Ashmore Group PLC Trading Statement (7999Z)
January 15 2020 - 1:00AM
UK Regulatory
TIDMASHM
RNS Number : 7999Z
Ashmore Group PLC
15 January 2020
Ashmore Group plc
15 January 2020
SECOND 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
31 December 2019.
Assets under management
Actual Estimated Movement
30 September
2019 31 December 2019 pre-reclassification(1)
Theme (US$ billion) (US$ billion) (%)
External debt 19.6 19.7 +0.5%
--------------- ------------------- --------------------------
Local currency 19.7 22.9 +16.2%
--------------- ------------------- --------------------------
Corporate debt 15.0 14.2 -2.0%(1)
--------------- ------------------- --------------------------
Blended debt 24.2 26.7 +8.3%(1)
--------------- ------------------- --------------------------
Equities 4.6 5.1 +10.9%
--------------- ------------------- --------------------------
Alternatives 1.6 1.6 -
--------------- ------------------- --------------------------
Multi-asset 0.4 0.4 -
--------------- ------------------- --------------------------
Overlay / liquidity 6.8 7.8 +14.7%
--------------- ------------------- --------------------------
Total 91.9 98.4 +7.1%
--------------- ------------------- --------------------------
Assets under management increased by US$6.5 billion over the
quarter, reflecting net inflows of US$3.3 billion and investment
performance of US$3.2 billion.
There were net inflows in the local currency, blended debt,
overlay/liquidity and equities themes, and net outflows in the
corporate debt and external debt themes. The Group's net inflows
were broad-based by client type and geography and there continued
to be a bias towards additional allocations to existing
institutional mandates.
Investment performance was positive in each of the fixed income
and equities themes, and highest in local currency and blended
debt. The Group's relative investment performance remains strong
across themes over three and five years. While relative performance
over one year is also good in equities it is weaker in fixed
income, as is normal after a period of market volatility during
which Ashmore's active and disciplined approach added risk to
capture longer-term upside.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"Emerging Markets delivered strong returns in calendar 2019 with
the main benchmark indices delivering double-digit returns and
largely outperforming developed world markets. Ashmore's
value-driven investment processes took advantage of lower asset
prices in the second half of the year and added risk, inevitably
resulting in some weakness in short-term fixed income performance
but also underpinning future outperformance.
"The outlook for capital flows to Emerging Markets in 2020
remains positive, based upon the continued availability of
significant relative value and the diversity of investment
opportunities across fixed income and equity asset classes, the
lower growth and lack of yield in Developed Markets, and investors'
underweight positions. Ashmore remains well-positioned to capture
its share of higher allocations to Emerging Markets."
Notes
1. During the quarter, assets totalling US$0.5 billion were
reclassified from corporate debt to blended debt as a result of
changes to benchmarks and/or investment guidelines. The
quarter-on-quarter % movements and the commentary on flows exclude
the effects of the reclassification. Including the
reclassification, corporate debt AuM decreased by 5% and blended
debt AuM increased by 10% over the period.
For the translation of US dollar-denominated balance sheet
items, the GBP:USD exchange rate was 1.3248 at 31 December 2019 (30
June 2019: 1.2727; 31 December 2018: 1.2736). For the translation
of US dollar management fees, the average GBP:USD exchange rate
achieved for the first half of the financial year was 1.2657 (H1
2018/19: 1.2948).
Ashmore will announce its interim results in respect of the six
months ending 31 December 2019 on 6 February 2020.
Ashmore's Legal Entity Identifier (LEI) is
549300U3L59WB4YI2X12.
For further information please contact:
Ashmore Group plc
Paul Measday
Investor Relations +44 (0)20 3077 6278
FTI Consulting
Neil Doyle +44 (0)20 3727 1141
Laura Ewart +44 (0)20 3727 1160
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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