September 7, 2017 / 6:22 AM / a year ago

Ashmore FY profit up 23 pct, boosted by rise in assets

LONDON, Sept 7 (Reuters) - Emerging markets-focused asset manager Ashmore posted a 23 percent rise in full-year pretax profit on Thursday, boosted by growth in assets and performance fee income.

Ashmore said pretax profit in the year to end-June was 206.2 million pounds, underpinning a final dividend per share of 12.1 pence.

Assets under management during the period rose 12 percent to $58.7 billion after net inflows of $1.9 billion and market gains of $4.2 billion, it said in a statement.

That led to an 11 percent rise in revenues and 13 percent increase in management fees it charges clients to run its funds. Performance fees, charged for outperformance, were 28.3 million pounds, it said.

Looking ahead, the company said there was “substantial absolute and relative value available across diversified emerging markets”, with many investors still underweight on the asset class. (Reporting by Simon Jessop; Editing by Rachel Armstrong)

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