Ashmore Group PLC Trading Statement (0792K)
April 14 2015 - 2:00AM
UK Regulatory
TIDMASHM
RNS Number : 0792K
Ashmore Group PLC
14 April 2015
Ashmore Group plc
+0700 14 April 2015
THIRD 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 March 2015.
Assets under Management
Actual Estimated Movement
31 December 2014 31 March 2015 Q3 vs Q2
Theme (US$ billion) (US$ billion) (%)
External debt(1) 12.4 12.2 -1.6
------------------- ---------------- ----------
Local currency 15.7 15.1 -3.8
------------------- ---------------- ----------
Corporate debt 7.4 6.8 -8.1
------------------- ---------------- ----------
Blended debt(1) 18.0 17.4 -3.3
------------------- ---------------- ----------
Equities 4.3 4.3 -
------------------- ---------------- ----------
Alternatives 1.3 0.9 -30.8
------------------- ---------------- ----------
Multi-strategy 2.0 1.7 -15.0
------------------- ---------------- ----------
Overlay / liquidity 2.6 2.7 +3.8
------------------- ---------------- ----------
Total 63.7 61.1 -4.1
------------------- ---------------- ----------
Assets under management declined during the quarter to US$61.1
billion through a combination of net outflows of US$2.0 billion and
negative investment performance of US$0.6 billion.
Fixed income and equity markets began to recover during the
quarter following the sell-off in December and January, although
local currency returns continued to be affected by the
strengthening of the US dollar. The Group's investment performance
for the quarter therefore primarily reflects negative absolute
performance in the local currency theme, although performance in
this theme continues to be strong against benchmarks. Modest
positive performance in external debt and overlay/liquidity was
offset by negative performance in corporate debt, alternatives and
multi-strategy. Blended debt and equities performance was flat over
the period.
In aggregate, net outflows reduced from the prior quarter with a
modest improvement in new subscriptions as some clients acted to
take advantage of the value available in a number of Emerging
Markets asset classes. Blended debt, corporate debt, external debt,
multi-strategy and local currency experienced net outflows, and
equities and overlay/liquidity were flat. Capital was returned to
investors as planned in the alternatives theme.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"Those investors willing to look beyond short-term price
volatility and to focus on fundamentals are benefiting from the
recent recovery in markets. However, some investors remain cautious
given continued uncertainties such as the timing and impact of
higher US interest rates. Ashmore's investment processes are
delivering alpha as expected after buying into risk at lower market
levels. In our experience, while flows tend to lag investment
performance, the absolute and relative value opportunities across
the range of Emerging Markets asset classes will increasingly be
recognised by investors."
Notes:
1. During the quarter, there was a US$0.1 billion
reclassification from blended debt to external debt following a
change in investment guidelines for those assets. The above
commentary on flows has been adjusted for the reclassification and
it had no other material impact.
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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