Down from north of 400p to present 260p.

Odey are short 5%.

I've started buying for recovery and prospect of Odey short covering.

Risky with oil/Russia woes but the dividend is covered and must be nearly 7%.

Morgan Stanley answer to that question:
Despite ~10% net new money during 2H17 (the first inflows since late 2013/early 2014) this has been at lower fee rates, with mgmt fee margins down ~10% H/H. Although MS and consensus forecast fee declines, the extent of declines 2H17 has surprised, which will likely drive consensus downgrades.
Main disappointment is on management fees and, with assets and flows known, is owing to softer revenue margins. 2H17 fee rate of ~50bps is down ~10% H/H as, although the inflows recorded in the period have been into lower-margin institutional segregated mandates (this was known, we and consensus forecast margins to be down), the extent of the decline is worse than expected. Going forward, we model a further ~10% reduction over the next 4 years; however, we expect greater investor concern over the extent and pace of these declines given the new lower start point.
Higher variable comp charge we view as one-off. Overall ~21-22% variable comp charge is above the company's stated 20% level, though, given: (i) significant fund outperformance vs. benchmark (~91% 1 year and ~86%/87% over 3-5 years); and (ii) strong seed capital gains realised in the period – we believe management has exercised discretion by increasing variable comp and would expect a normalisation in coming years."

Thanks for that insight HC.

StockMarketWire.com
Asset manager Ashmore reported Friday lower annual profits despite growing assets under management by more than a quarter amid record net inflows.

For the year ended 30 June, statutory profit before tax fell to £191.3m from £206.2m a year earlier, and net revenue increased to £276.3m from £257.6m.

Gains on investment securities fell to £3m, compared with £22.4m a year earlier, weighing on profit growth.

Assets under management increased 26% to $73.9bn from $58.7bn, and net inflows rose 47% to $16.9bn, the highest delivered by the group in a financial year.

Gross subscriptions doubled to $30.0bn, while redemptions were roughly flat at $13.1 billion for the year, compared to last year in absolute terms.

The asset manager gave an upbeat outlook on emerging markets, insisting that the wobble in emerging markets represented an opportunity rather than doom and gloom. 'Ashmore has delivered a strong operating performance over the financial year, driven by continued investment outperformance, record inflows, an ongoing commitment to cost discipline and good cash generation,' said ark Coombs, Chief Executive Officer, Ashmore Group . 'While asset prices were more volatile in the final quarter of the financial year, this largely reflected nervousness about a small number of emerging countries with particular issues such as Turkey, with the market extrapolating these concerns across the broad and highly diverse Emerging Markets universe of more than 70 countries. This mispricing therefore presents another very appealing entry point for investors.'

UBS today reaffirms its buy investment rating on Ashmore Group PLC (LON:ASHM) and cut its price target to 425p (from 445p).