British fund manager Ashmore Group has said that its assets under management (AuM) declined to $58.9bn at the end of June 2015 from $61.1bn in the previous quarter.
For the fourth quarter ended 30 June 2015, net outflows totalled $3bn while positive investment performance added $0.8 billion.
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Ashmore said that the net outflow was influenced by a small number of relatively large and lower revenue margin redemptions in blended debt and equities, which account for half of the net outflow in the quarter.
For the quarter, emerging markets assets performed well compared to developed markets, and Ashmore’s absolute and relative performance benefited from acquiring value over the previous six months.
According to the company, absolute performance was biased towards US dollar-denominated and high yield assets, with good performance in blended debt and corporate debt, and positive returns in external debt and multi-strategy.
Ashmore Group CEO Mark Coombs said: "Ashmore’s investment processes delivered outperformance across its themes this quarter after acquiring risk in 2014 and early 2015 at lower market levels.
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By GlobalData"While Emerging Markets assets have performed well and some value has been realised, value-based investment opportunities remain across the range of Emerging Markets asset classes, particularly in corporate debt and local currency-denominated assets."
