Shortly about Impax's full-year results for the period up to the end of September. I'm just going to go through a few admin points. First of all, this presentation is being recorded, so you will be able to watch it again, and you'll also be able to see the slides that are presented by the management. There will be a feedback form to the audience after the event, which both ourselves and the management would be very grateful if you can take just a minute or two to share your thoughts on that. For those of you not familiar with Zoom, you will see in the options button under More, and then Q&A, an obvious place to please write your questions, and we should have plenty of time to go through those at the end of the formal presentation. On which we're very delighted to be joined again by CFO Karen Cockburn and Ian Simm, who is the CEO and, of course, the founder of Impax Asset Management. And I am now going to pass over to Ian to commence the presentation. Okay, thank you, Andy. So without further ado, just straight into the agenda. So three things to cover. I don't think we need to go through the appendices, but I'm going to give a quick summary. Karen will then cover the financials, and then I'll come back with a brief summary of the outlook. So many of you perhaps have not met us before, but why Impax Asset Management? Well, we believe there's an enormous investment opportunity worldwide over the next five to 15 years in what we call the transition to a more sustainable economy, which essentially is based on a mainstream capitalist idea that consumers are increasingly looking for more efficient, less polluting goods and services. And that would cover areas like clean energy, infrastructure, smart materials, food and agriculture, and many others beyond that. This is not about ethical investing. It's about thematic or sector-specific opportunities. Impax has been in business since I started the company in 1998, and we've become a global player. We have clients all over the world. Over the last five years, we've initially seen a rapid expansion in competition as many of the large branded houses in our area or in the asset management area have decided they wanted to develop and launch products in climate change or related topics, but many of those players have recently retreated in the wake of some challenges, particularly from U.S. regulators around their response to fiduciary duty. Many of them have confused themselves and the market as to whether they're trying to make money or save the world, whereas Impax has very clearly been aiming to save the money, to make money, but in areas where for those investors looking for good environmental outcomes, there is a tangible non-financial benefit. Global play with weakening competition. Crucially, our business strategy is focused on scaling the business. As you'll see, we have three elements: listed equities, fixed income, and private equity, each of which is positioned to be scalable. We are well on the way to scaling fixed income. We've already scaled listed equities and in private markets. We are well established with a plan to scale in the future. Of course, a scaled business model will deliver a rapid growth of returns to shareholders. Next slide, please. What's behind this transition to a more sustainable economy? Essentially, it's about disruption, which creates market uncertainty around pricing. The disruption is coming from technology change, from regulatory change, and from changing consumer sentiment in areas like electric vehicles and transportation, in renewable energy, in the rapid growth of infrastructure investment, for example, water supply. The regulations in these areas are changing as rapidly as the technology, and so there's plenty of opportunity around the mispricing of both publicly traded and privately held assets. So these sectors are being transformed, and therefore there's an opportunity for a specialist manager with significant resources to do more insightful research than the average market investor and therefore to uncover value, so that's basically what we're doing. Next slide, so as Andy said, these are from now on the results for our financial year ended 30th of September 2025. The six elements of the business highlights are shown here, so it has been a particularly challenging market for investors this year. We don't need to tell you that, but it's been a continued dominance in some parts of the year by the so-called Magnificent Seven stocks or AI-related mega-cap names in particular. At other times, the market's been quite broad. So timing those changes has been quite challenging. After a period of rapid growth in the 2019 to 2022 period, we have seen our flows turn negative, but the net outflows, initially quite significant at the start of this financial year, have become significantly improved in the second half. As I'll show in a moment, the valuation of the main equity strategies that we're running has become quite compelling. So this does represent an attractive buying opportunity. Meanwhile, from a broader perspective, as we seek to develop further scale and opportunities to build the business further, we're making quite significant progress, particularly with the acquisition of Sky Harbor, a unit focused on high-yield investment management in the fixed income space. Meanwhile, we've been increasingly focused on efficiency in our business operations, and we've reduced our cost base, but not in sacrificing our ability to grow or our financial strength. So the business remains very strong with a very material balance sheet such that we've been able to announce, and we're nearly completed with a GBP 10 million share buyback program. Next slide. So Karen will cover the financial highlights in a moment. I won't steal her thunder, but if you eyeball these numbers and compare them to the smaller numbers below FY 2024, you'll see that things have generally retreated, and that's on the back of the outflows that I've just mentioned. So come back to the details, but still healthy results in absolute terms, but less than they were the previous financial year. So the market's been challenging. I think the backdrop here is that consumer confidence has been fragile and is probably weakening, particularly in the U.S. And that's been precipitated by the tariff interventions, geopolitical tensions, and the consequences for inflation, not least of which concerns about government debt. So we're not definitely heading into a downturn or a recession, but over the last six, nine months or so, there's been concern about that fragility. And so that has really caused institutional investors to be cautious, while at the same time, retail investors are seemingly ignoring those signs and continuing to plow money into the stock market. A lot of the asset owners in the world are looking back at the last three years and seeing that the very, very narrow market with the AI stocks dominating has caused a problem for active management. There's an increasing interest in the non-actively managed or so-called systematic strategies, where Impax does have quite a nice established base. Meanwhile, fixed income markets have been pretty well positioned this year, but the relatively tight spread, particularly compensation for risk premium, is holding everyone back at the moment. In private markets, there's a huge amount of capital chasing the larger deals, but Impax is playing in the small to mid-size area where there's still plenty of value to be harnessed. Next slide. I'm afraid in this presentation, there's a couple of very busy slides. This is the first of them, and best to look at this in four quadrants. Water in the top left, leaders, specialists, and global opportunities are our four largest sources of revenue in terms of investment strategies. And in each of the quadrants, there's a pair of bars for each of the last five years. The dark blue bar is the return in the year from the Impax strategy compared to the All Country World Index in yellow. So if you look at the right end of or right-hand end of each of the quadrants, you can see that in 2021, we outperformed the market. But in each of these strategies for the last four years, we have not kept pace with the market. And that's been accompanied by or driven by a significant derating and the bursting of the valuation metrics that we'd seen back in 2021. So we do feel that we're at the bottom of the cycle at the moment because we are tilted towards certain areas of the economy. Then it's very common, as we've seen on a couple of occasions, probably three occasions in the last 27 years, that we are out of favor relative to the main market for a period, and then we come back into favor. So we are long overdue our returns are being in favor. And I think the catalysts for that return are starting to appear, but probably a little bit too early to announce that we're definitely out of the woods. Hopefully, that will materialize in the new year. Next slide. So on this valuation point, just some data around two of those four strategies I referred to, water and specialists. This is, in each case, a five-year comparison between September 2020 and September 2025 of something that's called the PEG ratio or price earnings to growth. The ratio of price earnings, which is a metric of valuation divided by the growth rate. A high number here means quite expensive, a low number quite cheap. The dark blue, again, Impax strategy against the MSCI All Country World Index benchmark in yellow. September 2020, we were trading at a premium in both of these strategies, and now we're trading at a notable discount. This is what I was referring to earlier about the compelling nature of the valuations now relative to where we were four or five years ago. Next slide. Same busy slide, but this time for fixed income, same quadrant arrangements, this time for our four major fixed income strategies. The top left is the one we've just picked up with the acquisition of Absalon, sorry, the acquisition of SKY Harbor, which was closed the 1st of April this year. The bottom right, global high yield, is the strategy we picked up last year, 2024, from the acquisition of Absalon Capital Management in Denmark. Then the other two strategies are the fixed income strategies we've had since 2018 when we bought Pax World Management in the United States. If you do the same comparison, blue bar against yellow bar for each of the years, then you can see that, broadly speaking, the fixed income strategies are either ahead of benchmark or not too far behind. This is a much more robust area where the underperformance or outperformance is much less pronounced, much less cyclical, but this is what clients really want, something which is a bit more reliable with a lower probability of deviation. These strategies are actually quite nicely positioned, and we've got a very good pipeline in this area. Next slide. I'm afraid that I'm just trotting through a set of slides that we present on a semi-annual basis. So if you're not that interested in the numbers, apologies. This is how we put everything together, but I'll just keep going. So what this does is it shows the bridge from the left, which is our assets under management in billion pounds at the end of 2024, financial year 2024. So that's GBP 37.2 billion through the half-year period or half-year point, rather, in green, 25.3 to the end of September, GBP 26.1 billion. So this is the bridge shape. So I'm sure if you followed us for a year, you'll have heard the press news about us losing a mandate from St. James's Place announced back in December, and this actually landed in February. So that was GBP 6.2 billion of assets under management reduction. Then the outflows and inflows in the first half were negative about GBP 4 billion offset by some market movement. Or sorry, first half was compounded by some market movement down. Then in the second half, the net flows were GBP 2.7 billion, so a significant improvement in the second half. We got the acquired assets from Sky Harbor acquisition, and then markets were positive in the second half. So as you can see, comparing the green, blue, and yellow, we had a particularly significant drop in the first half of the year and then a slight increase net net in the second half. So I think that does point to a stabilization of the business. Next slide. This is a breakdown of our assets under management and revenue. So the first two columns show in the blue bars the Impax financial year end position. The yellow bar this time is our position a year earlier. Starting with the left-hand column, our thematic equities represented 64% of our assets under management at the end of September 2025, up slightly. Core equities down because that's where the St. James's Place mandate dropped from. I'm not going to read out all these numbers, but I hope you get the idea. The regional breakdown in the middle shows that the EMEA region and North American region were down moderately, but the U.K. was down considerably as a percentage. Sorry, the North American EMEA was up slightly, but that was because the U.K. was down considerably as a result of the St. James's Place mandate loss. Then by product type, the revenue is shown again in the blue bars. Just worth pointing out the BNP Paribas Mutual Funds, which remains our largest aggregate client, 25% of revenue coming from them, which is stable compared to 12 months earlier. Next slide. The movements in flows for assets under management. This is in GBP millions, but basically, if you divide by 1,000, you get to billion. So St. James's Place, that's the GBP 6.2 billion outflow. Notable here on this slide is the middle top, which is the significantly reduced outflows from BNP Paribas. So that's encouraging, and it's continued to decline into the new financial year. Then segregated accounts in the bottom right is actually an Asia-Pacific institutional investor that was paying us a very, very low fee and a performance fee. So we're not too disappointed to see that one go. Next slide. So moving on from the numbers to our strategic priorities, of which there are six. So essentially, we're looking to scale the business in equities, fixed income, and then grow private equity. That's the top line. And then the bottom line, build our sales and marketing, more distribution channels, deepen our partnership with clients, and then optimize our operating model. So a little bit more detail on these coming up. Next slide. So starting with listed equities, we are continuing to enhance our investment process using technology and, of course, AI, which we're doing through a careful set of experiments. We have introduced more structure into our research team. And then in the product area, we're launching our first exchange-traded fund in the United States, which will happen in a couple of months' time. We are expanding our systematic equity product range, and we've launched our new emerging markets fund. Next slide. In distribution, there's much more work being done to sell to clients directly in German-speaking Europe, which is DACH, Scandinavia, Benelux, and France. And then we have a very good sales colleague in Canada. Through this channel in the Benelux area, we've won a very large segregated mandate, which landed in June. And meanwhile, our sustainability center is continuing to provide a differentiated service to clients. I'll come back to that in a moment. In addition to the reduced outflows from BNP Paribas, we have been cultivating further partnerships for distribution in the Asia-Pacific region, Latin America, and southern Europe. And meanwhile, our brand continues to resonate globally. And as our competitors pull back, as I was saying at the start, then we're seeing an increasing opportunity not just for winning new mandates, but also for winning mandates that clients are wanting to switch from some of these large branded houses that they no longer want to do business with. Next slide. So fixed income, as I mentioned, we completed the acquisition of SKY Harbor in April. We now have 23 investment team members, which is critical mass that compares to five when we bought the PAX business. Client base is now spread nicely over both Europe and the U.S. with an established set of products around those four major strategies. We're making very good progress in advisor or consultant endorsements. These are essential for gatekeeping for the major asset owners. And we're starting to extend our wealth management profile, not just in the U.S., which we've had for a number of years, but also now in many markets in Europe. So lots to look forward to in fixed income, and I think there's a good chance of a rapidly expanding set of inflows here. Next slide. And then in private equity, for those of you that don't know us in this area, we have been since 2005 running a series of 10-year funds. We call them limited partnerships, and they are investing in the renewable energy space, particularly backing the developers of renewable energy assets all around Europe. These developers tend to be relatively small companies. They are relatively under-resourced in financial terms, and therefore, they're very happy and keen to do work with a sophisticated and well-capitalized or well-sized fund manager like Impax. We are making very good progress with exiting our third fund and also deploying our fourth fund. Regulation around what you can say in this area around expansion, but I'll leave you to join the dots about what happens next. We're making good progress in expanding this business. Meanwhile, the efficiency programs continue to develop. Because of the drop in assets under management, we've been able to reduce headcount from about 320 roles to 275. That's a drop of roughly 15%. Frankly, that did actually reflect an inefficiency in our expansion in the 2019-2022 period when we were growing extremely quickly. The way that we added roles at that time was probably not optimal. Many of these positions have been eliminated without any loss of capability. Crucially, we've been able to downsize the headcount without any reduction in that capability or in our growth potential. Meanwhile, there's plenty of project work underway to improve our efficiency with the broader adoption of technology. That may well lead to further headcount reduction in the future, again, without compromising our growth potential. Then, as I said, the sustainability center, this essentially is helping our clients in four or five ways. We are, through this center, enhancing our research. We are coordinating our engagement and stewardship work with underlying companies. We're providing detailed reports to clients around non-financial outcomes. We are helping them with thought leadership information, for example, around physical climate risk. And at the same time, working on a collaborative basis with them around the engagement with policymakers so that there can be a financial expertise injection into new market creation and the associated regulations. At which point I think I'm handing over to Karen. Thank you, Ian, and thank you all for your time this afternoon. I'm just going to take you through those numbers that Ian's flashed in front of you there at the start, but they do reflect that Ian's comments that we find ourselves at the bottom of the cycle, and numbers still a healthy profit, but do reflect the level of outflow that we have seen this year. So starting with, on Monday, we announced then the adjusted operating profit of 33.6 and the EPS sitting at 21.3. Now, both of those numbers down by about just over a third from the prior year. You can see that it's a net reduction of GBP 19 million, and that has come from a GBP 28 million reduction in revenue being offset then by the cost action that Ian referenced by about the savings that we made in the year of GBP 9 million. It's important, I think we'll get into it in a little more detail that as we did lose some of those larger clients, the actual fee margin, a key measure for the health of the business, did improve. Now, we finished the year in an operating margin of 23.7% and also finished the year with the balance sheet in very good health with capital and cash surplus. On the back of that, proposing a dividend of 8 pence, 12 pence for the full year, representing a payout of 55.7%. That's aligned to our dividend policy and now sets our dividend payout at a sustainable rate. Then we finished a busy year also with a buyback, our first-ever buyback, which I'm happy to say is well on track for completion for the end of the calendar year. The next slide looks at the revenue in a little more detail that sort of just unpacks that sort of reduction that we saw in the year. It's predominantly driven by the reduction in the AUM based on Ian's slide, if you recall it, that started the year at 37 billion but finished at 26. The averages for the two-year are the ones that really drive sort of the revenue calculations. You can see that they have dropped significantly, reflecting that outflow. Just looking at the bridge, you can see the significant drop in the income year on year was this level of outflow. And you can see SJP being the largest contributor to that. Now, that was offset by favorable market movement and then the impact of the acquisitions as we build out our fixed income capability. That took the full year to GBP 141.9. Now, looking at asset management, it's always really important just to see where we are today. And there's the figure in the circle at the bottom of GBP 126.1 million. We call that the run rate, which is where we found ourselves in September 12x. Now, what that figure reflects, it's important to sort of say the level of outflow that we had, 80% of it happened in the first half of the year. So the business has been in a very stable position of ±GBP 26 billion a little for the last six months. That's the position that we look for, that we would like to retain before we push on for growth. In terms of looking at sort of where we think a number like that, I know you'll all have models how that might outturn for the year. The guidance that we give to the broad analyst community, of which Equity Development takes part in our consensus, is really very conservative. That it's difficult to call when we expect sort of the growth to return. But we have many reasons to be optimistic as we talk there about the fixed income opportunity, systematic, and the ETF that we're very active in terms of new product. But I'm being very conservative in terms of where I see that coming in. I expect the revenue to be a figure still beginning with a one, maybe with a three at some point in the next 12 months. Now, a really key component of looking at the AUM then is the average fee margin, which we saw increase to 46.9 in the year. Now, that is a fee that's made up of over 80 clients. And about 90% of that, 95%, it comes from our listed equity business. And then about 10%, sorry, 10% of our business is this fixed income. A combination of those as we grow forward, I expect to see sort of that run rate margin of 48.4 basis points come down slowly over time as we do grow that fixed income business. But that is a very healthy, well-diversified, supported by 80 clients margin and a sign, I think, of the underlying strength of the business. I then move on to look at costs. On the back of that outflow that we had, we had a very active cost management program that 45 people left the business. You can see on the bridge that the two orange blocks that we talk there are really staff-related. So 45 people resulted in GBP 5.6 million saving in the year. On average, they left maybe six, seven months into the year. So that will gross up to over an GBP 11 million saving as we move into the new year. For those that follow us, a very important policy that we have is the level of variable staff costs. That's the bonus pool. We align that very closely to investor interests in that the policy is to pay out no more than 45% of the pre-bonus profits in the form of bonus. What that means is that with that adjusted profit, the reduced profitability coming through, then it is the simple mathematics of that tax add into saving, but the key point being very aligned. So significant cost reduction in the business. And then we continue to invest. Whilst removing costs, we will continue to invest in the areas where we do see the opportunity for growth. And that's where you see the cost-based build backup marginally, the acquisition of SKY Harbor bringing in additional cost, and also then sort of just the regular inflation view. But where we finish the year is that whilst the costs across that bridge dropped by GBP 9 million, the two figures at the bottom of the table show you the actual run rate costs of the business reduced by GBP 20 million. So we have been able to respond to quite a significant amount of the AUM and flow loss that we've had. Just very quickly looking down the left-hand side, you can see the headcount there that has reduced. 45 heads came out. We did add some further into our fixed income business. We now have 23 investment professionals in our fixed income business. So that's a business ready to scale. And you can see the cost reductions just came broadly out across the whole business rather than any one specific area. So a refined cost base is what we're taking into the new year. And then bringing the revenue and the cost together just to look at that operating margin, 23.7, we have enjoyed a number of years previously in the 30s, and we feel confident about getting back into an operating margin of 30% in the medium term. That's really finishing off on the P&L. Very quickly on the balance sheet, moving on to a couple of slides to say all in very good health. We finished the year in good health with GBP 64.7 million of cash on the balance sheet, significant healthy surplus in that. Key uses of the cash this year, it has reduced broadly because of the relatively large prior year dividend being paid out of this year's reduced operating earnings. The acquisition of our own shares, which is the buyback, and also we continue to buy shares into our EBT to further align our staff to shareholders. Of course, the purchase of SKY Harbor, which happened in April for roughly $6 million that comes out of that figure. That leaves us with very healthy cash balances. On the back of that, paying a dividend yield of 6.9%. Again, a very clearly defined policy that we've had for dividend over a number of years, which is to pay out at least 55% of adjusted profit after tax, and this year, we're putting that at 55.7% to a sustainable rate. Now, that level of dividend of 12 pence for the year plus the buyback, I'll talk about that in a moment. That's putting GBP 25 million, a significant amount of cash back in shareholders' hands over the period. Now, based on that dividend payout, looking on the next slide at capital, again, remains with very healthy surplus. There's no debt in the business. We continue to generate capital. It shows that actually the surplus there in that orange box looks as if it increased in the year. Once we complete the buyback, you'll see that reduce slightly. And then also an important message for me, just like costs where we're invested for growth, our capital. We also have now nearly GBP 17 million in seed capital where we see growth opportunities. When we're doing these presentations, I think always important to talk about our capital allocation priorities. These have not changed since we updated at the half year when we restated our capital allocation policy. But the real priority right now in this period of volatile earnings is the financial resilience. We will seek to pay the sustainable dividend. I mentioned we continue to purchase shares into the EBT. And then there always is the excess that we will carry looking for growth to invest into the business, but also seeking to grow by small accretive acquisitions has always been part of the DNA of the organization. And that continues. Then just a page to finish with based on looking at the buyback, just to confirm, we announced on the 22nd of May a buyback of GBP 10 million. At the 30th of September, and the accounts, when you read them, you'll see that we had about a third of that completed. We had a very active last couple of months and finish as of the day of Monday's date of announcement that we had 89% complete of the program. We therefore expect to complete that over the coming weeks. And net-based, give or take a bit on where the share price is, we expect to be canceling up to 4% of the opening share capital on that. EBTs, so just to sort of we've mentioned that we continue to buy shares, spending GBP 3.4 million this year. The EBT holds a significant portion, 5.9 million of the issued share capital of the business. Then just wanted to call out, we haven't looked at it for a while in these presentations, was just that the broad shape of the share ownership with BNP being the largest asset holder and also being the largest shareholder of the business with 14%. That has been at that level for quite some time. We do seek, and hence why we continue with this EBT use of capital. We're seeking to have employees, whether it be to own up to 12% of the issued share capital as well. Of course, we've got the founders in there and the free float, but that's always been a broadly stable set of shareholdings. With that, until I have time for questions, I will hand it back to Ian. Thank you. Just to wrap up on the outlook slide. Look, I think the investment management market is really at an interesting juncture. The major asset owners around the world are increasingly looking for specialist investment management service in differentiated areas. This is where Impax really stands out because for more than a quarter of a century, we've been focused on an area of the economy that is growing in a sort of secular way in the direction of more and more provision of cleaner, less polluting goods and services. There are some political bumps in the road around, for example, U.S. energy policy, but frankly, that's what asset management in the active area is all about. We're able to navigate this political headwinds very successfully. Our differentiated brand does give us a very easy calling card to the world's major asset owners, pension funds and sovereign wealth funds. And we've got a very wide base of such clients already. We also have offices in the U.S., a couple of offices in Asia and throughout Europe. So we're well placed to reach out to other potential clients in this space. The equity business relative to fixed income and private markets still dominates with 90% roughly of our value or certainly our revenue coming from listed equities. And as I'm sure you appreciate, strategically, we are trying to diversify that by growing fixed income and private markets so that the business is less dependent on the equity market cycle. We haven't got there yet because it takes time to diversify. Therefore, we have been exposed in the last three or four years to that equity market cycle, which is seemingly at the bottom. We're waiting for a recovery. In the meantime, the AI phenomenon is delaying that as more and more capital is chasing the very large AI stocks. The widespread expectation in the market is that 2026 will be broader. There'll be less dominance by the mega-cap tech AI names. In that context, we ought to bounce back to outperformance. The business development and diversification of the business will continue. We're not signaling any more acquisitions at the moment, but that's certainly part of our medium-term plan. In that context, as Karen's laid out, we have a very strong balance sheet and ability to fund directly further acquisitions and a brand which asset management teams and boutiques, I think, increasingly find attractive as a potential home. So I will pause there. Hand back to Andy. Great. Thank you very much, both of you. Very thorough, detailed, and very clear presentation. Plenty of questions coming in, so let's go straight into them. ESG exuberance is one way of describing some of the flows of money in recent years. It certainly seems to be the case that some clients who put money with Impax have only had a short-lived interest in sustainable investing. As you mentioned, Ian, 27 years this business has been going. Could you give more of a perspective about how long typical mandates might last on average in recent years or over that period? And And give a bit more comfort on the stickiness of institutions who are genuinely interested in investing in this space. Okay. That was quite a long question, so I think the easy way to address that is to say that there's two types of clients that we've seen recently. The long-term clients that have been with us for five to 25 years, and then the more recently arrived clients. So I think the more recently arrived clients who've probably been less patient, and many of them came in with a very strong tailwind to the sector in the 2019-2021 period, and regressively, that was pretty much the top of the market. They’re the ones who’ve experienced the most significant impact, negative impact from the cycle. As implied by the question, the longer-term clients generally are still with us at scale. As Karen mentioned, there’s over 80 clients, and that’s 80 contracts. Some of those contracts will be with funds with multiple, in some cases, hundreds of underlying clients. What’s the outlook for the business in terms of clients? I think there’s a very good chance that those longer-term clients will ride out the cycle because they’ve not lost as much money because they didn’t invest in the peak, but also probably understand what we’re doing better than the more recently arrived ones. Then, as I said several times, we do have a great client outreach and client service team all around the world, so we are well placed to win additional business. Very clear. Thank you. Right. You have consistently sought to grow fixed income and private markets to diversify the business. Does the board have a longer-term target in mind for what might be a more balanced and ideal split between listed equities, fixed income, and private markets? Well, the board doesn't have a formal target. There's no statement as to what we're aiming to achieve. But I think if you look at other firms at a slightly bigger scale who do both fixed income and listed equities, then it's not uncommon to have two equally sized divisions. I think the uncertainty really is around private markets, which generally are more difficult to scale and where you need to be very careful about quality because if you don't deliver consistently good returns, then it's almost impossible to grow further. So we do enjoy the market insights and relationship connections in the industry that our private markets team build or are offering us. But we're not in a hurry to expand that area as rapidly as we think fixed income will expand. Okay. Thank you. Just on private markets, we have a question. Would you describe their activities as more VC than PE or the other way around? Well, these terms tend to be a little bit slippery, as I'm sure the questioner knows. The way we describe what we do is value-add infrastructure. So we are looking to get a capital gain by backing the developers of new assets and by putting money into fund the construction of the new assets. And then once the assets are built, we sell them. That's why it's sort of infrastructure style, but it's value-add in the sense of having a relatively short turnaround time and not owning the assets for yield, which would be a more sort of core or core-plus-based infrastructure strategy. Okay. And while we're checking definitions, we have someone asking if you could just describe in a bit more detail what systematic equities products involve and who are the typical buyers for such products. Sure. Yes. So one of Impax's strengths is the creation of taxonomies or universes of thematic stocks that fit the criteria. For example, in the water sector, we have a taxonomy of water stocks, water-related stocks, or similarly in the food sector. So at the moment, our actively managed strategies look at those universes and pick stocks through the judgment of the individual fund manager. In a systematic equity strategy for example, water or food, the human intervention would simply be to check how the computer was doing in performing the same exercise. So a computer and systematic would basically pick the stocks by running a very large number of portfolios of different weightings and different stocks and recommend the best one. So then the human intervention is simply to make sure that the output is consistent with the process. So less human intervention, lower tracking error, or lower deviation from the benchmark, and as a result, probably lower fees to the clients, but an ability to scale very considerably. All very clear. Karen, I think this one might be for you. You mentioned that adjusted operating margins are hopefully going to move back to what have historically been much higher levels. It seems like most of the heavy lifting has been done in cost control. So can you just identify where your confidence is coming from on the other side of the equation? Is that operational leverage as assets grow, or is it margins? If you can just elaborate. Yeah. So we have been very diligent, I think, this year in cost reduction. And I want to say we have the cost base that we believe is the right cost base for the opportunity that's in front of us. So where would the confidence come from is where I'm being cautious. So that's why I say over the medium rather than the short term is the fixed income. They're large mandates that we have in place, our distribution network. So we have in place, in that team of 23 investment professionals. We have a 10-year track record. Our investments have been made in that area that really should be scaled. That is our main opportunity for scaling. I think the way I look at it is that we have really refined the cost reductions. What they did was really refined the listed equity cost base. So when that grows again, that will grow without much investment. But the real sort of step change will come for me in the fixed income growth. And the piece that I can't call is just the timing on that, but all the infrastructure is in place to enable that. Yeah. Makes sense. Geographical question. North American operations provided about 40% of your revenues. Could you give us an indication of the split between America and Canada in that number? Looking ahead, do you think that the sheer scale of the U.S. economy is the bigger opportunity? Or is it perhaps that Canada, which is certainly at the moment more pro-sustainability, may prove the more interesting area to invest in? We've had distribution in the United States since 2008. In fact, we bought our distribution partner, Pax World Management, in 2018. And we have therefore a very nicely positioned mutual fund platform serving the wealth management and to some degree the retail market as well as an institutional client service group. In Canada, we have initially used BNP Paribas Asset Management. But when they decided to pull out of Canada, we were able to pick up their representative who moved from BNP Paribas to Impax and is currently living in Montreal and doing the same job for us directly now. We've had business in Canada for probably 15 years. In terms of the relative size of Canada, I think I know the answer, but Karen, do you have the exact number? I'm going to say North America in total is about GBP 10 billion of our asset. I'd say somewhere mid-15%, probably Canada, 15%-20%. Yeah. That is heavily skewed to the wealth management market through distributors in Ontario and Quebec. A little bit of institutional, but it's mainly wealth. I do think there's very strong potential for that platform to grow because I think Canadian individuals and families are very well disposed towards and interested in the transition to a more sustainable economy. In the United States, I think clearly we need to be careful where we market. We do have a very well-established client base with the so-called wirehouses, which would be the groups like JP Morgan, Morgan Stanley, Bank of America, Merrill Lynch, and to some degree, Raymond James, Wells Fargo. And those represent very scalable relationships. There's also quite strong consultant following among U.S. groups like Cambridge Associates who know our strategies very well. And there's a large number of institutional investors, particularly East Coast and West Coast, who are still very interested in this area. So as a net or summary of all that, I would say that the North American opportunity is still very attractive in spite of the federal political headwinds. And we do have a team of about 110 people in the U.S., with one person in Canada, who are building on our brand, which has been there since actually the 1970s, which was the origins of Pax World Management. Great. A couple of questions on the BNP channel, which I'll put together. Historically, Ian, I think you've explained that their outflows last year were mostly driven by top-down asset allocation at their end, and there is an additional. Well, there's a question: is that why it stabilized in recent months, and an additional question: is it a question of the BNP Salesforce being more focused on your product, and the two may well be linked. I think that BNP Paribas Asset Management is well known throughout Europe as a money market funds and fixed income specialist, with equity funds being a key component, but not as big or as sort of high prominence as those two other asset classes. So as you correctly pointed out, Andy, I've said before that in the last two or three years, BNP has been recommending to its wealth management clients, wealth management sector clients, that they have a relatively conservative portfolio. So I think, yes, the fact that the outflows have been dropping does suggest that the central gatekeepers are incrementally more positive about equities, and the salespeople are therefore proposing that allocations to equities are improved. So the other component in that story is the acquisition by BNP Paribas Investment Management of their counterpart in AXA, so AXA Investment Management, which dramatically increases the size of the aggregated team. So we're looking forward to more distribution potential through a much larger platform. Good to hear. And last question, I think. With some providers of asset management services withdrawing from the sustainable investment area, has that changed the identity of competitors that you come up against in tenders in recent months? Do they still tend to be firms with global reach like yourselves, or might there be local experts based in the region, be it Asia or America? If we cast our minds back five or six years or longer, then there was a group of specialist players with global reach who we would generally come up against. It was probably half a dozen names. And those groups are still around because, like Impax, they are focused on, not necessarily dedicated to, but focused on this transition to a more sustainable economy. Around 2019, 2020, as I've mentioned, many of the very large asset managers in the world developed products in this area, and many of them, if not most of them, have actually pulled back. So we're left with the same old group of experienced peers. But frankly, no one's as large as Impax in terms of resources. I think we are globally the largest manager dedicated to this area and probably the most diversified client base. So we are well placed to win mandates. And meanwhile, as I've said, the asset owner community is still very interested in what we're doing, albeit some of the pension funds, for example, in the southern part of the U.S. are fearful of coming into the space because of the political backlash. But if you strip them out, then the rest of the market's still very interested in what we're doing. Great. Very good notes on which to finish the Q&A. Thank you to the audience for our many questions. Thank you, of course, to our presenters. And Ian, perhaps would you just like to summarize the positive outlook? Sure. Yes, well, thanks for joining. Thank you to Equity Development for hosting. I think investment has to be a medium-term game. Otherwise, it becomes impossible to do other things in life. And I think Impax is fantastically positioned for medium-term success, given our globally leading brand in an area which is set for further expansion. And the market is overdue a return to a more normal, broader structure with less dominance by a handful of names. And in that context, our investment performance should be bouncing back fairly promptly. And when it does, then I think the flows can pick up very quickly. We also have a good track record of acquisitions. We have a very strong culture. Management, as Karen says, owning around 20% of the business, so very nicely aligned with external investors. We really value the connection with everybody. Thank you to everybody who's dialed in, and particularly those who've dialed in before and are following us. We're always available for one-on-one questions if there's anything you'd like to address to us directly. Look forward to staying in touch. Thank you. Thanks, Andy. Appreciate it. Yep. No, thank you. Four minutes for your next one, both. Okay. Thanks, Andy. See you soon. Thank you. Speak later. Bye-bye.