- Emerging market asset manager Ashmore reported a fall in net assets on a sharp uptick in net outflows in the third quarter of the year as the coronavirus pandemic sparked wild swings lower in global markets.

For the quarter ended 31 March, assets under management declined by US$21.6bn over the quarter, reflecting negative investment performance of US$18bn and net outflows of US$3.6bn.

There were net outflows in the corporate debt, local currency and external debt themes, with client redemptions concentrated in retail-oriented mutual funds in the first two themes including in the group's short duration strategy, which accounted for the majority of the group's net outflow.

Investment performance was negative in all investment themes as a result of the sharp, severe fall in global markets from mid-February.

'As investors sought to raise dollar liquidity by the widespread selling of risk assets, including in emerging markets, Ashmore's value-based strategies underperformed their benchmarks,' the company said. 'Performance against benchmarks has consequently weakened over one and three years, but remains good over five years.'

At 8:43am: [LON:ASHM] Ashmore Group PLC share price was -0.7p at 333.9p

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