Ashmore Group's assets under management fell to US$52.6 billion in the year to the end of June - down from US$58.9 billion - but the group saw a recovery in markets and investor sentiment in the second half. The group reports a significant improvement in one year investment performance and outperformance maintained over three and five years. It says 69% of AuM outperformed benchmarks over one year, 63% over three years and 73% over five years (30 June 2015: 23%, 60% and 81%, respectively). Net revenues declined 18% to £232.5 million, with 22% lower average AuM level and PBT declined by 8% to £167.5 million. Proposed final dividend per share of 12.1p, giving 16.65p total dividend per share for the year. Chief executive Mark Coombs said: "Ashmore's strategy and business model are designed to deal with the fluctuations of market cycles, and while the past few years have presented challenges to Emerging Markets, these results for the financial year demonstrate that the Group has maintained its high profitability and continued to generate cash. "In weaker markets, Ashmore's consistent investment processes acquire risk and these actions usually provide strong outperformance for clients as markets recover. "The rally in Emerging Markets asset prices and improving investor sentiment in 2016 is underpinned by solid economic fundamentals such as accelerating GDP growth, low and stable inflation, and responsible and effective fiscal and monetary policies. "In contrast, the ongoing challenges in the developed world, such as high indebtedness, political risk and reluctance to reform, are seemingly not priced in, and therefore provide a clear incentive for investors to shift or increase allocations to Emerging Markets where there is a diversified range of investment opportunities offering highly attractive absolute and relative returns."
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