Ashmore Group (LSE:ASHM) PLC saw assets under management (AuM) rise 13% to US$94.4bn in the year to the end of June.
The asset management said it saw net inflows of US$1.2bn that augmented a US$9.6bn increase in AuM from investment performance.
Adjusted net revenue in the year of £296.6mln was down 9% from £325mln, they year before, which Ashmore said reflected the stage of the recovery cycle and impact of mix effects on the net management fee margin.
Adjusted underlying earnings, or EBITDA, fell 12% to US$195.7mln from £222.5mln the year before while the EBITDA margin eased to 66% from 68%.
Reported profit before tax increased by 28% to £282.5mln from £224.7mln the previous year; adjusted profit before tax, which factors in seed capital-related items, was £193.8mln.
The board has recommended a final dividend of 12.1p, taking the total payout for the year to 16.9p, unchanged from the year before.
UK stocks today -
Ashmore Gp - share been volatile recently with EM weakness but...
"Against this positive backdrop...investment performance track record positions the firm well to capitalise on the significant opportunities available across the diversified Emerging Markets." pic.twitter.com/tVJJO01JG7
— Chris Bailey (@Financial_Orbit) September 3, 2021
"Ashmore has made significant progress against its strategic objectives over the past year, generated outperformance for clients, and the group's robust business model has delivered a financial performance that reflects the early stages of a cyclical recovery,” declared Mark Coombs, the group’s chief executive officer.
"As vaccination rates increase across the world and governments ease social restrictions, economic activity is picking up and reinforcing the Emerging Markets growth premium, and hawkish central banks in many emerging countries are acting to contain inflation. This environment provides attractive opportunities for investors to increase allocations with heavily discounted equity valuations in Emerging Markets and high real yields compared with the negative rates in Developed Markets.
"Against this positive backdrop, Ashmore's investment performance track record positions the firm well to capitalise on the significant opportunities available across the diversified Emerging Markets,” he added.
Shares in Ashmore opened 2.4% lower at 385.4p.