Impax shares slide as it loses sole SJP mandate

(Sharecast News) - Shares in Impax Asset Management were sliding on Friday, after it announced the upcoming termination of its mandate to manage the Sustainable & Responsible Equity Fund (SRE) for St James's Place Unit Trust Group (SJP). The AIM-traded firm said the mandate, valued at about £5.2bn as of 30 November, was expected to end in February pending unitholder approval at an extraordinary general meeting on 9 January.

It said the termination would mark the end of its sole mandate with SJP.

The decision was put down to SJP's strategy to further diversify the fund's investment styles.

Impax said its anticipated revenue impact would be about £12.7m on an annualised basis.

At 0921 GMT, shares in Impax Asset Management Group were down 24.07% at 248.68p.

Reporting by Josh White for Sharecast.com.