Sustainable investment specialist Impax Asset Management has agreed to acquire the assets of the fixed income manager, Absalon Corporate Credit.
Copenhagen-based Absalon is part of the Formuepleje Group and serves European institutional investors and Danish high-net-worth individuals.
The Absalon team manages two fixed income strategies in Global High Yield and Emerging Market Corporate Debt. Both are available as Luxembourg-based SICAV funds and as Danish-based funds. Klaus Blaabjerg, who established the team, along with three portfolio managers with more than 15 years’ experience, will also join Impax.
Following completion of the acquisition, the Absalon portfolio managers will report to Ross Pamphilon, who was appointed as Impax’s head of fixed income in October 2023 .
Impax plans to 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.
Further, Impax will become the sub-investment manager of the Danish Funds, for which Formuepleje will continue to act as the management company and distributor. This is subject to SICAV funds board, shareholder and regulatory approval.
As of 31st December 2023, Absalon had approximately £351m (€405m) of assets under management. Post the acquisition, the combined global team at Impax will have fixed income assets under management and advice of approximately £1.6bn (€1.8bn).
Impax founder and chief executive Ian Simm said: “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.”
