Fund manager Ashmore said assets under management (AuM) fell 3.3 per cent to $63.7bn in the quarter ended 30 June 2012 as worries about the Eurozone crisis and global growth rattled investor confidence.
"The drivers of this decrease were adverse investment performance of $1.6bn and net outflows of $0.6bn," the emerging markets focused asset manager explained.
The group's adverse investment performance and a reduction in clients saw its equity assets plunge 20.5% in the quarter.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
London based Ashmore said net outflows within equities were spread across public and segregated mandates, predominantly from one of the Japanese retail fund products. This reduced assets under management in equities to $6.2bn from $7.8bn the previous quarter.
Performance fees for the year overall are estimated to be £25bn, almost entirely earned in the first half and principally from investment performance for funds with an August 2011 year end, the group said.
Shares of Ashmore closed at 330.00p on Wednesday.
CJ
-
8 of the best houses for sale for around £2 millionThe best houses for sale for around £2 million – from a houseboat moored at London’s Prospect Quay, Wandsworth, to a 15th-century chateau in Pas-de-Calais, France
-
The year trust became the currency in the art marketOpinion Collectors looking for accountability are turning to smaller dealers, says Sarah Ryan of New Blood Art
