Two leaders in sustainable investing have joined forces.
Pax World Management announced that it has entered an agreement to be acquired by the U.K.-based Impax Asset Management Group.
The transaction between Pax, which has approximately $4.5 billion in assets under management, and Impax, who has approximately $9.4 billion in AUM, will create a combined investment management firm with $13.4 billion in net consolidated AUM.
Under the terms of the transaction, Pax will be renamed Impax Investment Management (US) LLC.
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 more than $500 million in assets.
Pax World Management served as investment advisor to Pax World Funds — and will continue to do so post-acquisition 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 and will also be named to the board of Impax Asset Management Ltd.