Emerging markets asset manager Ashmore Group has reported a pretax profit of £170.3 million for the year ended 30 June 2014, down 34% compared to £257.6 million a year ago.
The company attributed the decline in pretax profit to lower performance fees, due to a drop in the value of the funds it manages as well as how well they performed.
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Assets under management fell by £2.4 billion pounds to £75 billion through the year to the end of June.
The company proposed a final dividend of 12 pence a share, taking the full-year payout to 16.45 pence, an increase of 2% on 2013.
Commenting on the group’s results, Mark Coombs, CEO of Ashmore, said: "Ashmore’s financial results for the year reflect the impact of market volatility experienced for much of the period and the effects of Sterling strength. The operational performance was sound, operating cost control and flexibility was demonstrated, and the Group continued to make strategic progress in the period."
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