|
Ashmore Group PLC on Friday reported a decrease in its assets under management, hurt by almost $3 billion worth of outflows. Ashmore, an emerging markets-focused investment manager, said its assets under management in the fourth quarter ended June 30 are expected to have fallen 3.1% to $55.9 billion from $57.7 billion on March 31. ‘There remains some global macro uncertainty and certain investors have therefore reduced risk during the quarter,’ Chief Executive Officer Mark Coombs explained. Ashmore had a positive investment performance of $1.1 billion, though this was more than offset by net outflows of $2.9 billion. ‘Net outflows were primarily the result of top-down asset allocation decisions by institutional clients in the external debt theme and, to a lesser extended, in the blended debt and local currency themes,’ Ashmore said. Ashmore said emerging markets ‘performed well’ during the quarter, however, noting returns between 1% and 2.5% for main benchmark indices. ‘Local currency markets performed particularly well, supported by continued weakness in the US dollar and rapidly falling inflation in larger emerging economies,’ Ashmore said. Shares in Ashmore fell 6.5% to 202.80 pence each in early dealings in London on Friday, the worst FTSE 250-listed performer. Copyright 2023 Alliance News Ltd. All Rights Reserved
|
