British investment manager Ashmore Group has reported profit before tax of £181.3m for the year ended 30 June 2015, a 6% increase compared to £171.6m a year ago.
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The group said that its assets under management (AuM) declined by 21% US$58.9bn for the year compared to US$75bn as at 30 June 2014, while average AuM fell by 12% to US$66.4bn.
Investment performance contributed US$6bn of the reduction in AuM and net outflows accounted for US$9.5bn, the company said in a statement.
For the year ended 30 June 2015, net revenue increased 8% from £262.9m to £283.3m as a result of higher performance fees and foreign exchange translation gains, partly offset by lower net management fee income.
Total operating costs reduced by 1% to £99.5m reflecting slightly higher absolute variable compensation offset by a 3% reduction in operating costs excluding variable compensation.
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By GlobalDataAshmore said that adjusted earnings before interest, tax, depreciation and amortisation, decreased to £176.7m from £195.1m a year ago.
Peter Gibbs will replace Michael Benson as chairman in October 2015.
Ashmore Group CEO Mark Coombs said: "The past year has been challenging, with continued volatility in global markets.
"Investment performance improved in absolute and relative terms in the second half of the year, as was expected after the Group’s investment processes added risk in a period of market weakness.
"Ashmore’s proven business model, coupled with a disciplined approach to cost control, has maintained a high operating margin and good cash generation despite lower AuM levels."
