Ashmore AUM up $2 billion despite continued outflows

Emerging-Market-Growth-Growing-General-700x450.jpgAshmore Group has posted an increase of assets under management despite its seventh consecutive quarter of net outflows.

The emerging market specialist manager saw its AUM increasing by $1.9bn in the three months to March, despite net outflows of $1.1bn.

Current AUM now stand at £51.3bn, up from $49.4bn at the end of December. This time last year the company had assets of $61.1bn.

In a trading update published this morning, the firm said it saw “strong returns” in local currency, blended debt and external debt, with assets up 9 per cent to $13.1bn, 3 per cent to $13.7bn and 2 per cent to $11bn respectively.

On the other hand, equities experienced “slightly” negative performance of -3 per cent, with assets dropping from $3.2bn to £3.1bn.

Ashmore Group chief executive Mark Coombs says despite recent headwinds affecting sentiment in the region, there is still “substantial absolute and relative value” in emerging markets.

He says: “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.”