StockMarketWire.com - Emerging markets asset manager Ashmore upped its final dividend by 2% after it eked out a modest rise in annual profit.

Pre-tax profit for the year through June rose 1% to £221.5m, even as assets under management fell 9% to $83.6bn owing to the pandemic's impact on investment performance.

Ashmore declared an unchanged final dividend of 12.10p per share, taking the total dividend for the year to 16.9p a share, up 2% on last year.

The company said low operating costs had delivered 10% growth in adjusted operating earnings and a higher margin of 68%.

It recorded flat net inflows over the year with continued allocations by existing and new institutional clients offset by mutual fund redemptions.

'The recovery in emerging markets asset prices still has further to go to return to levels that could be considered fair value,' Ashmore said.

'The process is likely to take time and has unknown factors, as Covid-19 will continue to have a wide range of impacts on countries and asset prices across the emerging and developed markets and there is ongoing tension between the US and China, which in part is linked to the US presidential election later this year.' Story provided by StockMarketWire.com