Earnings release
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Trading Statement Released : 15/01/2025 07 00 00 RNS Number : 3289T Ashmore Group PLC 15 January 2025 Ashmore Group plc15 January 2025 SECOND QUARTER ASSETS UNDER MANAGEMENT STATEMENT Ashmore Group plc ("Ashmore", "the Group"), the specialist Emerging Markets asset manager,announces the following update to its assets under management ("AuM") in respect of the quarterended 31 December 2024. Assets under management Theme Actual30 September 2024(US$ billion) Estimated31 December 2024(US$ billion) Movement(%)- External debt 7.8 7.1 -9%- Local currency 18.3 17.3 -5%- Corporate debt 5.0 4.6 -8%- Blended debt 12.2 11.3 -7%Fixed income 43.3 40.3 -7%Equities 7.3 7.0 -4%Alternatives 1.2 1.5 +25%Total 51.8 48.8 -6% Assets under management declined by US$3.0 billion over the period, comprising total net outflows ofUS$0.4 billion and negative investment performance of US$2.6 billion. During the quarter Ashmoreclosed a liquidity fund, which included US$0.2 billion of the Group's cash deposits. Therefore, excludingGroup cash, client net outflows for the period were US$0.2 billion. The ongoing improvement in net flows compared with recent quarters was the result of continuingsubscriptions and reduced redemptions, as investors increasingly acknowledge the opportunitiesavailable in emerging markets and notwithstanding the heightened market volatility in the quarter. By investment theme, there were net inflows into equities and alternatives, the latter reflecting the firstclose of an infrastructure debt fund. There were net outflows from external debt, blended debt and localcurrency, with flows in the corporate debt theme being neutral. The broad equity and fixed income market weakness experienced ahead of the US election, and theimpact of a stronger US dollar on the local currency and equities themes means that most of theprevious quarter's investment performance was reversed in this period, with the main emerging marketsbenchmark indices declining by between 1% and 8%. Ashmore's relative performance over the mediumand longer term remains broadly consistent with the previous quarter. Mark Coombs, Chief Executive Officer, Ashmore Group plc, commented: "While market conditions were more volatile this quarter, particularly leading up to the US election, theGroup's flows continue to improve as clients increasingly recognise emerging markets' resilience andthe delivery of outperformance by Ashmore's established, active investment processes. "Global capital markets are likely to remain sensitive to the new US administration's policyannouncements. If, as was the case following the 2016 US election, the campaign rhetoric exaggeratesthe policies ultimately implemented then the conditions exist for meaningful upside to current emergingmarkets asset prices to be delivered and for investors to address their significantly underweightemerging markets allocations. Therefore, active management will be critical to maximise the returnsavailable across the diverse range of investment opportunities in multiple asset classes covering morethan 70 emerging markets countries." 2025-01-15 08:13 Trading Statement https://otp.investis.com/generic/regulatory-story.aspx?cid=85&newsid=1900791 1/2
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Notes Local currency AuM includes US$7.8 billion of AuM managed in overlay/liquidity strategies (30September 2024: US$7.7 billion). For the translation of US dollar-denominated balance sheet items, the GBP:USD exchange rate was1.2524 as of 31 December 2024 (30 June 2024: 1.2641; 31 December 2023: 1.2748). For thetranslation of US dollar management fees, the average GBP:USD exchange rate achieved for the firsthalf of the financial year was 1.2876 (H1 2024: 1.2572). Ashmore will announce its interim results in respect of the six months ending 31 December 2024 on 7February 2025. For further information please contact: Ashmore Group plcPaul MeasdayInvestor Relations +44 (0)20 3077 6278 ir@ashmoregroup.com Cardew GroupTom Allison +44 (0)7789 998020Will Baldwin-Charles +44 (0)7834 524833 ashmore@cardewgroup.com This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END TSTFLFEDLRISLIE 2025-01-15 08:13 Trading Statement https://otp.investis.com/generic/regulatory-story.aspx?cid=85&newsid=1900791 2/2