Ashmore profits boosted by emerging markets

 
City A.M. Reporter
- Fund manager Ashmore Group (ASHM.L) saw its pre-tax profits jump 13 per cent after clients looked to its emerging market products to see them through volatile times.

Profits hit £245.9m in the year to June-end the company said in a statement, just ahead of £245m s forecast by Oriel Securities, after net management fees rose by almost a third.

Ashmore, which recently gained entry to the FTSE 100 blue chip index, managed $65.8 billion in assets at June-end, and said it was well-positioned to grow its business as the demand for emerging market exposure increases.

"The opportunity for raising AuM (assets under management) from both developed country and emerging markets sources as they increasingly come to realise the attractiveness of the emerging markets asset classes over developed markets alternatives, remains a compelling one," chief executive Mark Coombs said in the statement.

The full year dividend is 14.5 pence.