Assets jump at Ashmore

SPECIALIST emerging markets fund manager Ashmore Group reported a significant rise in first quarter assets under management (AUM) yesterday, beating market expectations as Asian retail investors poured money into multi-strategy funds.

It said AUM rose 18 per cent in the first three months to 30 September to $41.6bn (£26.2bn), against $35.3bn at 30 June. Net investment inflows were $3.4bn in the quarter.

There was a more modest rise in Ashmore’s core sovereign bond funds with growth coming from its multi-strategy funds and its currency hedging and overlay strategy.

Trading conditions were “in line with management expectations” the fund manger said adding that it remained confident of its prospects for the current year.

Last month, Ashmore said it had already booked £43.5m in performance fees for the new fiscal year, more than analysts had been expecting for the whole of 2011.

The fund manager operates emerging market funds focused on sovereign bonds in foreign and local currencies, special situations such as distressed debt and private equity, emerging market stocks and corporate high-yield debt.