Specialist environmental company, Impax Asset Management, has been selected by the Environment Agency as one of three investment management companies appointed to manage its £1.5 billion pension fund.
Under the agreement, Impax, will manage £35m of the fund.
Environment Agency head of environmental finance and pension fund management Howard Pearce said: After evaluating nearly 50 tenders, we are delighted to have appointed Impax, RCM, and Generation, whom we, and our advisors, believe possess the necessary quality of staff, investment processes, research and track record to deliver our demanding financial performance targets.
Impax seeks investment opportunities in the environmental sector and in February 2008 it invested £4m in Dorset-based waste firm, New Earth Solutions.
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