Ashmore Group PLC on Wednesday reported a decline in assets under management for the second quarter, attributing the drop to ‘volatile’ market conditions and weaker investment performance ahead of the US election.
The London-based emerging markets-focused investment manager said assets under management fell 5.8% to $48.8 billion as of December 31, from $51.8 billion at September 30.
The decline included net outflows of $400 million and $2.6 billion in negative investment performance. Adjusting for the closure during the quarter of a liquidity fund holding $200 million of Ashmore’s own cash, client net outflows were $200 million.
Ashmore said this improvement in flows reflects consistent investor subscriptions and reduced redemptions, underpinned by growing recognition of the resilience and opportunities in emerging markets.
Chief Executive Officer Mark Coombs said: ‘While market conditions were more volatile this quarter, particularly leading up to the US election, the group’s flows continue to improve as clients increasingly recognise emerging markets’ resilience and the delivery of outperformance by Ashmore’s established, active investment processes.’
Looking ahead, CEO Coombs said that global capital markets are ‘likely to remain sensitive’ to the new US administration’s policy announcements.
Shares in Ashmore were up 5.2% at 154.60 pence each in London on Wednesday morning.
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