16th Apr 2021 08:15
(Alliance News) -Â Ashmore Group PLC on Friday reported a reduction in assets under management over its third quarter.
Assets under management stood at USD89.9 billion at the end of March, down 3.3% on USD93.0 billion at the end of December. While the emerging markets-focused asset manager recorded net inflows of USD1.5 billion, this was offset by a negative investment performance of USD4.6 billion.
The quarter saw a continuation of the improving trend of the past twelve months, Ashmore said, as investors recognise the "strong recovery" in emerging markets.
By investment theme, there were net inflows in overlay/liquidity, corporate debt, equities and alternatives, while external debt and local currency experienced net outflows and the other themes were flat over the period.
"The past quarter has shown that as economies transition from the shock of the Covid-19 pandemic back to growth, there will be periods of market volatility as they adjust towards normality. While this has had a mark-to-market impact, it provides opportunities for active management and the positive trend in Ashmore's net flows continued including the seventh consecutive quarter of net inflows to equity strategies," said Chief Executive Mark Coombs.
Shares in Ashmore were up 2.2% at 427.00 pence in London on Friday.
By Lucy Heming;Â [email protected]
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