By LONDON, Jan 15 Reuters A strong rally in emerging market assets, especially equities, helped lift assets under management AUM at money manager Ashmore by 9 in the last quarter of 2020, the group said on Friday.
The UKlisted emerging marketsfocused investment group said its AUM increased by 7.5 billion between September and December with a positive investment performance of 8.1 billion offsetting net outflows of 600 million. Total AUM at the end of 2020 was estimated at 93 billion.
Chief Executive Marc Coombs said he expected the recovery to continue.
While COVID will continue to affect individual countries differently, the deployment of vaccines supports the view that 2021 will see improved growth and importantly the growth in emerging countries is forecast to be higher than in the developed world, Coombs said in a statement.
Emerging market stocks have been on a tear in recent months, scaling fresh record highs last week, fuelled by a combination of postCOVID19 recovery hopes, mass global stimulus and a weak dollar boosted investor confidence.
Developing equities added 27 to Ashmores AUM while external and local debt both gained 10.
Looking at flows, Ashmore recorded net inflows into its overlayliquidity, external debt and equities themes thanks to new clients as well as existing ones increasing their investments, especially towards investment grade credit.
However, blended debt, corporate debt and local currency all saw net outflows, Ashmore added.
Reporting…
