ASHMORE Group said yesterday its assets under management rose 6.8 per cent in the three months to the end of September as rising markets and fresh inflows from Asian and Middle Eastern government-related investors boosted the emerging markets-focused manager.
In a trading update released yesterday morning, Ashmore said the money it manages on behalf of clients had grown to $68bn (£42.4bn) at the end of last month, up from $63.7bn three months earlier.
Net inflows accounted for $600m of the rise, while positive investment performance contributed $3.7bn.
Ashmore said net inflows went into its blended debt and local currency products, while investors withdrew money from multi-strategy, external debt, equities and corporate debt themes.
It added that “investment performance was positive across all investment themes”.
London-based Ashmore has grown rapidly in recent years as more investors decide to buy into funds that bet on fast-growing emerging markets.
However, the group, which was recently demoted from the FTSE 100 index, has also seen the amount of fees it earns on the money it manages come under pressure, amid greater competition for emerging markets funds and an investor shift towards less lucrative products.
The fund manager is trying to win more retail clients but its business remains weighted towards institutions.
Shares in FTSE 250-listed Ashmore closed up one per cent at 359.7p, valuing the firm at £2.5bn.
City A.M. Reporter