Ashmore Group PLC Trading Statement (3365I)
April 14 2022 - 1:00AM
UK Regulatory
TIDMASHM
RNS Number : 3365I
Ashmore Group PLC
14 April 2022
Ashmore Group plc
14 April 2022
THIRD 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 March 2022.
Assets under management
Actual Estimated
31 December 2021 31 March 2022 Movement
Theme (US$ billion) (US$ billion) (%)
- External debt 18.9 16.8 -11.1%
------------------- ---------------- ---------
- Local currency 28.6 26.7 -6.6%
------------------- ---------------- ---------
- Corporate
debt 9.5 8.0 -15.8%
------------------- ---------------- ---------
- Blended debt 20.8 17.7 -14.9%
------------------- ---------------- ---------
Fixed income 77.8 69.2 -11.1%
------------------- ---------------- ---------
Equities 8.0 7.4 -7.5%
------------------- ---------------- ---------
Alternatives 1.5 1.7 +13.3%
------------------- ---------------- ---------
Total 87.3 78.3 -10.3%
------------------- ---------------- ---------
Assets under management declined by US$9.0 billion over the
period, including net outflows of US$3.7 billion and negative
investment performance of US$5.0 billion(1) .
Against a backdrop of lower market levels, particularly
following Russia's invasion of Ukraine, and some institutional
rebalancing, the Group experienced net outflows in its fixed income
and equity investment themes. Net outflows were highest in blended
debt followed by local currency (reflecting US$0.9 billion of
overlay/liquidity outflows), equities, external debt and corporate
debt. Institutional mandates accounted for the majority of the net
redemptions in the period.
In absolute terms, investment performance was positive in
equities and alternatives, and negative in the fixed income themes,
with the main indices falling by 7% to 10% over the three months.
Ashmore delivered outperformance in local currency, external debt
and investment grade strategies across fixed income, and
underperformed in corporate debt, blended debt and equities. The
longer term performance picture has not changed materially with
continued outperformance in local currency, equities, and
investment grade strategies across the fixed income asset classes,
and some underperformance in high-yield biased funds in external
debt, corporate debt and blended debt.
Mark Coombs, Chief Executive Officer, Ashmore Group plc,
commented:
"The war in Ukraine is a humanitarian tragedy that will have
far-reaching consequences for the existing world order. The shock
is likely to weigh on investor sentiment in the short term, but the
consequences of the conflict will not be felt equally across the
diversified set of more than 70 Emerging Market countries, as has
already been seen with the impact of higher commodity prices.
Ashmore's active management and deep-rooted experience of investing
in Emerging Markets mean it is well positioned to understand and to
act upon the current market volatility.
"The principal economic impact of the war has been to push
inflation higher and this is being felt across the world.
Importantly, against the inflationary backdrop, central banks in
Emerging Markets have been raising interest rates for the past
year, and China is in a position to ease policy, whereas developed
world banks have only just started to react with modestly higher
rates. As trade and political relationships are reorganised in the
coming years, portfolio diversification will be increasingly
important and this will benefit emerging countries, in which
investors are typically underweight."
Notes
1. The Group's ownership of Taiping Fund Management Company was
reduced in the period, from 8.5% to 5.2%, which resulted in US$0.3
billion lower AuM in the local currency theme as at 31 March.
Local currency AuM includes US$9.7 billion of AuM managed in
overlay/liquidity strategies (31 December 2021: US$11.0
billion).
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)7771 978 220
Kit Dunford +44 (0)7717 417 038
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFIDSSIVLIF
(END) Dow Jones Newswires
April 14, 2022 02:00 ET (06:00 GMT)
Ashmore (LSE:ASHM)
Historical Stock Chart
From Apr 2024 to May 2024
Ashmore (LSE:ASHM)
Historical Stock Chart
From May 2023 to May 2024