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Emerging market manager Ashmore fourth quarter assets up 7.6%, weaker dollar helps

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LONDON (Reuters) – Emerging market-focused money manager Ashmore’s assets under management grew by $6.5 billion (£5.2 billion) in the fourth quarter, it said on Friday, helped by a weaker dollar which boosted demand for debt in local currencies.

Ashmore said total assets at the end of June were $91.8 billion, up from the prior quarter’s $85.3 billion. The emerging markets specialist saw net inflows of $3.3 billion and positive investment performance of $3.2 billion over the period.

The company, which invests across a range of equity, debt, multi-asset and alternative funds for both institutional and retail clients, said existing institutional clients increased allocations across a broad range of strategies.

“The outlook for emerging markets remains positive, with supportive economic fundamentals, attractive valuations in fixed income and equities, limited opportunities in developed markets,” Chief Executive Mark Coombs said.

Assets in Ashmore’s external debt strategy rose 14.4% over the period, to $19.1 billion.

Ashmore’s shares fell 2.4%, however, making it one of the worst performers in the FTSE mid-cap index <.FTMC>, after analysts at Peel Hunt cut their recommendation on the stock to “add” from “buy” following a recent strong share performance.

The shares have heavily outperformed the asset management sector this year, rising 40%, Peel Hunt said in a note.

(Reporting by Navdeep Yatav; editing by David Evans)

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