British money manager Ashmore Group’s assets under management shrank to $71.3bn in the first quarter, a decline of 5% from $75bn in the previous quarter.
The group attributed the fall in AuM to a negative investment performance totaling $3.4bn and net outflows of $0.3bn.
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Ashmore said that its investment performance was weakest in local currency and blended debt towards the end of the quarter.
For the quarter ended 30 September 2014, the local currency, blended debt and corporate debt themes saw net inflows, while its Japanese multi-strategy retail funds saw modest outflows.
Mark Coombs, CEO of Ashmore Group, said: "The decline in AuM over the quarter reflects predominantly the correction in markets towards the end of the period, driven by US dollar strength. This provides a firm footing for Ashmore’s investment processes to take on risk and to deliver long-term investment performance for clients."
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