Bar News - October 18, 2017
UK Firm Set to Acquire Pax World Management
Portsmouth-based sustainable investing pioneer Pax World Management, led by CEO and NH Bar Association member Joe Keefe, recently announced plans to be acquired by the larger UK-based Impax Asset Management Group.
Pax World, which has about $4.5 billion in assets under management, will be renamed Impax Investment Management (US) and will continue to manage Pax World Funds, with Keefe and other executives remaining on a contract basis for three years. Impax will reportedly pay at least $52.5 million for the Portsmouth-based company, and eventually up to $90 million, depending on Pax’s performance.
According to a statement from Pax World, Impax is a leading independent investment manager that first partnered with Pax 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 acquisition deal will create a combined investment management firm with $13.4 billion in assets and will facilitate an expansion of services, the company announced. Pax must still formally approve the deal. A board vote was scheduled for Oct. 18.
Keefe was the 2017 recipient of the Philip S. Hollman Equality Award from the NHBA Gender Equality Committee.