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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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