(Sharecast News) – Asset manager Ashmore Group said on Friday that assets under management increased 9% in the final three months of 2020.
Ashmore revealed that assets under management increased by $7.5bn to $93.0bn in the quarter ended 31 December, made up of an investment performance of $8.1bn and net outflows of $600.0m.
The FTSE 250-listed firm stated that client activity was broadly flat quarter-on-quarter, with net inflows in the overlay/liquidity, external debt and equities themes, reflecting both new client wins and higher allocations to existing mandates, particularly in investment-grade credit.
Ashmore’s blended debt, corporate debt and local currency themes saw net outflows, which were concentrated in European and US intermediary retail channels.
Against a backdrop of positive performance by emerging markets in the quarter, Ashmore also added that its active investment processes delivered outperformance across its broad range of fixed income and equities strategies during the period.
Chief executive Mark Coombs said: “The strong outperformance delivered over the past three quarters provides a firm basis for Ashmore’s investment processes to deliver further absolute and relative performance for clients.
“While Covid will continue to affect individual countries differently, the deployment of vaccines supports the view that 2021 will see improved growth and importantly the growth in emerging countries is forecast to be higher than in the developed world.”
As of 0835 GMT, Ashmore shares were down 0.89% at 448.0p.
