Ashmore Group PLC Trading Statement (9887F)
July 14 2023 - 2:00AM
UK Regulatory
TIDMASHM
RNS Number : 9887F
Ashmore Group PLC
14 July 2023
Ashmore Group plc
14 July 2023
FOURTH 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 June 2023.
Assets under management
Actual Estimated
31 March 2023 30 June 2023 Movement
Theme (US$ billion) (US$ billion) (%)
- External debt 12.6 11.0 -13%
---------------- --------------- ---------
- Local currency 18.9 18.8 -1%
---------------- --------------- ---------
- Corporate
debt 6.6 6.5 -2%
---------------- --------------- ---------
- Blended debt 12.3 11.9 -3%
---------------- --------------- ---------
Fixed income 50.4 48.2 -4%
---------------- --------------- ---------
Equities 5.9 6.2 +5%
---------------- --------------- ---------
Alternatives 1.4 1.5 +7%
---------------- --------------- ---------
Total 57.7 55.9 -3%
---------------- --------------- ---------
Assets under management decreased by US$1.8 billion over the
period, comprising positive investment performance of US$1.1
billion and net outflows of US$2.9 billion.
The net outflows were primarily the result of top-down asset
allocation decisions by institutional clients in the external debt
theme and, to a lesser extent, in the blended debt and local
currency themes. There was a small net outflow in corporate debt,
and net flows were flat in the equities and alternatives
themes.
Emerging Markets performed well over the quarter with returns of
between +1% and +2.5% in the main benchmark indices. Local currency
markets performed particularly well, supported by continued
weakness in the US dollar and rapidly falling inflation in larger
emerging economies. Over the three months, Ashmore delivered
outperformance in local currency, equities and investment grade
strategies, and underperformed in other external debt, corporate
debt and blended debt strategies. Given the recovery in Emerging
Markets asset prices and the consequent strength of Ashmore's
investment performance over the past three quarters, as at 30 June,
approximately two-thirds of the Group's AuM is outperforming over
one and three years.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"There remains some global macro uncertainty and certain
investors have therefore reduced risk during the quarter. However,
Emerging Markets continue to perform well, with support from
improving fundamentals such as accelerating GDP growth, falling
inflation and the potential for rate cuts, as well as the benefit
of a weaker US dollar. Against this developing backdrop, and as
expected at this point in the cycle, Ashmore's active investment
management approach is delivering outperformance across a range of
equity and fixed income strategies."
Notes
Local currency AuM includes US$6.3 billion of AuM managed in
overlay/liquidity strategies (31 March 2023: US$6.3 billion).
For the translation of US dollar-denominated balance sheet
items, the GBP:USD exchange rate was 1.2714 at 30 June 2023 (30
June 2022: 1.2145; 31 December 2022: 1.2029). For the translation
of US dollar management fees, the average GBP:USD exchange rate for
the financial year was 1.2079 (FY2021/22: 1.3289).
Ashmore will announce its results in respect of the year ending
30 June 2023 on 6 September 2023.
For further information please contact:
Ashmore Group plc
Paul Measday
Investor Relations +44 (0)20 3077 6278
FTI Consulting
Neil Doyle +44 (0)7771 978 220
Kit Dunford +44 (0)7717 417 038
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END
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