14th Oct 2019 08:12
(Alliance News) - Ashmore Group PLC on Monday said assets under management were broadly flat in the first quarter of its current financial year, compared to the final quarter of financial 2019, as net inflows were offset by a negative investment performance.
The investment manager's assets stood at USD91.9 billion for the quarter to September 30, up 0.1% from USD91.8 billion as at June 30.
Ashmore said clients continued to increase their fund allocations towards emerging markets during the quarter, and the combination of additions to existing funds and new client funds led to net inflows to every investment theme except the Alternatives theme. Net inflows were highest in blended debt, external debt, local currency, equities and corporate debt, with a small net inflow from the overlay & liquidity investment theme.
"This quarter continued to see broad-based demand for the attractive risk-adjusted returns available across emerging markets, and the delivery of continued net inflows demonstrates both the diversified nature of Ashmore's client base and the breadth of its product range," said Ashmore Chief Executive Mark Coombs.
"The price volatility over the summer has provided Ashmore's active processes with attractive investment opportunities to underpin long-term outperformance for clients. While the global macro environment remains uncertain, the low yields and relatively high equity valuations in Developed Markets mean investors' returns are enhanced by increasing their allocations to the diverse and resilient range of emerging economies in both fixed income and equities," Coombs added.
Ashmore shares were down 0.9% at 474.80 pence early Monday in London.
By Tapan Panchal; [email protected]
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