Ashmore Group sees ‘attractive valuations’ in emerging markets

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The fund manager said the current economic environment provides attractive opportunities for investors to increase allocations with heavily discounted equity valuations in emerging markets () PLC saw assets under management (AuM) rise 13% to US$94.4bn in the year to the end of June. The asset management said it saw net inflows of US$1.2bn that augmented a US$9.6bn increase in AuM from investment performance. Adjusted net revenue in the year of £296.6mln was down 9% from £325mln, they year before, which Ashmore said reflected the stage of the recovery cycle and impact of mix effects on the net management fee margin. Adjusted underlying earnings, or EBITDA, fell 12% to US$195.7mln from £222.5mln the year before while the EBITDA margin eased to 66% from 68%. Reported profit before tax increased by 28% to £282.5mln from £224.7mln the previous year; adjusted profit before tax, which factors in seed capital-related items, was £193.8mln. The board has recommended a final
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