British investment manager Ashmore Group has reported profit before tax of £62.7m for six months ending 31 December 2015, a 43% decrease compared to £110.7m a year ago.
Net revenue was down 29% from £143.9m to £116.4m as a result of performance fees of £8.6m, lower foreign exchange translation gains and due to net management fees of £98.7m.
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The group said that its assets under management (AuM) dropped 16% to US$49.4bn at 31 December 2015 from US$58.9bn as at 30 June 2015, while average AuM fell to US$53,6bn.
For the six months ended 31 December 2015, total operating expenses fell 16% to £46.3m from £55.1m a year ago.
Net outflows for the period totalled US$5.7bn.
The company maintained its interim dividend at 4.55p, while diluted earnings per share were 6.5p.
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By GlobalDataAshmore said that adjusted earnings before interest, tax, depreciation and amortisation, decreased to £68m from £96.3m a year ago.
Ashmore CEO Mark Coombs said: "Markets have remained volatile in early 2016, and while this can provide great value-based investment opportunities, sentiment is likely to continue to be affected by the lower oil price and ongoing concerns about slowing global growth, particularly with respect to China.
"However, after a prolonged period of adjustment in emerging markets, the current yields across sovereign and corporate credit markets suggest these asset classes are well placed to deliver long-term outperformance, particularly with the backdrop of robust fundamentals."
