Ashmore assets under management up as investors "look through" war woe

Ashmore Group PLC on Tuesday reported a rise in assets under management, with net inflows climbing as investors in emerging markets largely shook off "uncertainty over the conflict in the Middle East".

As of June 30, the end of Ashmore's financial fourth quarter, assets under management amounted to USD54.0 billion, up 6.5% from USD50.7 billion in March. AuM is up 13% from USD47.6 billion a year before.

The emerging markets-focused investment manager reported net inflows of USD1.3 billion during the recent three months, as well as a positive investment performance to the tune of USD2.0 billion.

"Net inflows were delivered across local currency, equities, blended and corporate debt as investors look through the uncertainty over the conflict in the Middle East and recognise the relative value and growth differential on offer in emerging markets. Redemptions reduced significantly compared with the prior quarter although a small number of institutional redemptions resulted in a net outflow in the external debt theme for the quarter," Ashmore said.

Ashmore releases its full annual results on September 7.

Chief Executive Officer Mark Coombs said: "Emerging markets performed well, demonstrating their diversity and resilience following the market volatility caused by the closure of the Strait of Hormuz and the corresponding oil price spike. Against this backdrop, Ashmore's active investment management approach has continued to generate excess returns.

"The risk of a global inflation shock is reducing, provided hydrocarbon exports can be maintained through the strait. Real incomes are recovering, and markets are beginning to reprice the prospect of a 'Goldilocks' environment, with reduced recession risk underpinned by significant capital spend on AI, energy security, defence and supply‑chain reorientation. Therefore, the forward-looking macroeconomic environment, together with the longer-term impact of recent US foreign policy, is expected to be supportive for EM."

Ashmore shares were down 3.1% to 208.60 pence each in London on Tuesday morning.

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