By Christian Moess Laursen
Ashmore Group said its assets under management fell in the first quarter of fiscal 2024, reflecting continuing institutional risk aversion.
The emerging-markets assets manager said Friday that its assets under management decreased by $4.2 billion to $51.7 billion in the quarter ended Sept. 30, after weaker economic data from China and an expectation that interest rates in the developed world will remain higher for longer meant global capital markets shrank in the period.
The assets under management comprise negative investment performance of $1.3 billion and net outflows of $2.9 billion, with the latter largely on par with the preceding quarter.
Emerging markets indexes declined by 2% to 3%, broadly in line with or marginally better than developed markets, it said.
“After three quarters of positive returns, such a period of consolidation within a longer recovery cycle is normal, and there continue to be positive fundamental trends in emerging markets,” Chief Executive Mark Coombs said.
Write to Christian Moess Laursen at christian.moess@wsj.com
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