Ashmore will focus on EM

 
City A.M. Reporter
BRITISH fund manager Ashmore Group said clients were sticking with emerging markets and it planned to boost its presence in Latin America and Asia to latch on to the region’s growing middle class.

Ashmore reported a 13 per cent rise in full-year pre-tax profit to £246m yesterday, in line with the £245m forecast by Oriel Securities, after net management fees rose almost a third.

Ashmore, which was promoted to the FTSE 100 last week, said it saw continued interest in emerging markets despite the rocky summer.

“I do not think we have anything other than continued positive interest in the [emerging markets] asset class. That is certainly not seasonal, and it is long term in its nature,” finance director Graeme Dell said.

Ashmore, which managed $65.8bn at the end of June, said it would focus on growing its retail business in the US and Asia, and try to attract more clients from the growing middle class in emerging markets.

Ashmore also announced a dividend hike of 11 per cent yesterday, which will see chief executive Mark Coombs – who holds a 42 per cent stake in the business – pick up a windfall of approximately £43m.