Pax World Management, investment adviser to Pax World Funds, announced it has entered an agreement to be acquired by Impax Asset Management Group, subject to approval of the investment advisory agreement by the trustees and shareholders of Pax World Funds.
Impax, a UK-based firm, is an independent investment manager that says it’s focused on opportunities arising from the transition to a more sustainable global economy. Impax and Pax formed a partnership in 2007 to design and manage the Pax Global Environmental Markets Fund, which they launched in 2008. The fund now has more than $500 million in assets.
Both firms specialize in sustainable investing.
“This is an exciting new chapter in our decade-long partnership with Impax,” says Pax CEO Joe Keefe. “We believe that combining our two firms will create a leading sustainable investment manager with business on both sides of the Atlantic. Pax World Funds’ shareholders stand to benefit in significant ways from our increased scale, research and investment capabilities as we seek to deliver a more robust investment and distribution platform for the global market.”
Under the terms of the transaction, Pax will be renamed Impax Investment Management (US) and will continue to manage Pax World Funds, which will retain their name, as the U.S.-based mutual fund division of Impax’s global business. Keefe will continue to lead the renamed company, while reporting to Simm, and will also be named to Impax Asset Management Ltd’s board. Keefe, together with other members of Pax’s management and senior staff, have agreed to enter new employment agreements.