By Carolyn Cohn
LONDON (Reuters) - Fund manager Ashmore Group (L:ASHM) posted an above-forecast 32 percent rise in first-half core profit to 89.7 million pounds following strong investment returns in emerging markets, it said on Thursday.
The firm, which specialises in emerging market investments, saw a decrease in assets under management in the six months to the end of December, however, to $52.2 billion from $52.6 billion.
Assets under management rose 5 percent over the whole of 2016, helping boost revenues to 144.1 million pounds, up 24 percent, compared with a forecast 128.9 million.
Adjusted earnings before interest, tax, depreciation and amortisation were forecast at 77.3 million pounds, according to a company-supplied poll.
Ashmore said it would pay an interim dividend of 4.55 pence per share, unchanged from a year earlier.
"The combination of attractive absolute and relative returns, accelerating GDP growth, and low allocations all support the expectation of further strong performance in 2017 and a return to the improving flow trend seen for most of 2016,” chief executive Mark Coombs said in a statement.
Emerging market stocks (MSCIEF) have risen 16 percent since the beginning of 2016.
($1 = 0.7996 pounds)