The UK-listed investment manager, which focuses on environmental markets and resource efficiency sectors, reported a robust set of results.

Impax’s assets under management and advice reached a record £4.5 billion ($5.7 billion) in the year ended 30 September 2016, a 59 per cent rise from a year earlier.

The company achieved record net inflows of £496 million over the year as revenue totalled £21.1 million, compared to £19.7 million in the corresponding period of 2015. As operating earnings grew 35 per cent year-on-year to £4.2 million, pre-tax profit before tax climbed from £5.1 million to £5.2 million.

Impax also announced the first close of its third private equity renewable energy infrastructure fund investing in European assets, at €149 million ($158 million), as well as strong growth in its North American business. Indeed, the region represented over 60 per cent of net inflows during the period.

Meanwhile, BNP Paribas Investment Partners, the company’s distribution partner in Europe, reported high levels of demand from the private wealth sector for funds that Impax sub-manages, in particular from France and Benelux. For example, by 31 October 2016, the BNPP water fund, launched in January 2009, had grown to €1.3 billion, while the BNPP food fund, which began investing in April last year, had reached €208 million.

“2016 has been one of the most successful in our nineteen year history, with strong growth in assets and investment out-performance. In an increasingly challenging environment for generalist investment managers, Impax is well positioned with a clear focus on providing an attractive specialist offering to asset owners,” said Keith Falconer, chairman of Impax Asset Management.

Chief executive Ian Simm added: “Our listed equity mandate pipeline is also most encouraging and we see a rapid expansion of demand for investment management services targeting environmental and resource efficiency markets.”