RNS Number : 0925Q
Ashmore Group PLC
13 October 2011
 



Ashmore Group plc

 

+0700 13 October, 2011

 

First QUARTER INTERIM management statement

 

Ashmore Group plc ("Ashmore", the "Group"), the specialist emerging markets asset manager, announces today the following interim management statement in respect of the period ended 30 September 2011.

 

Assets under Management

                                   


Actual

Estimated


Theme

30 June

2011

(US$billion)

30 September

2011

(US$billion)

Movement

Q1vsQ4

(%)

External debt

14.3

12.9

-9.8

Local currency

9.4

8.4

-10.6

Corporate debt

1.3

1.5

+15.3

Blended debt

10.9

10.9

-

Equities

10.1

7.4

-26.7

Alternatives

2.8

2.8

-

Multi-strategy

8.4

6.8

-19.0

Overlay / Liquidity

8.6

8.2

-4.7

Total

65.8

58.9

-10.5

 

The quarter saw assets under management decrease 10.5% to US$58.9 billion.  The primary driver of this reduction was adverse investment performance of US$7.1 billion while net inflows were US$0.2 billion overall.

 

The principal net inflows were within the multi-strategy theme, mainly from Asian retail investor focused products.  There were also net inflows in the overlay/liquidity, blended debt and corporate debt themes, with net outflows in the external debt and equities themes. AshmoreEMM saw outflows of US$370m, slightly in excess of the US$220m notified at 31 May 2011 but not redeemed at 30 June 2011. Under the terms of the acquisition this will result in a modest reduction of the upfront consideration.

 

Market volatility resulting from the challenging and uncertain macroeconomic backdrop, particularly in the United States and Europe, resulted in adverse investment performance across the themes with the equities and local currency benchmarks experiencing the greatest falls, particularly in the month of September.

 

While market conditions remain challenging, recent global economic events reinforce the fundamental attractiveness of the emerging markets asset classes. In our experience over many cycles these market conditions provide some of the best investment opportunities, and we are actively informing current and potential clients that this is exactly the time to be adding steadily to emerging markets, where advantage can be taken of short- term market nervousness to capture long- term fundamental value. We remain focused on positioning Ashmore for further long-term growth, in line with our strategy.

 

For further information, please contact:

 

Ashmore Group plc

MHP Communications

ashmore@mhpc.com



 

Graeme Dell

Gay Collins

Jennifer Spivey

 

Group Finance Director

+44 20 3077 6000

+44 20 3128 8582

+44 7798 626 282

+44 20 3128 8534

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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