Ashmore claims EM turning point despite plummeting profits

EBITDA down 35%

Emerging markets specialist Ashmore Group has claimed there is “mounting evidence” that sentiment towards the region has turned, despite reporting a 25% decline in revenues over the last year, as AUM dropped 23%.

In the firm's annual results yesterday (6 September), it revealed its adjusted operating profits declined 35% to £106.2m due to the drop in AUM. The firm was forced to dip into cash reserves to maintain its dividend of 16.9p throughout the year, which it was able to manage due to a £480m cash reserve with no debt. Liontrust set to merge China fund into EM portfolio as assets shrink Despite the downturn, chief executive Mark Coombs claimed the firm's consistent strategy was designed to "mitigate the impact of market volatility". He added: "There is mounting evidence that the ...