Ashmore revenues and AUM drop despite EM's 'improving trend'

Average AUM falls 22%

Specialist emerging markets asset manager Ashmore Group has reported a revenue drop of 18% and average assets under management fell 22% for the year ending 30 June 2016, despite a "recovery" in markets and investor sentiment in the second half of its financial year.

Revenues declined to £232.5m for the period, which the group said was  largely as a result of a 21% reduction in net management fees, profits before tax also sunk 8% to £167.5m and adjusted earnings before tax (EBITDA) was £130.9m, down from £176.6m the previous year. Meanwhile, average assets under management fell 22% from $66.4bn on 30 June 2015 to $52.1bn on the same date this year and net outflows of $7.5bn were reported. However, there was an "improving trend" for gross and net flows towards the end of the period. The results come a day after figures from the Financial Times reve...