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Ashmore seeking retail growth

Emerging markets fund firm Ashmore yesterday said it would seek to grow its retail business to diversify its client base, as it boosted first-half profit due to good flows from emerging market sovereign wealth funds. Pre-tax profit leapt 40 per cent to £112m in the six months to end-December compared with the same period a year ago, ahead of a forecast for £92m. “External sovereign debt and local currency debt have seen good inflows and the fastest returning and largest allocators have been the sovereign wealth funds and governments in emerging markets,” said Graeme Dell, group finance director.