Ashmore Group plc
12 July 2024
FOURTH QUARTER ASSETS UNDER
MANAGEMENT STATEMENT
Ashmore Group plc ("Ashmore", "the
Group"), the specialist Emerging Markets asset manager, announces
the following update to its assets under management ("AuM") in
respect of the quarter ended 30 June 2024.
Assets under management
|
Theme
|
Actual
31 March 2024
(US$
billion)
|
Estimated
30 June 2024
(US$
billion)
|
Movement
(%)
|
|
- External debt
|
7.1
|
7.2
|
+1%
|
|
- Local currency
|
17.4
|
17.7
|
+2%
|
|
- Corporate debt
|
4.9
|
4.7
|
-4%
|
|
- Blended debt
|
14.2
|
11.7
|
-18%
|
|
Fixed income
|
43.6
|
41.3
|
-5%
|
|
Equities
|
6.8
|
6.7
|
-1%
|
|
Alternatives
|
1.5
|
1.5
|
-
|
|
Total
|
51.9
|
49.5
|
-5%
|
Assets under management decreased by
US$2.4 billion over the period, comprising negative investment
performance of US$0.4 billion and net outflows of US$2.0
billion.
Emerging Markets returns have been
positive over the past year and Ashmore has delivered
outperformance across a broad range of strategies, but in contrast
to this point in previous cycles, investor risk appetite remains
subdued and institutional decisions to reduce Emerging Markets
exposure continue to drive net outflows. This trend was notable in
the blended debt theme this quarter, which, combined with small net
outflows from corporate debt and equities, exceeded the net inflows
into the local currency and external debt themes.
Market performance over the three
months was broadly in line with the preceding quarter, with
external debt, corporate debt and equity indices delivering
positive returns, while local currency bond returns were held back
by a stronger US dollar. Ashmore's relative outperformance was also
consistent with that delivered in the previous three
months.
Mark Coombs, Chief Executive Officer,
Ashmore Group plc, commented:
"Emerging Markets have demonstrated
resilience over the past few years, with effective monetary and
fiscal policies underpinning superior GDP growth. Further growth is
supported by structural economic reforms in many emerging
countries. In contrast, the developed world faces numerous
headwinds following a period of pro-cyclical fiscal expansion and a
sharp increase in the cost of government debt. As the trajectories
of emerging and developed countries continue to diverge, investor
appetite for Emerging Markets exposure will improve and capital
flows will follow, supporting higher risk-adjusted returns in
Emerging Markets over the medium term."
Notes
Local currency AuM includes US$7.6
billion of AuM managed in overlay/liquidity strategies (31 March
2024: US$6.9 billion).
For the translation of US
dollar-denominated balance sheet items, the GBP:USD exchange rate
was 1.2641 at 30 June 2024 (30 June 2023: 1.2714). For the
translation of US dollar management fees, the average GBP:USD
exchange rate for the financial year was 1.2609 (FY2023:
1.2079).
Ashmore will announce its results in
respect of the year ending 30 June 2024 on 5 September
2024.
For further information please
contact:
Ashmore Group plc
Paul Measday
Investor
Relations
+44 (0)20 3077 6278
ir@ashmoregroup.com
FTI Consulting
Neil Doyle
+44 (0)7771 978 220
Kit
Dunford
+44 (0)7717 417 038
ashmore@fticonsulting.com