19th Apr 2016 06:39
LONDON (Alliance News) - Ashmore Group PLC, the emerging markets money manager, on Tuesday said it ended the third quarter of its financial year with more assets under management than at the start, as positive investment performance more than offset net outflows of client money.
Investment performance added USD3.0 billion, while net outflows took away USD1.1 billion, Ashmore said, meaning assets under management rose to USD51.3 billion from USD49.4 billion during the three months ended March 31.
Following a volatile start to 2016, hit by fears about China's slowdown and global economic growth prospects, markets rallied towards the end of the three months. Investment performance was "particularly" strong in local currency in the quarter, as emerging market currencies strengthened against the dollar, Ashmore said.
"There continues to be substantial absolute and relative value available in emerging markets, supporting our view that investors should be looking to increase their allocations," Chief Executive Officer Mark Coombs said in a statement.
"In previous cycles, asset flows typically lagged the initial strong recovery in prices and we anticipate a similar pattern in this cycle as investors recognise the breadth of diverse return opportunities across a broad range of emerging markets investment themes," Coombs said.
By Samuel Agini; [email protected]; @samuelagini
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