LONDON (ShareCast) - (Sharecast News) - Ashmore held its interim dividend as the emerging markets fund manager reported an 11% increase in assets for the first half.


Assets under management (AuM) rose to $93bn over the six months to the end of December, driven by investment performance, and net outflows improved to $1.4bn.

Pretax profit increased 14% to £150.6m and the dividend was unchanged at 4.8p per share. Average AuM dropped 6% from a year earlier and adjusted net revenue fell 12% to £156.8m. Adjusted operating costs fell 9% to £51.2m.

Chief Executive Mark Coombs said: "Ashmore's performance in this period reflects the early stages of a typical recovery cycle. Given the recovery in average AuM and revenues naturally occurs with a lag, Ashmore has continued to focus on managing operating costs and has therefore maintained the Group's operating profitability at a high level."

Coombs predicted that the effect of short-term fiscal and monetary support would wear off, prompting investors to seek higher growth and returns from emerging markets.

Ashmore shares fell 0.6% to 476.6p at 08:37 GMT.

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