Sep 12th 2013 - Edison Investment Research today published a report on Ashmore (ASHM.L, LSE:ASHM, LON:ASHM) entitled "It Pays To Outperform". In summary, the report says:
Having previously announced a 22% increase in AUM in 2013, Ashmore has now reported a 7% increase in FY13 EBITDA to £252m. This was 11% ahead of our estimates, reflecting better-than-expected performance fees. The decline in revenue margins to 68bp (FY12: 74bp) was largely expected. We are sanguine about Ashmore's ability to continue to grow AUM through net new money flows and strong investment performance, while noting it is likely to be tempered to some extent by the decline in revenue margins.
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