Ashmore boosts funds under management

24th Feb 2011 18:14

Emerging markets investment manager Ashmore has reported interim figures in line with expectations and announced the purchase of 62.9% of Emerging Market Management LLC (EMM). Ashmore is paying an initial $126m, of which $96m is in cash and the rest in shares, with up to $120m more payable depending on performance. EMM selling shareholders will invest at least $9m of their cash in EMM funds for at least a three year period. EMM has $10.8bn under management. Ashmore already has $46.7bn under management - an increase of one-third on the June 2010 level. Ashmore's total net revenue grew 17% to £173.7m in the six months to December 2010. Pre-tax profit rose 14% to £127.6m. The interim dividend was increased from 3.66p a share to 4.16p a share. Analysts' expect Ashmore to make a full year profit of more than £240m.