Ashmore profit rises as "emerging markets well positioned to benefit"

Ashmore Group PLC on Monday said that the war between the US and Iran emphasised that investing in artificial intelligence, energy, security, defence and supply chain resilience is "essential" as it posted a higher profit amid a jump in gains on investment securities.

The emerging markets-focused asset manager said pretax profit rose 17% to £126.9 million in the financial year ended June 30, from £108.6 million a year ago.

Revenue edged down 0.1% to £144.3 million from £144.4 million.

Notably, gains on investment securities jumped to £38.1 million from £11.8 million.

Total assets under management as at June 30 rose 13% to USD54.0 billion from USD47.6 billion a year prior.

Chief Executive Officer Mark Coombs said: "Further strategic progress has been made with notable growth in equities, continued expansion of the local office network and £82.5 million of profits generated from the seed capital programme. Together, these achievements strengthen Ashmore's ability to serve clients globally, capture future flows as capital is increasingly allocated to emerging markets and deliver value for shareholders."

The company proposed a final dividend per share of 12.10 pence, unchanged from a year ago, bringing the total to an unchanged 16.90p.

Looking ahead, Ashmore said: "The global macro environment remains challenging, with volatile geopolitics and US policy still shaping market outcomes. Nonetheless, several macro themes continue to point in the same direction: investors should rebalance allocations away from the US and towards emerging markets to position for higher risk-adjusted returns over the medium term."

It continued: "The expectation is for the global investment cycle to continue. This capital expenditure is underpinned by four pillars: AI, energy security, defence and supply chain resilience. Today's increasingly multi-polar geopolitical environment makes investment in each of these themes essential for countries and corporates alike. The war between the US and Iran has emphasised this further. The past year has shown that emerging markets are well positioned to continue to benefit from this investment cycle, not least as suppliers of the energy, critical minerals and manufactured goods on which it depends."

Ashmore shares fell 1.0% to 217.00 pence each on Monday morning in London.

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