Assets under management in London-based emerging market-focused manager Ashmore Group dropped $6.2 billion in the third quarter of this year.
Reuters reported that about $4 billion of Ashmore’s outflows were from funds used to provide currency hedging while the rest came from its local currency, blended debt and multi-strategy funds. The article added that a positive performance of $1 billion helped the firm offset its decline.
Ashmore CEO Mark Coombs told the news outlet that he is “more positive about outlook for investment returns than at this time last year.”
Launched over two decades ago, Ashmore closed the first quarter of this year with $70.1 billion in assets under management.