Ashmore attracts $4.5bn to its funds

Marion Dakers

EMERGING markets specialist Ashmore has kept its assets under management broadly steady at $77.4bn (£51.3bn) in the last quarter.

The FTSE 250 firm said in an update this morning that net inflows of $4.5bn were offset by its investments falling $4.8bn.

The firm said local currency and corporate debt attracted the most new cash during the three months to the end of June, taking the total invested in these strategies to $17.6bn and $6.1bn respectively.

“Market conditions were clearly more challenging towards the end of the quarter, but emerging markets fundamentals remain intact and attractive investment opportunities have become apparent across a range of fixed income and equity assets,” said chief executive Mark Coombs in the statement. .

Espirito Santo analyst Phil Dobbin said Ashmore had beaten his forecasts. “We view this as a strong performance against a difficult background, albeit the market shake-out came late in the quarter,” he said in a note.