The US election left Ashmore (ASHM) at risk of having a nascent recovery halted. During the second quarter of its financial year it suffered around $700m (£560m) in net outflows. Management cited a small number of institutional investors withdrawing money from local currency and dollar-denominated debt. However, flows have quickly recovered since then, group finance director Tom Shippey was quick to assure.
Overall, the emerging markets-specialist asset manager made progress in reducing the pace of outflows: the first three months of the reported period saw flat flows. Investment gains of $0.3bn meant assets under management were almost flat since the financial year-end, and up 5 per cent over the previous 12 months. As a result, performance fees were up from £8.6m to £21.6m.