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Ashmore first-half pre-tax profits down by a third
February 25, 2014 / 7:27 AM / 4 years ago

Ashmore first-half pre-tax profits down by a third

LONDON, Feb 25 (Reuters) - British fund manager Ashmore’s pre-tax profits were a third lower in the last six months of 2013, as investors moved money away from its core emerging markets because of concerns over heightened volatility.

In an interim report on Tuesday, the FTSE 250 company announced profits before tax of 79.5 million pounds ($132.21 million), down from 120.2 million pounds for the same period last year.

Analysts at Numis had expected pre-tax profits of 92 million pounds.

Ashmore said it would pay out an interim dividend of 4.45 pence per share.

Assets under management were down $2.1 billion during the period as a result of clients taking out $2.9 billion more than they put in, but partially offset by investment perfomance of $800 million.

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