STUART DUNCAN PEEL HUNT
Net outflows in the final quarter were $600m, disappointing but indicative of the market conditions that prevailed. We expect to reduce forecasts, but we still consider that Ashmore offers long-term structural growth and therefore we retain our Buy recommendation.
HALEY TAM CITI
Assets under management [are] three per cent below our expectations. Performance fee guidance a shade lower for 2012 but significantly lower for 2013. Consensus downgrades likely. Overall, despite recent falls we look for further share price weakness. Neutral.
SARAH ING SINGER CAPITAL MARKETS
We continue to believe that emerging market debt will continue to grow as an asset class and we are positive longer term. However, market conditions remain challenging for most asset gatherers and we expect 2013 consensus to fall. Lacking any positive catalyst, we retain our cautious stance.