Impax Asset Management is opening a new office in Tokyo this month, following the firm’s selection by the Tokyo Metropolitan Government to receive a ‘Green Finance Subsidy Programme for Tokyo Market Entry’.

The firm said it will hire a small number of employees and added that it will continue to collaborate with BNP Paribas Asset Management Japan, which has been its distribution partner for more than 10 years.

The Green Finance Subsidy Programme is aimed at sustainable economic and social recovery through advancing climate change countermeasures. It provides support for overseas asset managers and fintechs involved in green finance when they start new businesses in Tokyo.

Impax also said it was recently awarded a mandate from a major government pension fund.

“We see significant potential to grow in Japan, which has a sophisticated asset owner community with a considerable interest in the investable opportunities relating to the transition to a more sustainable economy,” said Ian Simm (pictured), CEO of Impax.

Read ESG Clarity’s Q&A with Simm here.

Founded in 1998, Impax has £40.3bn ($49.7bn) in assets under management as of 31 January in both listed and private markets strategies.

It has roughly 300 employees globally in its UK, US, Ireland and Hong Kong offices.