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Ashmore's assets under management fall to $63.7 billion

Published 13/01/2015, 08:04
© Reuters.  Ashmore's assets under management fall to $63.7 billion
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By Nishant Kumar

LONDON (Reuters) - Emerging markets-focused Ashmore Group's (L:ASHM) assets under management fell in the three months to end of December as investors exited its currency and fixed-income funds.

A sharp sell-off in emerging markets led to portfolio losses worth $2.8 billion (2 billion pounds) during the quarter, the money manager said in a statement, while investors pulled out a net $4.2 billion.

The disposal of the group's interest in a Chinese real estate joint venture also reduced assets by $600 million, as its total assets under management fell to $63.7 billion at the end of December from $71.3 billion in the September quarter.

"While asset prices have fallen, uncertainty over the timing and pace of Federal Reserve rate increases is likely to weigh on sentiment in the near term," said Chief Executive Mark Coombs.

Net outflows in debt funds were due to a small number of accounts managed for a single investor or institution, the money manager said. Investors also exited its equities, local currency and multi-strategy funds.

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