Emerging markets fund manager Ashmore has rebooted its business by attracting net quarterly inflows for the first time in nearly three years.
The FTSE 250 asset management firm said today it had attracted $1.4bn (£1.1bn) of net new money into its funds which also grew by $2.3bn as a result of positive investment performance. Total assets under management at the end of March were $55.9bn.
However, shares in the firm fell steadily during trading, currently down over four per cent. Ashmore's share price is still around 30 per cent up on last November's nadir.
Local currency and debt funds were particularly popular, while its equity offerings were broadly flat in terms of net inflows. The firm's alternatives funds saw net outflows.
The problem, Duncan added, was that the growth in inflows was driven by lower margins parts of the business.
Ashmore said emerging stock market performance relative to developed economy counterparts had been key in delivering its strong investment performance.
Mark Coombs, Ashmore chief executive said: "The outperformance of emerging markets reflects accelerating economic growth and attractive absolute and relative valuations across Emerging Markets equity and fixed income markets. This increases the pressure on investors to address their underweight allocations."