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Ashmore first quarter assets up 3 percent on inflows, market gains, deal

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By Reuters

By Simon Jessop

LONDON (Reuters) – Emerging markets-focused fund manager Ashmore <ASHM.L> said assets under management rose 3 percent in its first quarter, boosted by inflows of client cash, market gains and acquired assets.

The gains follow a mixed quarter for peers across the globe as a string of political and trade-related tensions and concerns around global growth hit some markets.

Assets at the end of September were $76.4 billion, it said in a statement, after net inflows of $1.9 billion. Market moves added $300 million, while a further $300 million followed the acquisition of a stake in Colombian real estate manager Avenida.

“Net inflows continued through the quarter as clients responded positively to the opportunities created by price volatility across a broad range of Emerging Markets asset classes,” Chief Executive Mark Coombs said.

“Given the likelihood for mispricing around near term events such as elections in the U.S. and several Emerging Markets countries, we anticipate there will be more opportunities to buy attractively-valued assets.”

Net inflows were broadly spread across the fixed income themes of external debt, local currency, corporate debt and blended debt, Ashmore said, although equity flows were flat and its liquidity, alternatives and multi-asset themes saw outflows.

Absolute investment performance was positive in external debt, corporate debt, blended debt and multi-asset, Ashmore said, but U.S. dollar strength hit local currency and equity strategies.

(Reporting by Simon Jessop; Editing by Maiya Keidan/Keith Weir)