REG-Ashmore Group Plc Interim Management Statement

Released : 16/10/2008

http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20081016:RnsP9613F
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RNS Number : 9613F  
  
Ashmore Group PLC  
  
16 October 2008  
  
 Ashmore Group plc  
  
+0700 16 October 2008   
  
FIRST QUARTER INTERIM management statement  
  
Ashmore Group plc ("Ashmore", the "Group"), a leading specialist emerging 
markets asset manager, announces today the following interim management 
statement in respect of the period ended 30 September 2008.  
  
Assets under Management ("AuM")   
  
 
                       Actual          Estimated             Estimated  
  Theme                AuM             AuM                   Movement   
                       30June 2008     30 September 2008                
                       (US$billion)    (US$billion)          (%)        
  Dollar Debt          22.7            19.0                  -16.3      
  Local Currency       8.5             7.7                   -9.4       
  Special Situations   5.5             5.0                   -9.1       
  Equity               0.8             0.3                   -62.5      
  Total                37.5            32.0                  -14.7      
  
  
The quarter saw assets under management fall 14.7% to US$32.0 billion, 
reflecting the turbulent nature of the markets during the period.  Included 
within the movement in Assets under Management is $0.3bn (0.8%) in respect of 
the first Global Special Situations Fund maturing at the end of its 5 year term 
which, as previously announced, crystallised a £15.6m performance fee. Other net 
redemptions during the period were $2.3bn (6.1%), whilst adverse performance was 
$2.9bn (7.8%). The most significant net redemptions in value terms were Dollar 
Debt, $1.9bn, as a result of investors reallocating to other US denominated 
asset classes, including cash.  Equities suffered outflows in line with the 
industry generally.    
  
Recent global market conditions have been extremely challenging, particularly in 
September and early October, which has clearly impacted the Group's assets under 
management. However, the Group has maintained its management fee margins and 
strong balance sheet.    
  
The Group is well positioned to take advantage of the significant investment 
opportunities it sees for its funds, notably in the Special Situations and 
Corporate High Yield asset classes, as de-leveraging creates distressed seller 
opportunities where the underlying businesses are strong.  
  
The Group remains committed to deliver on its stated strategy, namely to: 
deliver long term investment outperformance; generate and diversify net 
management fee income through the attraction of net subscriptions across 
investment themes; and develop the Ashmore brand and business model.    
  
For further information, please contact:  
  
Ashmore Group plc                                               +44 (0)20 3077 
6000  
  
Graeme Dell, Group Finance Director +44 (0)20 3077 6157   
  
Penrose Financial     +44 (0)20 7786 4888   
  
Gay Collins / Lauren Stewart                                   +44 (0)7798 
626282  
  
Ashmore@penrose.co.uk   
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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