Ashmore sees 94% profit rise despite outflows

Brexit implications are 'manageable'

Emerging markets specialist asset manager Ashmore Group increased profit before tax by 94% in the last six months of 2016, despite outflows of $700m.

The group, which released results for the six months to 31 December 2016 this morning, said profit before tax had increased 94% to £121.5m, up from £62.7m in the first half of the year. Assets under management fell slightly from $52.6bn to $52.2bn, but increased 5% over the course of the entire year (after starting the year at $49.4bn). However, the increase in AUM was driven by investment performance as mandates investing in external debt, local currency, equities and multi-asset saw net outflows, bringing the total net outflows to $700m. Corporate debt, blended debt and overlay/liqu...