Cleantech funds management is a dirty business – just ask the folks at the new Ascalon-affiliated Arkx Investment Management.

Lisa Wade, a co-founder of the fledgling boutique, which boasts heavyweight investment professionals Chris Cuffe and Stephen Roberts among its non-executive directors, will next week launch a rival fund for her new venture, according to the Ethical Investor news service.

Wade left Arkx last year, after a little more than a year with the business, taking Nicki Ashton with her, and formed Change Investment Management. The duo will launch their new fund, according to Ethical Investor, at the glamorous Ivy Pool Bar in Sydney on February 1.

The other Arkx co-founder, Geoff Evison, who remains with the firm, is now looking to launch a retail version of its clean energy fund to take advantage of possible distribution through the Westpac network. Ascalon, a multi-affiliate manager which is owned by Westpac, has acquired 30 per cent of Arkx.

Cuffe, the Arkx chair, is the former chief executive of Colonial First State who now works with the charity group Social Ventures Australia (SVA). Roberts, a former senior executive at Russell Investments and former director of van Eyk Research, also does some pro bono work with SVA, which holds a small stake in Arkx in return for the directors’ services.

Wade’s new fund will also look to invest in renewable energy, clean technology and energy efficiency, both in Australia and overseas.