Ashmore Group PLC Trading Statement (0089P)
14 October 2021 - 5:00PM
UK Regulatory
TIDMASHM
RNS Number : 0089P
Ashmore Group PLC
14 October 2021
Ashmore Group plc
14 October 2021
FIRST 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
30 September 2021.
Assets under management
Actual Estimated
30 September
30 June 2021 2021 Movement
Theme (US$ billion) (US$ billion) (%)
- External debt 18.7 18.8 +0.5%
--------------- --------------- ---------
- Local currency 31.9 30.5 -4.4%
--------------- --------------- ---------
- Corporate debt 11.3 10.3 -8.8%
--------------- --------------- ---------
- Blended debt 23.4 22.4 -4.3%
--------------- --------------- ---------
Fixed income 85.3 82.0 -3.9%
--------------- --------------- ---------
Equities 7.7 7.8 +1.3%
--------------- --------------- ---------
Alternatives 1.4 1.5 +7.1%
--------------- --------------- ---------
Total 94.4 91.3 -3.3%
--------------- --------------- ---------
Assets under management declined by US$3.1 billion over the
period, comprising net outflows of US$1.0 billion and negative
investment performance of US$2.1 billion.
There were net inflows in the external debt and equities themes
and net outflows in the local currency, corporate debt and blended
debt themes over the quarter. The net outflows were influenced by a
small number of large institutional redemptions and there was a
small net outflow from intermediary retail clients. New mandates
were won in external debt, blended debt, local currency and
equities, and there continues to be good demand for investment
grade strategies.
Market sentiment, prompted by the macro environment,
deteriorated as the quarter progressed, and the consequent
reduction in investor risk appetite in September meant that returns
were negative for the period overall. While certain of Ashmore's
strategies underperformed, as is typical in such a market
environment, equity and investment grade strategies outperformed.
Relative performance over one, three and five years remains broadly
consistent with the position in June.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"Investors have focused increasingly on the global growth
outlook, including the impact of higher commodity prices, supply
chain challenges and China's ongoing reforms. Meanwhile,
vaccination rates are increasing and restrictions are easing across
a wide range of Emerging Markets, delivering a pickup in leading
indicators and a broadening of economic growth. Further, central
banks in emerging countries are raising interest rates, reinforcing
the attractive yields available. This positive fundamental backdrop
is not reflected in current valuations, presenting an opportunity
for Ashmore's active investment processes to exploit and enabling
investors to benefit from increasing their allocations to Emerging
Markets."
Notes
Local currency AuM includes US$12.1 billion of AuM managed in
overlay/liquidity strategies (30 June 2021: US$12.3 billion).
Ashmore's Legal Entity Identifier (LEI) is
549300U3L59WB4YI2X12.
For further information please contact:
Ashmore Group plc
Paul Measday
Investor Relations +44 (0)20 3077 6278
FTI Consulting
Neil Doyle +44 (0)20 3727 1141
Kit Dunford +44 (0)20 3727 1143
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END
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