12th Jul 2019 09:20
(Alliance News) - Ashmore Group PLC on Friday said healthy client activity, good returns from emerging markets and business diversification led to a 7.6% quarter-on-quarter rise in assets under management for the final three months of financial 2019.
"The consistent implementation of Ashmore's active investment processes is delivering outperformance for clients, and the group's focused strategy is successfully driving higher allocations to emerging markets and diversifying Ashmore's business," Chief Executive Officer Mark Coombs said.
"The outlook for emerging markets remains positive, with supportive economic fundamentals, attractive valuations in fixed income and equities, limited opportunities in Developed Markets and a clear opportunity to continue raising investor allocations to higher, more representative levels," Coombs added.
The company's assets under management increased by USD6.5 billion during the three months to June 30 to USD91.8 billion from USD85.3 billion as at March 31, with net inflows contributing USD3.3 billion and positive investment performance another USD3.2 billion.
The fund manager said it saw a pattern of existing institutional clients increasing allocations across a broad range of strategies, combined with continuing demand from retail clients particularly for corporate debt and local currency products.
The rise in assets also was attributed to improved market conditions such as the easing of US and China trade tensions, central banks in Europe and US turning more dovish, and the weakening of the US dollar.
Ashmore shares were trading 0.8% lower at 514.50 pence Friday morning in London.
Ashmore will publish its results for financial 2019 on September 6.
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