Ashmore Group (LSE:ASHM) PLC has reported a drop in assets under management reflecting net outflows and negative investment performance.
The specialist emerging markets asset manager said in the quarter ending September, assets under management decreased by US$4.2 billion, comprising negative investment performance of US$1.3 billion and net outflows of US$2.9 billion.
The firm said net outflows were at a similar level to the prior quarter, primarily reflecting continuing institutional risk aversion.
The outflows were mainly in the external debt and corporate debt themes, with smaller net outflows in blended debt and equities.
There were net inflows in the local currency and alternatives themes.
Ashmore noted trading took place against a backdrop of weaker China economic data and an expectation that global interest rates will remain high for longer pushing global capital markets lower.
Mark Coombs, chief executive officer, said: “Ashmore continues to deliver longer-term outperformance for clients across a broad range of strategies and is well-positioned to benefit from further recovery in Emerging Markets."