AppId is over the quota
AppId is over the quota
By Tommy Wilkes
Tue Sep 13, 2011 11:16am BST
LONDON, Sept 13 - Fund manager Ashmore Group said clients were sticking with emerging markets and it planned to boost its presence in Latin America and Asia to latch on to the region's growing middle class.
Ashmore (ASHM.L) reported a 13 percent rise in full-year pretax profit to 246 million pounds on Tuesday, in line with the 245 million forecast by Oriel Securities, after net management fees rose almost a third.
Ashmore stock was down 5.8 percent at 0825 GMT after a strong run-up in recent months.
"We believe Ashmore remains relatively good value. However, reflecting the strong recent share price outperformance towards our target price, we expect to downgrade our recommendation to 'hold' (from 'add')," Numis anlysts said in a note.
Ashmore, which recently entered Britain's FTSE 100 blue-chip index, said it saw continued interest in emerging markets despite the rocky summer period.
"I do not think we have anything other than continued positive interest in the (emerging markets) asset class. That is certainly not seasonal, and it is long term in its nature," finance director Graeme Dell told Reuters.
Dell said performance fees had peaked in the current cycle and would fall for the next few years, though this should be expected as the absolute performance of emerging market assets fell.
Ashmore, which managed $65.8 billion (41.6 billion pounds) at end-June, said it would focus on growing its retail business in the United States and Asia, and try to attract more clients from the growing middle class in emerging markets.
"In the long term, to be in a position to take advantage of the growth in the underlying emerging markets we would like to develop a number of domestic asset management businesses on the ground," Dell said.
Ashmore has offices in Brazil, Colombia, India and Turkey.
"The opportunity for raising AuM (assets under management) from both developed country and emerging markets sources as they increasingly come to realise the attractiveness of the emerging markets asset classes over developed markets alternatives, remains a compelling one," chief executive Mark Coombs said.
(Reporting by Tommy Wilkes; Editing by Dan Lalor)
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