Ashmore slides on revenue fall

Michael Bow
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MONEY manager Ashmore Group yesterday said half-year profits fell seven per cent in 2012 after a slump in fees bit into revenues.

Performance fees fell from £23m to £15.3m in the six months ending December, leading to a ten per cent fall in net revenue. But the emerging market specialist said Ebitda margin – a key measure of cost control – remained at 70 per cent, the best margin in the sector.

Finance director Graeme Dell told City A.M. it would try and target domestic clients in emerging market countries over the next decade in a bid to grow the firm.