British fund manager Ashmore Group has said that its assets under management (AuM) increased 4% to $51.3bn during the third quarter ended 31 March 2016 from $49.4bn in the previous quarter, driven by strong returns from emerging markets.
During the quarter, the company recorded net outflows of $1.1bn, particularly in blended debt, external debt, corporate debt, multi-asset and local currency.
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However, it posted a positive investment performance of $3bn, with the performance mainly strong in local currency, blended debt and external debt.
Investment performance was also positive in corporate debt, multi-asset and overlay/liquidity, offset by a slight negative performance in the equities theme.
Ashmore Group CEO Mark Coombs: "Markets rallied towards the end of the quarter as some of the headwinds that have affected sentiment and held back returns, such as the falling oil price and strong US dollar, started to recede. There continues to be substantial absolute and relative value available in Emerging Markets, supporting our view that investors should be looking to increase their allocations.
"In previous cycles, asset flows typically lagged the initial strong recovery in prices and we anticipate a similar pattern in this cycle as investors recognise the breadth of diverse return opportunities across a broad range of Emerging Markets investment themes."
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By GlobalData
