Fund manager Ashmore in profit surge

City A.M. Reporter
Emerging markets fund manager Ashmore beat forecasts with a 36 per cent rise in full-year profit, boosted by a sharp increase in investor appetite for emerging market debt products.

The specialist manager reported a pre-tax profit of £217m for the year to June, compared with a forecast for £196m.

The performance was driven by increased investor demand for Ashmore's emerging market products, particularly the most liquid investment strategies of external debt and local currency, it said. There was strong interest from sovereign wealth funds and governments in emerging markets themselves.

"This year has seen an increase in the levels of assets sourced from within the emerging markets, and this is a trend we expect to continue," chief executive Mark Coombs said.

Performance fees were up 58 per cent to £82.9m, and total net revenues were up 41 per cent to £286m. Net inflows touched $7.6 billion.