An SRI asset manager in the UK is buying an ally on this side of the pond.

Today Impax Asset Management founder and CEO Ian Simm and Pax World Management [profile] CEO Joe Keefe confirmed that Impax is buying Pax. The pricing and terms were not disclosed, though key management and senior staff at Pax are sticking around as part of the deal.

Pax has about $4.5 billion in AUM, while Impax has about $9.4 billion. The two firms have been allies for 10 years; in 2007 they teamed up to create the Pax Global Environmental Markets Fund, which debuted in 2008 and now has more than $500 million in assets.

Pax will be rebranded as Impax Investment Management (US) LLC, and Keefe will stay on to lead it, reporting to Simm. Keefe will also join Impax's board.

Keefe describes the deal as creating "a leading sustainable investment manager with business on both sides of the Atlantic." He says that the deal will offer Pax's customers the benefits of "increased scale, research and investment capabilities." 

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