British fund manager Ashmore Group has said that its assets under management (AuM) declined 13% to $51.1bn at the end of September 2015 from $58.9bn in the previous quarter.
The company attributed the $7.8bn fall in assets in the fiscal first quarter to net outflows of approximately $4bn and negative investment performance of $3.8bn.
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The asset manager said that net outflow reflects the typically quieter quarter combined with a small number of large institutional redemptions, which were primarily in blended debt, external debt and local currency.
Net outflows were modest in local currency, corporate debt, equities and multi-asset, while flows were flat in alternatives and overlay/liquidity, the company added.
According to Ashmore, majority of the investment themes experienced negative absolute investment performance, while relative performance varied by theme, but was solid in blended debt, local currency, specialist equity funds, and slightly weaker in external debt.
Ashmore Group CEO Mark Coombs said: "The market environment remained challenging during the quarter and influenced client behaviour in what is typically a quieter period. Concerns over global growth prospects affected sentiment and resulted in price weakness and greater volatility across global markets.
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By GlobalData"However, this backdrop has provided good opportunities to add risk where prices have diverged from fundamentals, and certain investors are now acting upon the value apparent in the Emerging Markets and are increasing allocations."
