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Ashmore bucks trend and sees buoyant EM debt inflows
by Robert St George on Oct 10, 2013 at 10:25
Ashmore has defied the wider flight from emerging-market bonds by attracting $2.3 billion (£1.4 billion) into its corporate and blended debt strategies over the latest quarter.
In the three months to 30 September 2013, Ashmore’s assets in those strategies swelled by 10.1% to reach $26.1 billion (£16.4 billion).
Ashmore now has a total of $78.5 billion (£49.3 billion) of assets under management, 1.4% more than at the end of June. The group confirmed that 55% of this increase came from net inflows, worth $600 million (£377 million), with the balance from positive investment performance. The greatest outflows were experienced in Ashmore’s multi-strategy funds, where assets declined by 10.8% to $3.7 billion (£2.3 billion) through the three months.
‘Although emerging market asset prices recovered in September, valuations across equity and fixed income markets remain attractive, particularly when compared to developed market alternatives that continue to face uncertainty owing to numerous economic and fiscal challenges,’ commented Mark Coombs, Ashmore’s chief executive.
He added: ‘Ashmore has continued to deliver net inflows during its first quarter, which is traditionally quieter and this year saw more volatile markets. This reflects the long-term investment approach taken by the group’s predominantly institutional clients.’
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