British fund manager Ashmore Group has said that its assets under management (AuM) declined 3% to $49.4bn during the second quarter ended 31 December 2015, compared to $51.1bn in the previous quarter.
Ashmore said that net inflows to alternatives and overlay/liquidity were offset by net outflows from local currency and corporate debt, mostly by institutional clients in Europe and Asia Pacific, while net flows in the other investment themes were neutral.
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For the second quarter ended 31 December 2015, investment performance was broadly flat in each of the investment themes.
According to the company, the growth in alternatives AuM arose from inflows into a 25-year infrastructure debt fund in Colombia and a capital raising to fund healthcare investments in the UAE.
Ashmore Group CEO Mark Coombs said: "As anticipated, the initial market reaction was benign, following a period in which Emerging Markets asset prices had adjusted to the prospect of higher rates.
"The market weakness and volatility experienced in early 2016, notably in Chinese equity markets, will doubtless lead to some investors maintaining a cautious stance; considering the price adjustments of the past 18 months, this approach will risk missing some very good performance in Emerging Markets assets as their attractive fundamentals begin to show through."
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