Change in Manager Lineup for Impax Environmental Markets Strategies

Impax has announced several changes within its listed equity team, including developments that affect its strategies focused on environmental markets.

David Winborne will step back from his co-portfolio manager responsibilities—including on Impax Environmental Leaders—effective March 31, 2026, ahead of a six-month sabbatical beginning April 1, 2026. It is currently unclear whether he will return to the firm after this sabbatical and, if so, in what capacity. The firm has stated that his position will not be backfilled.

Separately, Siddharth Jha will leave the firm at the end of February 2026, having relinquished his responsibilities on Impax Environmental Leaders as of Feb. 11, 2026. The firm does not intend to hire a replacement for Jha either.

As a result of these changes, Luciano Lilloy becomes the sole remaining manager from the original trio responsible for Impax Environmental Leaders. Lilloy has around 10 years of industry experience—approximately nine of them at Impax—and was promoted to portfolio manager on this strategy in 2025. He will be joined on the strategy by Sanjeev Lakhani and Fotis Chatzimichalakis.

Chatzimichalakis joined Impax in 2015 and became a comanager of Impax Environmental Markets in October 2021. Lakhani, who joined the firm in 2023, brings nearly two decades of experience investing in global equity markets. He became a comanager on Impax’s Climate strategy on July 1, 2024, and on Impax Environmental Markets in October 2025.

In parallel, Lilloy will join Lakhani and Chatzimichalakis as a manager on Impax Environmental Markets and Impax’s Climate strategy. Effective March 31, 2026, this alignment will bring all environmental markets-focused strategies under a single, integrated portfolio management team.

While the departure of Jha and the stepping back of Winborne represent a loss of experience and a reduction in dedicated resources, we believe the strategies remain in capable and talented hands. The three remaining portfolio managers are supported by a relatively large and well-resourced broader team that provides solid depth and breadth of research.

Accordingly, we confirm that the People Pillar rating remains Above Average, and the Process Pillar rating is maintained at Average for BNP Paribas Climate Change, Impax Environmental Markets, and Impax Environmental Leaders.