Ashmore reports more inflows

15th Sep 2009 07:22

Emerging markets fund manager Ashmore reported a drop in full-year pre-tax profit, but said July and August have seen net inflows, following the trend established in May and June.Pre-tax profit fell by 19% to £159.8m in the year ended 30 June, beating expectations, while net revenue was down 15% at £203.5m.AuM increased in the final quarter to close at a level of $24.9bn down $12.6bn (34%) from $37.5bn at 30 June 2008.The group is recommending a final dividend of 8.34p for the year. This makes a total dividend of 12.0p for the year (2008:12.0p).'As emerging markets make up a greater proportion of the world's markets, the long term trend of an increasing allocation from investors towards them continues to be very positive for Ashmore,' said chief executive Mark Coombs.'There are many initiatives that are being worked upon across the firm which we anticipate will bring significant value over the coming years.'