Ashmore half-year outflows hit $3bn on EM rout

Emerging markets specialist Ashmore recorded outflows of almost $3bn in the six months to 31 December as the sell-off in the asset class continues.

The FTSE 250-listed business recorded a net outflow of $2.9bn over the reporting period, while pre-tax profits fell to £79.5m, down from £114.1m in the first half of the year. Overall assets under management declined by 2.7% ($2.1bn), offset by $800m of positive investment performance.  The firm said it had been particularly badly hit by large withdrawals from its EM blended debt funds, though fee margins on redemptions were lower than average.  CEO Mark Coombs said the results reflected the weak market backdrop which existed for much of the period. "The recent instability in th...