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Investing.com -- Ashmore said client withdrawals slowed further in the first quarter as appetite for emerging market assets continued to improve relative to the inflated U.S. market.
The London-listed fund manager, which had endured heavy redemptions through most of last year, reported net outflows of $300 million for the three months to September, a marked improvement from the $800 million seen at the end of June.
Assets under management rose to $48.7 billion from $47.6 billion, though still below the consensus estimate of $49.2 billion cited by Jefferies.
Chief executive Mark Coombs said the current environment favours a shift away from U.S.-centric allocations.
He argued that “given the positive emerging markets backdrop” and the risks tied to investors’ heavy U.S. positioning, Ashmore is positioned to capture renewed flows as sentiment continues to turn.
Still, Jefferies analysts highlighted that quarterly gross outflows fell to their lowest level in a decade, signalling that redemptions are finally stabilising.
“This marks an important step in the right direction for ASHM,” a team led by Laura Gris Trillo wrote.
Net outflows were confined to the external debt strategy, with Local Currency, Equities and Alternatives all recording inflows.
External Debt assets stood at $7.2 billion, Local Currency at $14.4 billion, Blended Debt at $12.1 billion, and Equities at $7.8 billion.
Performance relative to benchmarks was broadly flat over one year but ahead by 1.6% on a three-year basis, Jefferies noted.