Impax Asset Management, the specialist asset manager investing in the transition to a more sustainable economy, has created a new Pax Scholarship program. It was created to honor the heritage of Pax World Funds, which will be renamed the Impax Funds at the end of this year, in the region of their historical home in Portsmouth, New Hampshire.
The Pax Scholarship Program will award annual scholarships to three New Hampshire-based educational and non-profit institutions promoting sustainable finance, advancing women and girls, and fostering global peace. In total, $50,000 will be distributed annually to the Peter T. Paul College of Business and Economics at the University of New Hampshire, the New Hampshire Women’s Foundation (NHWF), and Friends Forever International (FFI).
"For over 50 years, Pax has been known for integrating social and environmental concerns into investments, and has been an advocate for advancing sustainability, advancing women and advancing global peace. We are delighted to honor that legacy through the Pax Scholarship Program, which will continue to make vital investments in our local community," said Joe Keefe, president, North America, Impax Asset Management."
Founded in 1971 in New Hampshire, Pax World introduced the first mutual fund in the United States to include environmental and social criteria in addition to traditional financial metrics. In 2018, Pax World was purchased by Impax Asset Management Group, and changed its name to Impax Asset Management LLC. Today, Impax strategies focus on investing in the transition to a more sustainable economy, centering around climate change, environmental pollution, natural resource constraints, demographic and human capital issues such as diversity, inclusion and gender equity.
"The newly established Pax Scholarship, honoring the legacy of Pax World Funds, clearly aligns with the work being conducted at UNH and at the Paul College of Business and Economics. As one of the most sustainable universities in the country, student support that focuses on business and sustainability and/or sustainable investing is critical to supporting the next generation of leaders in this field," said Lucy Gilson, Dean of UNH Paul College. "I am grateful to Impax for partnering with us to continue inspiring and supporting students who are committed to making a difference in their communities. The financial support will help our students strive towards even greater success, and their achievements will be in large part because of the investment Impax is making in them and their future."
About Impax Asset Management
Founded in 1998, Impax is a specialist asset manager, with approximately £35.7bn / US$39.8bn as of 30 September 2022 in both listed and private markets strategies, investing in the opportunities arising from the transition to a more sustainable global economy.
Impax believes that capital markets will be shaped profoundly by global sustainability challenges, including climate change, pollution and essential investments in human capital, infrastructure and resource efficiency. These trends will drive growth for well-positioned companies and create risks for those unable or unwilling to adapt.
The company seeks to invest in higher quality companies with strong business models that demonstrate sound management of risk. Impax offers a well-rounded suite of investment solutions spanning multiple asset classes seeking superior risk-adjusted returns over the medium to long term.
Impax has ca. 270 employees across its offices in the United Kingdom, the United States, Ireland and Hong Kong, making it one of the investment management sector’s largest investment teams dedicated to sustainable development.