14th Jul 2020 09:12
(Alliance News) - Ashmore Group PLC on Tuesday reported a rise in assets under management during its fourth quarter, a strong period for equity markets.
Assets under management increased 9% quarter-on-quarter to sit at USD83.6 billion at June 30, from USD76.8 billion at the end of March.
The second quarter of 2020, the fourth quarter of Ashmore's financial year, saw equities bounce as easing Covid-19 restrictions in some areas improved "investors' risk appetite", the emerging markets-focused asset manager explained.
"Despite the rally over the quarter, valuations across fixed income and equity markets still offer substantial upside and opportunities for further outperformance," Ashmore said.
Chief Executive Officer Mark Coombs added: "The global macroeconomic outlook remains uncertain, and the experience of individual countries will vary considerably, but it is increasingly apparent that the emerging markets in aggregate are less likely to suffer a recession as severe as that in the developed world."
Ashmore will reports on its annual results on September 11.
Shares were 1.2% lower at 422.60 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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