Uncertainty over the Fed’s money-printing programme hit Ashmore during the second quarter of the year, the fund manager said today.
Weaker returns from its core emerging-market funds outweighed strong inflows of client cash in the three months ending in June.
A number of Ashmore’s funds made losses as global markets took a turn for the worse following a signal from the Federal Reserve last month that it was about to slow its quantitative-easing programme.
This wiped some $4.8 billion (£3.2 billion) off the company’s assets, although the impact was softened by $4.5 billion of new cash into its funds.
Mark Coombs, the shy billionaire who founded the company 20 years ago, said: “Market conditions were clearly more challenging towards the end of the quarter, but emerging markets fundamentals remain intact and attractive investment opportunities have become apparent across a range of fixed income and equity assets.”
Shares in the company, which fell out of the FTSE 100 last year, rose 5% on the back of the inflows of clients. It has $77.4 billion of funds under management.
Analysts at Peel Hunt maintained a buy rating.
