Ashmore assets under management rise in third quarter

Total assets under management at Ashmore rose 4% to $51.3bn in the third quarter compared with the previous quarter, as net outflows slowed to $1.1bn

The asset manager, which focuses on emerging markets, saw net outflows in blended debt, external debt, corporate debt, multi-asset and local currency.

The three months to the end of March saw strong returns from emerging markets assets as value was recognised and prices recovered from over-sold levels earlier in the period.

Ashmore said investment performance was particularly strong in local currency, as EM currencies strengthened against the US dollar, blended debt and external debt.

Corporate debt, multi-asset and overlay/liquidity also delivered a positive investment performance during the quarter, although the performance of equities was less impressive.

Chief executive officer Mark Coombs said: “Markets rallied towards the end of the quarter as some of the headwinds that have affected sentiment and held back returns, such as the falling oil price and strong US dollar, started to recede.

“There continues to be substantial absolute and relative value available in emerging markets, supporting our view that investors should be looking to increase their allocations. In previous cycles, asset flows typically lagged the initial strong recovery in prices and we anticipate a similar pattern in this cycle as investors recognise the breadth of diverse return opportunities across a broad range of emerging markets investment themes."