Ashmore blames $3B asset loss on US

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    NexChange
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    Emerging markets manager Ashmore suffered a 4% asset drop in the second quarter.

    The firm blames its $2.2 billion decline, including $3 billion in net outflows, on uncertainty in the U.S. market, CityWire reports. Equities and alternatives were flat for the firm, and local currencies took a hard hit last quarter. Writes CityWire:

    “We expect that once there is greater clarity [about U.S. interest rates], the fundamental qualities of emerging markets coupled with the inherent value that remains apparent today will lead to higher levels of client activity and increased allocations,” says Mark Coombs, CEO of Ashmore.

    The firm benefited from an additional $0.8 billion from performance in the second quarter. Ashmore now manages $58.9 billion in assets.

    Photo: Wikipedia.