British investment manager Ashmore Group has reported statutory pre-tax profit of £110.7m for the six months ended 31 December 2014, up 37% compared with £80.8m a year ago.
The group’s net revenue during the period increased 22% to £164.0m from £134.6m a year earlier.
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The rise in revenue was driven by higher performance fees and foreign exchange gains of £21.4m.
Ashmore Group said that its assets under management (AuM) at 31 December 2014 shrank 15% to US$63.7bn from US$75bn in the previous quarter due to net outflows of US$4.5bn, negative investment performance of US$6.2bn, and a reduction of US$0.6bn relating to the disposal of its stake in a Chinese real estate joint venture.
The company’s earnings per share were 11.5 pence, up 28% from the prior year’s 9.0 pence. Ashmore will pay an interim dividend of 4.55 pence per share compared with 4.45 pence a year earlier.
Ashmore Group CEO Mark Coombs said:"Ashmore’s profit before tax improved by 37% to £110.7 million, despite challenging market conditions that led to an 8% decline in average AuM. This was achieved through rigorous control of operating costs, higher performance fees, and the benefits of a stronger US dollar that offset the decline in management fee income.
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