Ashmore hit by weaker foreign currency and poor performance

 
Michael Bow
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EMERGING markets fund manager Ashmore Group yesterday said profits dropped by more than a third this year due to a fall in the amount of money it manages for customers and the strong pound.

The business, founded by billionaire investor Mark Coombs, is a specialist manager of shares in emerging market, a region hit by turbulence over the past 12 months.

Pre-tax profits at the FTSE 250 group fell 34 per cent to £170.3m, led £30m lower by falling fees normally made by managing funds.

Another £40m hit was wrought by the strength of the pound during the period.

But Coombs was upbeat about the firm’s future prospects.

“The recovery in sentiment towards emerging markets in recent months has benefited positions taken during those more volatile periods over the course of the year,” he said.