Q4 Trading Statement

RNS Number : 3616K

Ashmore Group PLC

14 July 2011

 



Ashmore Group plc

+0700 14 July, 2011

FOURTH QUARTER ASSETS UNDER management statement AND TRADING UPDATE

Ashmore Group plc ("Ashmore", the "Group"), the specialist emerging markets asset manager, announces today the following assets under management statement in respect of the period ended 30 June 2011.

Assets under Management

	Actual	Estimated
Theme	31 March 2011 (US$billion)	30 June 2011 (US$billion)	Movement Q3vsQ4 (%)
External debt	21.5	23.1	+7
Local currency	9.2	11.4	+24
Special situations	3.2	2.5	-22
Equity	0.2	10.1	-
Corporate debt	1.1	1.4	+27
Multi-strategy	8.1	8.4	+4
Other	7.0	8.9	+27
Total	50.3	65.8	+31

The final quarter of the financial year ended 30 June 2011 saw Assets under Management ("AUM") increase by US$15.5 billion (31%) to US$65.8 billion, including AUM in the equity theme resulting from the completion of the acquisition of EMM L.L.C. (see note 1). There were net inflows of US$4.6 billion across the themes, particularly within the local currency, currency overlay (within "Other") and external debt themes. Asset realisations in special situations funds, that were completed after the reinvestment periods of those funds, enabled monies to be returned to investors. Positive investment performance contributed a further US$1.0 billion of AUM in the quarter.

Performance fees for the year overall are estimated to be £85 million (H1 2010/11 £60.1 million: FY2009/10 £82.9 million) arising principally from strong investment performance for funds with August and April year ends.

The Group will announce its results in respect of the financial year to 30 June 2011 on 13 September 2011. There will be a presentation for analysts at 0900 on that date at the offices of Goldman Sachs at Rivercourt, 120 Fleet Street London EC4A 2QQ. A copy of the presentation will be made available on the Group's website at www.ashmoregroup.com.

Notes:

1-   Assets under management

The acquisition of EMM L.L.C. announced on 1 June 2011 stated the AuM adjusted to include the effect of all notified asset flows as at 31 May 2011 was US$9.7 billion. As at 30 June 2011 the majority of notified redemptions had been received and processed and the AuM balance stood at US$10.0 billion.

2-   Foreign exchange

The average exchange rates, for the translation of US dollar management fees, achieved over the third and fourth quarters were GBP1:1.5978 US$ and GBP1:1.6309 US$ respectively, incorporating the effects of previously executed foreign exchange hedges. At 30 June 2011 there are US$215.0 million of FX hedges in place for FY2011/12 and FY2012/13, which are hedge-accounted for in accordance with IAS 39.

For further information, please contact:

Ashmore Group plc		MHP Communications [e-mail]
Graeme Dell		Gay Collins	Jennifer Spivey
Group Finance Director [phone]		[phone] [phone]	[phone]

 

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