Shares in asset manager Ashmore fall amid ‘challenging’ emerging markets
Assets under management at Ashmore Group edged upwards in the three months to 31 December against “challenging markets”, the asset manager said in a trading update today.
The emerging markets specialist saw the value of its funds rise $300m (£235.2m) to an estimated $76.7bn.
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The increase comprised net inflows of $500m offset by investment losses of $200m.
The losses reflected “the weaker global market conditions in October, with positive performance delivered over the rest of the quarter”, the company said.
"Despite the more challenging markets experienced for much of 2018, client flows remain resilient reflecting investors' very low allocations to emerging markets and recognition of the value available,” said Mark Coombs, Ashmore’s chief executive officer.
The FTSE 250 business was founded in 1992 as part of the Australia and New Zealand Banking Group before becoming independent in 1999.
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Today’s figures present a changed landscape from the same period last year, when the firm recorded net inflows of $3.6bn as investors flocked to invest in emerging markets.
Shares in the company fell more than four per cent to 363p before recovering to close at 372p, down 1.85 per cent.