AuM in line with our forecast: £26.1bn vs £26.9bn SCMe. Net outflows continued as expected given the market backdrop (£1.3bn) whilst positive performance (£1.0bn) offset this. The completion of the SKY Harbor transaction (£1.1bn) accounts for the growth in the period. Impax’s performance has improved, with underlying trends favouring Impax’s style bias, which has also attracted several mandates driving net inflows in June. We make no change to FY25e forecasts and modest reductions (<5%) to outer years. We continue to see LT potential given Impax’s process, but need more favourable risk appetite to catalyse flows: BUY/270p 12m TP.
