The emerging markets specialist’s assets under management fell to US$58.9bn as of 30 June from US$75bn at the same point in 2014.
Despite this Ashmore said it had delivered ‘good long-term investment performance in challenging markets’ with 60% of its AUM outperforming benchmarks over three years and 81% outperforming over five years, versus 81% and 92% respectively the previous year.
The Ashmore share price has reacted positively to the results however, indicating the company did not fare as badly as many expected, given the travails faced by emerging markets.
As of late morning the company was trading 5.5% higher at 258p per share for a market cap of £1.844bn.
Other key numbers reported by the firm include net revenues up 8% to £283.3m, adjusted EBITDA of £176.7m down from £195.1m the previous year, diluted earnings per share increased 4% to 19.3p from 18.6p and a proposed final dividend of 12.1p representing a 1% increase in the full year dividend to 16.65p.
It was also confirmed that Michael Benson is to retire at the AGM on 22 October and be replaced as Chairman by Pete Gibbs.
“The past year has been challenging, with continued volatility in global markets. Investment performance improved in absolute and relative terms in the second half of the year, as was expected after the Group’s investment processes added risk in a period of market weakness,” said CEO Mark Coombs. “Ashmore’s proven business model, coupled with a disciplined approach to cost control, has maintained a high operating margin and good cash generation despite lower AUM levels.”
