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RNS Number : 3311W  Ashmore Group PLC  17 April 2023

Ashmore Group plc

17 April 2023

THIRD 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 31 March 2023.

Assets under management

 Theme             Actual             Estimated       Movement

31 December 2022
31 March 2023

                (%)
                   (US$ billion)      (US$ billion)
 - External debt   12.4               12.6            +2%
 - Local currency  18.3               18.9            +3%
 - Corporate debt  6.6                6.6             -
 - Blended debt    12.6               12.3            -2%
 Fixed income      49.9               50.4            +1%
 Equities          6.0                5.9             -2%
 Alternatives      1.3                1.4             +8%
 Total             57.2               57.7            +1%

 

Assets under management increased by US$0.5 billion over the period,
comprising positive investment performance of US$1.6 billion and net outflows
of US$1.1 billion.

Net outflows continued to reduce in the quarter, reflecting the more positive
Emerging Markets environment over the past six months alongside investors
recognising the superior growth prospects and attractive valuations available
across equity and fixed income Emerging Markets. There is also a growing
expectation that the US dollar is due a period of weakness given a
recessionary outlook in Developed Markets. The net outflows were primarily in
the blended debt theme, with smaller outflows in the equities, corporate debt
and local currency themes. External debt and alternatives flows were flat.

Emerging Markets assets delivered positive returns over the three months, with
local currency bonds and equities benefiting from currency appreciation and
the rally in the US bond market supporting returns in hard currency investment
themes. Ashmore continued to deliver outperformance in local currency bonds
and equities, while the other fixed income themes performed broadly in line
with benchmarks.

Mark Coombs, Chief Executive Officer, Ashmore Group plc, commented:

"While volatility returned to capital markets in the quarter, driven primarily
by the developed world as higher rates caused stresses in the banking system,
Emerging Markets delivered positive performance. These markets continue to
have attractive prospects centred on cheap valuations, superior economic
growth and the potential for interest rate cuts as inflation has already
started to fall. Greater stability in markets benefits investor risk appetite,
with history suggesting that recovery cycles last for several years, meaning
that the medium-term outlook for investment returns and capital flows is
positive for Emerging Markets."

 

Notes

Local currency AuM includes US$6.3 billion of AuM managed in overlay/liquidity
strategies (31 December 2022: US$5.9 billion).

 

For further information please contact:

Ashmore Group plc

Paul Measday

Investor Relations                   +44 (0)20 3077 6278

FTI Consulting

Neil Doyle                               +44 (0)7771 978 220

Kit Dunford                             +44 (0)7717 417 038

 

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