Ashmore Group's increases assets under management

Ashmore Group's shares surged Thursday after reporting a 9.4 per cent rise in assets under management (AuM) in the third quarter as the group attracted funds from government clients.

AuM came to $77.7bn in the three months ended March 31st, compared to $71bn the previous quarter, boosted by net inflows of $7.3bn and adverse investment performance of $0.6bn.

The company had ongoing success in bringing in funds mainly from government clients including European and US institutions.

Strong net inflows continued in local currency, corporate debt and blended debt.

"Investment performance during the quarter was slightly positive in equities and corporate debt and modestly negative across the other fixed income themes," the firm said in a statement.

"The group continues to perform in line with management's expectations."

Shares were up 11.81% at 396.8p in early trading.

RD