LONDON (dpa-AFX) - Ashmore Group Plc (ASHM.L), an asset manager focused on emerging markets, reported Monday that its total third-quarter assets under management or AuM was $57.7 billion, up 1 percent from last year's $57.2 billion.
AuM increased $0.5 billion over the period, comprising positive investment performance of $1.6 billion and net outflows of $1.1 billion.
Fixed income AuM grew 1 percent from last year to $50.4 billion.
Net outflows continued to reduce in the quarter, reflecting the more positive Emerging Markets environment over the past six months.
Emerging Markets assets delivered positive returns over the three months. Ashmore continued to deliver outperformance in local currency bonds and equities, while the other fixed income themes performed broadly in line with benchmarks.
Mark Coombs, Chief Executive Officer, Ashmore, said, 'While volatility returned to capital markets in the quarter, driven primarily by the developed world as higher rates caused stresses in the banking system, Emerging Markets delivered positive performance. These markets continue to have attractive prospects centred on cheap valuations, superior economic growth and the potential for interest rate cuts as inflation has already started to fall. ..the medium-term outlook for investment returns and capital flows is positive for Emerging Markets.'
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