14th Jul 2016 06:44
LONDON (Alliance News) - Ashmore Group PLC on Thursday said assets under management grew in the fourth quarter to the end of June, helped by positive investment performance and strong returns from emerging markets.
The emerging markets fund manager said assets under management at the end of June totalled USD52.6 billion, up from USD51.3 billion at the end of March. Investment performance contributed USD2.0 billion to assets under management, offsetting USD700.0 million in net outflows.
Ashmore said its saw net outflows from external debt, blended debt, equities, local currency and multi-asset mandates, "with no individual theme experiencing significant net outflows".
It said emerging markets continued to deliver strong returns in the quarter, thanks to robust fundamentals and as previous challenges - including falling commodity prices and the strength of the dollar against emerging market currencies - abated.
"The strong performance recovery in emerging markets is unsurprising after a period of weak returns despite resilient underlying economies. While near-term investor sentiment may be affected by uncertainty in the developed world, and institutional decisions can lag market performance despite the strength of the rally, the arguments for investing in emerging markets are powerful and can be expected to drive allocations higher over time," said Chief Executive Mark Coombs.
By Sam Unsted; [email protected]; @SamUAtAlliance
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