LONDON (dpa-AFX) - Ashmore Group Plc (ASHM.L), an asset manager, on Friday reported a decline in assets under management or AuM for the fourth-quarter ended on June 30. The AuM dropped by $1.8 billion comprising investment of $1.1 billion and net outflows of $2.9 billion.
AuM for the June quarter was at $55.9 million, compared with $57.7 million AuM of March quarter.
The net outflows were primarily the result of top-down asset allocation decisions by institutional clients in the external debt theme and, to a lesser extent, in the blended debt and local currency themes.
In addition, the company said that there was a small net outflow in corporate debt.
Mark Coombs, CEO of Ashmore, said: 'There remains some global macro uncertainty and certain investors have therefore reduced risk during the quarter. However, Emerging Markets continue to perform well, with support from improving fundamentals such as accelerating GDP growth, falling inflation and the potential for rate cuts, as well as the benefit of a weaker US dollar...'
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