Ashmore Group PLC Trading Statement (8094L)
January 14 2016 - 2:00AM
UK Regulatory
TIDMASHM
RNS Number : 8094L
Ashmore Group PLC
14 January 2016
Ashmore Group plc
+0700 14 January 2016
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 2015.
Assets under management
Actual Estimated Movement
30 September 31 December
2015 2015 Q2 vs Q1
Theme (US$ billion) (US$ billion) (%)
---------------- --------------- --------------- ----------
External debt 10.7 10.8 +1%
---------------- --------------- --------------- ----------
Local currency 13.6 12.0 -12%
---------------- --------------- --------------- ----------
Corporate
debt 5.7 4.8 -16%
---------------- --------------- --------------- ----------
Blended debt 13.4 13.3 -1%
---------------- --------------- --------------- ----------
Equities 3.1 3.2 +3%
---------------- --------------- --------------- ----------
Alternatives 0.8 1.4 +75%
---------------- --------------- --------------- ----------
Multi-asset 1.3 1.2 -8%
---------------- --------------- --------------- ----------
Overlay /
liquidity 2.5 2.7 +8%
---------------- --------------- --------------- ----------
Total 51.1 49.4 -3%
---------------- --------------- --------------- ----------
Assets under management declined by US$1.7 billion over the
period as a result of net outflows. Investment performance was
flat.
Net inflows to alternatives and overlay/liquidity were offset by
net outflows from local currency and corporate debt, predominantly
by institutional clients in Europe and Asia Pacific. Net flows in
the other investment themes were essentially neutral. The growth in
alternatives AuM arose from inflows into a 25-year infrastructure
debt fund in Colombia and a capital raising to fund healthcare
investments in the UAE.
Investment performance over the period was broadly flat in each
of the investment themes, reflecting weaker markets at the end of
the quarter that offset the strong market recovery in October.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"Some market uncertainty has been removed with the long-awaited
increase in US interest rates. As anticipated, the initial market
reaction was benign, following a period in which Emerging Markets
asset prices had adjusted to the prospect of higher rates.
Historically, the early stages of US rate cycles have provided a
supportive backdrop for Emerging Markets fixed income, and
attractive yields across sovereign and corporate markets suggest
these asset classes are well placed to enjoy decent performance.
The market weakness and volatility experienced in early 2016,
notably in Chinese equity markets, will doubtless lead to some
investors maintaining a cautious stance; considering the price
adjustments of the past 18 months, this approach will risk missing
some very good performance in Emerging Markets assets as their
attractive fundamentals begin to show through."
Notes
1. For the translation of US dollar-denominated balance sheet
items, the GBP/USD exchange rate was 1.4736 at 31 December 2015 (30
June 2015: 1.5712, 31 December 2014: 1.5577). For the translation
of US dollar management fees, the average GBP/USD exchange rate
achieved for the first half of the financial year was 1.5291 (H1
2014/15: 1.6289).
Ashmore will announce its interim results in respect of the six
months ended 31 December 2015 on 11 February 2016.
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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