Ashmore AuM up 11%

Specialist emerging markets asset manager Ashmore's assets under management rose to an estimated $65.0bn in the three months to the end of September - 11% up from the end of June.

The group said: 'The increased levels of client engagement and activity experienced over recent months resulted in strong gross subscriptions during the quarter, notably with the funding of several large institutional mandates in external debt and blended debt.

'At the same time, gross redemptions have continued to fall quarter-on-quarter, delivering the highest net inflows for four years. Net inflows were strongest in the overlay/liquidity, blended debt and external debt themes and good net inflows were delivered into local currency and corporate debt themes.

'There was also a small net inflow in the alternatives theme. Net flows were flat in equities and there was a small net outflow in the multi-asset theme as a result of the anticipated run-off of Japanese retail funds.'

Ashmore said its active management style coupled with the ongoing and broad-based rally in emerging markets, maintained the group's attractive absolute and relative performance track records.

It said absolute performance was highest in blended debt and local currency, partly the result of strengthening emerging markets' currencies against the US dollar, followed by external debt and corporate debt.

Investment performance in alternatives was flat in the period.

It said the performance of the group's funds against benchmarks continues to be very strong over one, three and five years.

Chief executive Mark Coombs said: 'Investors are increasingly focusing on emerging markets and it is encouraging to see strong inflows this quarter.

'Emerging markets are continuing to outperform as we would expect at this point in the cycle, with perceived challenges such as rising US interest rates having been anticipated and priced in.

'Ashmore's investment performance continues to be very strong, meaning the Group is well positioned as investors address their underweight allocations to emerging markets.'