benchmarks. Year-on-year AUM is materially lower, which weighs on fee potential until flows turn decisively.

Overall, I’d call this a cautiously constructive update. The quarter was not about big wins, but about stopping the bleeding – and that is often what precedes recovery in active managers.

Key figures at a glance

• AUM at 30 September 2025: £26.1 billion (£26,055 million).
• Quarterly net flows: -£1,443 million; market/FX/performance: +£1,373 million.
• Full-year net flows: -£12,959 million; acquired assets: £1,079 million; market/FX/performance: +£749 million.
• By asset class (end-Q4): Listed equities £22,993 million; Fixed income £2,429 million; Private markets £634 million.

What to watch next

• Flow inflection: do quarterly net flows move closer to flat or positive, particularly in listed equities?
• Wholesale channel: does the stabilisation translate into consistent net inflows?
• Relative performance: can strategies keep pace if AI mega-caps continue to dominate indices?
• Mix and margins: any further expansion in fixed income or private markets that could diversify revenue (details on margins not disclosed).

Impax hasn’t disclosed guidance or dates for the next update in this RNS. For now, the headline is simple: Q4 was steady, the worst of the outflow pressure may be easing, and performance was positive in absolute terms despite a tricky benchmark backdrop.