Ashmore suffers outflows as clients exit emerging markets
LONDON Jan 14 (Reuters) - Ashmore Group said clients pulled $3.5 billion more from its range of funds than they put in during the last three months of 2013, as clients took fright at heightened volatility in its core emerging markets.
In a trading statement on Tuesday, Ashmore said assets under management fell to $75.3 billion. Analysts at Numis had forecast assets would come in at $79.9 billion after net inflows of $1.4 billion.
Ashmore said clients withdrew money from blended and external debt, as well as equities and multi-strategy themes.
"Market performance and, to some extent, investor behaviour during the quarter continued to be influenced by uncertainty surrounding US monetary policy and the heightened market volatility experienced since early May last year," Mark Coombs, Ashmore's billionaire founder said in the statement.