Ashmore asset surge muzzled by market strife

 
Michael Bow
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EMERGING market turmoil helped cancel out a $4.5bn (£3bn) boost to fund manager Ashmore Group’s assets under management last quarter, figures showed yesterday.

The company, led by billionaire Mark Coombs, said “challenging” market conditions in key markets wiped $4.8bn off the value of investments for the three months ending June, canceling out the $4.5bn boost.

The company invests heavily in Brazil and Turkey, where social protests have caused financial markets to dip in recent months, and China, which has been beset by slower economic growth.

Total assets under management, a key metric used to show how much money managers look after, was flat at $77.4bn. It has seen the amount of money it manages balloon by 23 per cent in the past 12 months.