Ashmore Group PLC Q2 AuM Statement (9910B)
January 13 2015 - 2:00AM
UK Regulatory
TIDMASHM
RNS Number : 9910B
Ashmore Group PLC
13 January 2015
Ashmore Group plc
+0700 13 January, 2015
SECOND QUARTER ASSETS UNDER MANAGEMENT STATEMENT
Ashmore Group plc ("Ashmore", "the Group"), the specialist
Emerging Markets asset manager, announces today the following
update to its assets under management ("AuM") in respect of the
quarter ended 31 December 2014.
Assets under Management
Actual Estimated Movement
30 September
2014 31 December 2014 Q2 vs Q1
Theme (US$ billion) (US$ billion) (%)
--------------------- --------------- ------------------- ----------
External debt 13.3 12.4 -6.8
--------------------- --------------- ------------------- ----------
Local currency 17.1 15.7 -8.2
--------------------- --------------- ------------------- ----------
Corporate debt 7.9 7.4 -6.3
--------------------- --------------- ------------------- ----------
Blended debt 20.7 18.0 -13.0
--------------------- --------------- ------------------- ----------
Equities 5.2 4.3 -17.3
--------------------- --------------- ------------------- ----------
Alternatives 2.2 1.3 -41.0
--------------------- --------------- ------------------- ----------
Multi-strategy 2.2 2.0 -9.1
--------------------- --------------- ------------------- ----------
Overlay / liquidity 2.7 2.6 -3.7
--------------------- --------------- ------------------- ----------
Total 71.3 63.7 -10.7
--------------------- --------------- ------------------- ----------
Assets under management declined during the quarter to US$63.7
billion as a result of negative investment performance of US$2.8
billion, net outflows of US$4.2 billion and the disposal of the
Group's interest in a Chinese real estate joint venture that
reduced alternatives AuM by US$0.6 billion.
Investment performance predominantly reflects the sharp sell-off
in markets in early December that particularly affected local
currency markets. Performance was therefore weakest in the local
currency and blended debt themes, with the latter having an
allocation to local currency assets. External debt, corporate debt
and multi-strategy also saw negative investment performance.
Equities, alternatives and overlay/liquidity were flat.
Net outflows in the blended debt theme resulted from a small
number of segregated accounts and net outflows were also
experienced in equities, external debt and, to a lesser extent, in
local currency, multi-strategy, corporate debt and overlay /
liquidity. Capital was returned as planned to investors in the
alternatives theme.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"Weaker commodity prices, US dollar strength and increased price
volatility impacted upon Emerging Markets during the quarter,
although the diverse range of return opportunities in the asset
class continued to show through. While asset prices have fallen,
uncertainty over the timing and pace of Federal Reserve rate
increases is likely to weigh on sentiment in the near term.
However, Emerging Markets' fundamentals remain sound and previous
uncertainties, such as election cycles, have abated. Therefore, as
is typically the case following a sharp and widespread fall in
asset prices, Emerging Markets provide very attractive near-term
return opportunities, particularly in blended debt, local currency
and equities, for Ashmore's investment processes to capture on
behalf of clients."
Notes:
1. For the translation of US dollar-denominated balance sheet
items, the GBP/USD exchange rate was 1.5577 at 31 December 2014 (30
June 2014: 1.7106). For the translation of US dollar management
fees, the average GBP/USD exchange rate achieved for the first half
of the year was 1.6289 (H1 2013/14: 1.5868).
2. The Group's share of profits or losses from the Chinese real
estate joint venture is recognised in the consolidated statement of
comprehensive income in a single line, 'Share of gains/(losses)
from associates and joint ventures'. There is no impact from the
disposal on the alternatives net management fee margin, which is
stated after excluding the joint venture AuM, and the effect of the
disposal on the Group's profit before tax is immaterial.
Ashmore will announce its interim results in respect of the six
months ended 31 December 2014 on 24 February 2015.
For further information please contact:
Ashmore Group plc
Paul Measday
Investor Relations +44 (0)20 3077 6278
FTI Consulting
Andrew Walton +44 (0)20 3727 1514
Paul Marriott +44 (0)20 3727 1341
This information is provided by RNS
The company news service from the London Stock Exchange
END
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