Impax Asset Management Group, the specialist asset manager investing in the transition to a more sustainable economy, has closed its acquisition of the assets of Absalon Corporate Credit (Absalon), a Copenhagen-based fixed income manager.

Absalon, which was formerly part of the Formuepleje Group, serves European institutional investors and Danish high net worth individuals, and as of 30 June 2024 had approximately £355m of assets under management, the statement on 12 July said.

With the completion of the acquisition, Absalon’s Global High Yield and Emerging Market Corporate Debt strategies become part of Impax’s fixed income range, with funds available on Impax’s Irish-based UCITS platform.

Senior portfolio managers, Klaus Blaabjerg, Sune Højholt Jensen, Toke Katborg Hjortshøj and Peter Dabros have joined Impax and will establish a new office for the Company in Copenhagen.

The company made the initial announcement of the deal on 9 January 2024.

Ian Simm, founder and chief executive, Impax said: “We are pleased to welcome Absalon’s experienced team of credit managers and to expand our fixed income offering further with the addition of these two strategies. This marks the first time that we will be offering fixed income solutions to our clients outside North America, including via our UCITS platform.”

Earlier last week Impax announced that it had entered into an agreement to acquire the European assets of SKY Harbor Capital Management (SKY Harbor), a fixed income manager.

The agreement relates to the promotion, distribution and management of SKY Harbor’s European-based funds and mandates principally targeting short-duration high yield strategies. The completion of the agreement is subject to certain closing terms and conditions.

Post the completion of the SKY Harbor and Absalon acquisitions, Impax will have total pro-forma fixed income assets under management and advice of approximately £3.1bn as of 30 June 2024.

The Impax fixed income investment team will include c. 20 professionals, offering strategies in US Core Bonds, US Core Plus Bonds, US High Yield, Global High Yield, US Short Duration High Yield, Global Short Maturity High Yield and Emerging Market Corporate Debt.