Ashmore Group (LSE:ASHM) has announced an uptick in assets under management (AUM) over the three months to December 2023, despite US$1.6 billion worth of outflows.
FTSE 250-listed Ashmore’s AUM increased by 4%, or US$2.3 billion, to US$54 billion over the quarter, the group said in a trading statement.
This consisted of a positive investment performance of US$3.9 billion and net outflows of US$1.6 billion as risk aversion continued among some investors.
Many clients responded “to the improving global macro environment”, Ashmore noted, while “outflows were broadly spread with no significant patterns”.
Fixed-income indices rose by 4% to US$45.9 billion, while equities increased by 8% to US$6.5 billion.
“Emerging markets delivered good returns and outperformed most developed world indices in 2023,” chief executive Mark Coombs commented.
“[This was] due to superior economic growth, effective monetary policies and the benefits of a weaker US dollar as the Fed reaches the end of its tightening cycle.”
These factors should support assets in emerging markets into 2024, he added, prompting another outperformance against developed markets and higher allocations from investors.