Ashmore Group’s asset rise trumps forecasts in a strong third-quarter

LONDON-based fund manager Ashmore Group yesterday reported an eight per cent increase in its assets under management to $50.3bn (£30.75bn), surpassing RBS’s assets forecast for the third quarter by 3.5 per cent.

In its interim management statement, the emerging markets specialist said the rise was driven by $2.3bn of new money and $1.3bn from positive investment performance.

Ashmore’s best performance for the period ending 31 March came from its “other” themed portfolio which produced a 25 per cent rise in value.

The mandate, which handles the group’s currency hedging and overlay strategy, grew to $7.0bn from $5.6bn.

The only investment expected to lose value is the special situations fund, which mainly invests in corporate restructurings.

“Trading conditions are in line with management expectations and the group remains confident of its prospects for the current year,” Ashmore said in a statement.

The group also expects its acquisition of a 63 per cent stake in EMM to be completed by 31 May. The majority holding, for which Ashmore agreed to pay as much as $246m on 24 February, will be included in its fourth-quarter asset under management figures.

Ashmore’s share price closed at 360p yesterday, marking a rise of 2.10 per cent.