Products September 21, 2017

Impax Asset Management to Acquire Pax World Management

The partnership will focus on sustainable investing.

Reported by

Pax World Management, investment adviser to Pax World Funds, announced it has entered an agreement to be acquired by Impax Asset Management Group, subject to approval of the investment advisory agreement by the trustees and shareholders of Pax World Funds.

Impax, a UK-based firm, is an independent investment manager that says it’s focused on opportunities arising from the transition to a more sustainable global economy. Impax and Pax formed a partnership in 2007 to design and manage the Pax Global Environmental Markets Fund, which they launched in 2008. The fund now has more than $500 million in assets.

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Both firms specialize in sustainable investing. 

“This is an exciting new chapter in our decade-long partnership with Impax,” says Pax CEO Joe Keefe. “We believe that combining our two firms will create a leading sustainable investment manager with business on both sides of the Atlantic. Pax World Funds’ shareholders stand to benefit in significant ways from our increased scale, research and investment capabilities as we seek to deliver a more robust investment and distribution platform for the global market.”

Under the terms of the transaction, Pax will be renamed Impax Investment Management (US) and will continue to manage Pax World Funds, which will retain their name, as the U.S.-based mutual fund division of Impax’s global business. Keefe will continue to lead the renamed company, while reporting to Simm, and will also be named to Impax Asset Management Ltd’s board. Keefe, together with other members of Pax’s management and senior staff, have agreed to enter new employment agreements.

Data & Research September 21, 2017

Fewer Singles Saving for Retirement than Married Couples

Forty-four percent of single people are saving for retirement, compared to 63% of married people.
Reported by

Being single as opposed to having the support of a spouse puts a person at a financial disadvantage in many ways, TD Ameritrade found in a survey of 2,000 adults ages 37 and older.

While 44% of single people are saving for retirement, this jumps to 63% among married people. Just more than one-third, 34%, of singles expect to be very financially secure in retirement, compared to 52% of married people. Forty-six percent of unmarried people worry about running out of money in retirement, compared to 38% of married folk. Thirty-six percent of singles do not think they will be able to afford to fully retire, compared to 29% of married people.

Thirty percent of singles are not saving for anything, compared to 17% of married people. Twenty-seven percent of singles have an emergency fund, compared to 39% of married people. But even in tough times, 40% of singles would not cut back on eating out, and 25% would not give up coffee or take-out.

Singles also earn less than couples; their average income is $52,900, compared to $61,700 of married people—a difference of $8,800. However, a large percentage of both singles (40%) and married people (37%) are not saving anything each month and spending their entire paycheck.

“While an increasing number of Americans are finding that remaining single can have its virtues, there is one key area making the single life potentially more difficult: money,” says Lule Demmissie, managing director of retirement and long-term investing at TD Ameritrade. “Having a spouse to split the mortgage, household expenses and insurance can make basic living costs more manageable. On top of that, for couples who file jointly, marriage can help reduce their tax burden.”

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