LONDON (ShareCast) - (Sharecast News) - Investment manager Ashmore said on Thursday that assets under management had fallen in the third quarter as a result of a negative investment performance and large outflows.
Ashmore saw AUM drop 10% to $76.8bn in the three months ended 31 March on the back of negative investments of $18bn from mid-February due to the "sharp, severe fall in global markets". Net outflows of $3.6bn in corporate debt, local currency and external debt also hurt the group during the quarter.

While Ashmore noted that the full extent of the impact of Covid-19 remained "unclear", the group was confident that it had an "effective" business continuity plan in place to maintain daily operations and cope with the current downturn in markets.

Chief executive Mark Coombs said: " Ashmore's business model and investment processes are designed to manage severe market dislocations such as that caused by the cumulative impact of a correction to the overpriced US equity market, an oil price war and Covid-19 and, given its 27-year track record and specialism, Ashmore has the experience to manage its business effectively to capture the value that is created at such times for clients."

As of 0900 BST, Ashmore shares were down 0.78% at 332p.

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