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...Emerging markets fund manager Ashmore suffered a $2.1bn drop in assets under management in the first three months of the year, largely owing to institutions withdrawing money....
...Local currency bonds and corporate debt were among the asset classes hardest hit, Ashmore said....
...Asset manager Ashmore reported higher than expected revenues on the back of higher management and performance fees, while outflows continued....
...Ashmore shares fell 2 per cent in early trading in London....
...Ashmore Group said “momentum is building” in emerging markets despite suffering big outflows and a drop in pre-tax profit as global macroeconomic uncertainty dents client confidence....
...Ashmore’s results reflect a wider trend for investors to shift away from emerging markets as their growth has stuttered in the past two years....
...Clients pulled a net $2bn from emerging markets-focused Ashmore in the first quarter. After all, why invest in risky far-flung places when you can make bigger and surer bets in the US and Europe?...
...Companies previously too big for the index included Watches of Switzerland, Indivior, Ashmore Group and Dr Martens. Fallen angels might well rebound....
...Earnings: British investment manager Ashmore and Dutch consumer electronics manufacturer TomTom release first-quarter and third-quarter results, respectively....
...Ashmore shares have recently lagged behind the emerging market bonds they generally track. That creates an opportunity for bargain hunters....
...In the quarter ending June 30, outflows were $2.9bn, taking Ashmore’s net AUM to $1.8bn....
...Ashmore said profit before tax fell by 54 per cent to £53.8mn....
...Earnings: UK asset manager Ashmore releases full-year results, as do British housebuilder Barratt Developments and UK cyber company Darktrace....
...News round-up Hedge fund accused of masterminding tax fraud in £1.4bn High Court trial (FT) Trump Media’s first auditor quit months after being appointed (FT) Institutional investors pull $2bn from Ashmore...
...Saba Capital, Redwood and Ashmore all declined to comment....
...Ashmore said this was still an improvement on the previous quarter and was down by a half....
...Towers Watson Q4 Wednesday France: January trade balance data Germany: January industrial production figures UK: Halifax February House Price index Results: Alibaba Q4, Akzo Nobel Q4, Arm Holdings Q3, Ashmore...
...“Poland is connected by the umbilical cord to Germany, which is in a sort of stagflation,” said Gustavo Medeiros, head of research at Ashmore Group....
...Coombs declined to be interviewed for this article while Ashmore declined to provide comment....
...Financial markets closed Results: Ashmore Group Q2 assets under management statement, PageGroup Q4 trading update, Rio Tinto Q4 operations review (late UK time) Tuesday Competition Appeal Tribunal hearing...
...Also, September trade balance figures France: September CPI and HICP inflation rate data US: University of Michigan consumer sentiment survey Results: Ashmore Q1, BlackRock Q3, Citigroup Q3, JPMorgan...
...Despite the drop in profits, Ashmore maintained its final dividend to give a full year payout of 16.9p per share....
...Despite the drop in profits, Ashmore maintained its final dividend to give a full-year payout of 16.9p per share....
...“Europe is in an interesting moment and a complicated situation,” said Gustavo Madeiros, head of research at Ashmore....
...update & AGM, STV Group H1 Wednesday Australia: Q2 GDP figures Canada: Bank of Canada rate decision UK: S&P Global/Cips August construction PMI data US: S&P Global August services PMI data Results: Ashmore...
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