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Ashmore flows turn positive

Ashmore flows turn positive

Ashmore (ASHM) recorded net inflows for the first time in almost three years during the first three months of 2017. A reduction in redemptions and increased new business resulted in net inflows of $1.4bn (£1.1bn) during the period. The asset manager last reported a quarter of net new business inflows in June 2014.

There were net inflows into the emerging markets specialist's liquidity/overlay, local currency, external and corporate debt strategies. The first of these segments enjoyed the largest increase in assets under management, up a third on the previous quarter to $4.8bn. Overall assets under management grew to $55.9bn by the end of March.

IC VIEW:

At 348p, the shares trade at 15 times forward earnings. Analysts at Shore Capital expect Ashmore to gain a further $1.1bn in assets during the three months to June, via a combination of investment gains and new business. However, with US interest rates on the up - albeit slowly - any positive sentiment is shaky. Hold.

Last IC view: Hold, 353p, 13 Feb 2017

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By Emma Powell,
20 April 2017

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