Ashmore assets up 18% in Q1

14th Oct 2010 07:06

Emerging markets asset manager Ashmore grew assets under management (AuM) by 18% in the three months to 30 September, much more than expected.AuM grew to $41.6bn during the first quarter from $35.3bn on 30 June, thanks to net inflows of $3.4bn and positive performance of $2.9bn. Analysts at Singer Capital Markets predicted a rise in AuM of just 10%.The firm's multi-strategy theme, mostly Asian retail investor focused products, proved a hit, with inflows up 145% to $4.9bn. "Trading conditions are in line with management expectations and the group remains confident of its prospects for the current year," said the company Thursday. "The group's strategy remains consistent; deliver long term investment outperformance; generate and diversify net management fee income through the attraction of net subscriptions across investment themes; and develop the Ashmore brand and business model."