15th Oct 2015 06:31
LONDON (Alliance News) - Ashmore Group PLC on Thursday reported a 13% drop in assets under management during the opening quarter of its financial year, hit by net outflows of USD4.0 billion and negative investment performance of USD3.8 billion.
The asset manager said weak sentiment towards emerging markets on fears about China's economy and the prospect of higher US interest rates have enabled it to take on risk at attractive prices.
Overall, assets under management fell to USD51.1 billion at the end of September, from USD58.9 billion at the end of June.
"The market environment remained challenging during the quarter and influenced client behaviour in what is typically a quieter period. Concerns over global growth prospects affected sentiment and resulted in price weakness and greater volatility across global markets," Chief Executive Mark Coombs said in a statement.
"However, this backdrop has provided good opportunities to add risk where prices have diverged from fundamentals, and certain investors are now acting upon the value apparent in the Emerging Markets and are increasing allocations," Coombs said.
By Samuel Agini; [email protected]; @samuelagini
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