(Bloomberg) -- Investor exodus at Ashmore Group Plc continued as clients pulled billions of dollars from its funds in the second half of 2023.

The emerging-markets asset manager reported net redemptions of $4.5 billion in the six months through December, according to a statement Wednesday. Assets under management at the firm dropped to $54 billion from $55.9 billion at the end of June.

“This period comprises two contrasting quarters with lower market levels and risk aversion influencing performance and flows,” Ashmore said in the statement.

London-based Ashmore, which in 2019 reached peak assets of almost $100 billion, was founded in 1992 as part of the Australia and New Zealand Banking Group and became independent seven years later. Once popular with investors, its high-conviction bets and bullish style have now fallen out of favor with wary clients.

Read more: How Ashmore Won And Lost $40 Billion in Six-Year Rollercoaster

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