Ashmore assets up 2% in Q2

13th Jan 2010 07:03

Emerging markets asset manager Ashmore Group increased assets under management by 2% in the second quarter, but that's less than many analysts were hoping for given improved conditions.Assets under management (AuM) for the quarter ended 31 December rose to $31.6bn from $31.1bn on the 30 September last year thanks to net inflows of $0.3bn and positive performance of $0.2bn.But analysts at UBS yesterday predicted AuM would rise 3% to $32bn, which was less than its previous forecast of $32.5bn due to expected further redemptions by US pension funds.The Swiss broker had downgraded the shares to 'neutral' from 'buy' and cut its price target to 285p from 330p.Small net outflows continued in external debt, said Ashmore, adding that for funds having a performance year ending December 2009 within the external debt, local currency and equity investment themes, performance fees are put at £38.8m.'Trading conditions are in line with management expectations and the group remains confident of its prospects for the current year,' the firm said.Results for the six months ended 31 December 2009 are due on 25 February