Impax to acquire assets of Absalon Credit

Impax Asset Management has entered into an agreement to acquire the assets of Absalon Corporate Credit.

Absalon is part of the Formuepleje Group in Denmark and has around £351 million of assets under management. Absalon manages two fixed income strategies in global high yield and emerging market corporate debt.

Impax has entered into an asset purchase agreement with the Formuepleje Group but the amount involved has not been disclosed. Following completion, the Absalon portfolio managers will become part of Impax’s growing fixed income team, reporting to Ross Pamphilon, Impax’s head of fixed income.

It is planned that Impax will become the management company, investment manager and distributor of the former Absalon SICAV Funds, which will become part of Impax’s Ireland-based UCITS range.

Ian Simm, Founder and Chief Executive, Impax, says, “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, says, “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.”