(ShareCast News) - Ashmore posted a 21% drop in assets under management in the year to the end of June, but profit and revenue increased and the company said fundamentals across emerging markets remain sound.AUM fell to $58.9bn from $75bn last year, while pre-tax profit rose 6% to £181.3m and net revenues were up 8% at 283.3m.Chief executive officer Mark Coombs said: "The past year has been challenging, with continued volatility in global markets. Investment performance improved in absolute and relative terms in the second half of the year, as was expected after the group's investment processes added risk in a period of market weakness. Ashmore's proven business model, coupled with a disciplined approach to cost control, has maintained a high operating margin and good cash generation despite lower AUM levels."He explained that sentiment towards emerging markets continues to be influenced by global macro factors such as the timing of a US interest rate hike and China's rebalancing of its economy.Nevertheless, the company insisted that the fundamentals across emerging markets remain sound, with economies demonstrating their ability to withstand notable challenges of the past few years such as higher funding costs, lower commodity prices, currency devaluations and major electoral cycles.Ashmore proposed a final dividend of 12.1p per share.In addition, the company said on Tuesday that Peter Gibbs will succeed Michael Benson as chairman next month. Ashmore said Gibbs joined the board in April and has spent his entire career working in the financial services industry.