Ashmore update doesn’t lift shares

1 mins. to read
Ashmore update doesn’t lift shares

Shares in FTSE 250 investment management firm Ashmore Group (LON:ASHM) dropped by 2.06% to 419p (as of 14:55 BST) after it posted an update for the three months ended 31st March. Assets under management were up by $6.8 billion due to good investment performance, but there were significant net outflows during the quarter.

CEO Mark Coombs commented: “Ashmore has continued to operate effectively through the period with the safety of its employees remaining paramount. The consistent implementation of Ashmore’s active management approach focuses on identifying value for our clients and is delivering meaningful alpha as markets recover from the lows seen at the beginning of the quarter.

“The global macroeconomic outlook remains uncertain, and the experience of individual countries will vary considerably, but it is increasingly apparent that the Emerging Markets in aggregate are less likely to suffer a recession as severe as that in the developed world. Meanwhile, current valuations are discounting a different scenario with Emerging Markets assets trading at significantly more attractive levels than the equivalent developed world bond and equity markets. Therefore, as investors continue to assess the impact of Covid-19 on their portfolios, there is a clear opportunity to enhance returns by increasing allocations to assets offering exposure to the superior domestic growth and yields that continue to be available across equity and fixed income markets in the Emerging world“.

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