(Bloomberg) -- Ashmore Group Plc reported another quarter of outflows as clients continued to pull billions of dollars from its funds.
Investors yanked $2 billion in the three months through June, with assets under management dipping 5% to $49.5 billion from the previous quarter, according to a statement on Friday. Negative investment performance shaved off $400 million, it added.
The emerging-markets specialist fund house, which at its peak had assets of about $100 billion in 2019, has faced persistent client redemptions in recent years as its high-conviction bets and bullish style have now fallen out of favor with wary investors.
London-based Ashmore said in the statement that lower risk appetite from clients and institutional decisions to reduce their exposure in the region “continue to drive net outflows.”
The group was founded in 1992 as part of the Australia and New Zealand Banking Group and became independent seven years later.
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