February Issue

Current Issue
March 2018

NH debates school choice, revitalizing Rochester, the 2018 HR Guide and more. Purchase your copy or subscribe to BNH today.


Made in NH Expo
April 6 - 8, 2018
More Events >>

Newsletter Signup

Sign up for email updates for when the new magazine comes out.



Pax World Management in Portsmouth Acquired
Published Tuesday, September 19, 2017

Pax World Management employees, from left: Sarah Grenon, director, marketing communications; Alicia DuBois, chief financial officer; Janet Lawton Spates, vice president administration & human resources; Stephanie Coyle, executive assistant to the president & CEO; Joe Keefe, president & CEO; David Loehwing, director, sustainability research department. Courtesy photo.

Pax World Management, investment adviser to Pax World Funds and a pioneer in the field of sustainable investing with approximately $4.5 billion in assets under management, announced that it has entered an agreement to be acquired by Impax Asset Management Group (Impax), subject to approval of the investment advisory agreement by the trustees and shareholders of Pax World Funds.

Impax, a UK-based firm with approximately $9.4 billion in in assets under management, is an independent investment manager specializing in 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 was launched in 2008 and today has over $500 million in assets.

The transaction will create a combined investment management firm with $13.4 billion and significantly expanded investment management, research and client service capabilities. Both firms have a heritage as pioneers in sustainable investing and share similar corporate cultures and values. This will allow the expanded group to offer enhanced resources and services to Pax’s and Impax’s existing and prospective shareholders and clients.

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. Joe Keefe, Pax’s president and CEO, will continue to lead the renamed company, reporting to Ian Simm, Impax’s chief executive. Keefe will also 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, ensuring Pax’s continued strength and stability.

“This is an exciting new chapter in our decade-long partnership with Impax. We believe that combining our two firms will create a leading sustainable investment manager with business on both sides of the Atlantic,” said Keefe. “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.”

“I am delighted that, after a decade of successfully partnering to design, launch and manage the Pax Global Environmental Markets Fund, the Impax and Pax teams will be joining forces,” said Simm. “Like Impax, Pax has a long track record as a pioneer in sustainable investing and a strong team of highly experienced investment management and support staff.  The combined group will start with closely aligned business cultures and be well placed to offer a broader service and more diversified range of products to existing and future clients.”

Send this page to a friend

Show Other Stories