Ashmore posts $2bn net outflow as assets under management decline

14th Apr 2015 07:39

Investment manager Ashmore Group has posted a net outflow of $2bn for the three months to March, as assets under management declined over the period.In a trading update on Tuesday, the FTSE 250 company said assets under its management at the end of March, stood at $61.1bn, down 4.1% against the $63.7bn under management over the last quarter.The decline was caused by a combination of net outflows, which totalled $2bn over the three months to March, and $0.6bn of negative investment performance. Ashmore said sterling returns continue to disappoint dented by the strength of the dollar.However, chief executive officer Mark Coombs expressed confidence in the recovery of fixed income and equity markets following the sell-off seen in December."Those investors willing to look beyond short-term price volatility and to focus on fundamentals are benefiting from the recent recovery in markets. However, some investors remain cautious given continued uncertainties such as the timing and impact of higher US interest rates," Coombs said.The chief also noted that Ashmore had seen a "modest improvement" in new subscriptions as some clients had started to take advantage of the low valuations in some emerging markets.At 08:32 BST on Tuesday, Ashmore's share price was up 0.16% at 307.30 having fallen below 300p at one point in early trading.