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15 Jan, 2008

Published: 12:48 Tuesday 15 January 2008
By: Dylan Lobo, Investment News Editor

Specialist emerging markets fund manager posted an 11% jump in assets under management (AUM) in the third quarter.

AUM rose from $33.1 billion (£16.8 billion) at the end of September to $36.8 billion at the end of December.

The rise was aided by $2.8 billion in net subscriptions over the three month period.

This included raising $1 billion through the launch of the Ashmore Global Special Situations fund 4 and an additional €500 million (£374.2 million) from the listing of the Ashmore Global Opportunities fund of the London Stock Exchange.

The group (ASHM) also launched the Ashmore Emerging Markets Corporate High Yield fund, which managed to raise €900 million.

In the six months to 31 December 2007 the group earned £32 million through performance fees.

Ashmore remains confident of building on its success. It said: 'Trading conditions as we enter the third quarter of the 2008 financial year are in line with management expectations, supported by the long term growth trends demonstrated by emerging market asset classes, and the Group remains confident of its prospects for the current year.

Investors opted to take profits on the back of the results. At 11.50am shares in Ashmore were trading 6.75p lower at 257.25p.

The update prompted Evo Securities to reiterate its buy on the stock. Evo analyst Jason Streets said the update confirmed the strong position the group holds in secular growth areas of the asset management market.

Streets said: 'We prefer Ashmore over other players in the sector for its market exposure (largely emerging markets debt), its track record, its tight management and its profitable fee structure. It remains the best buy in the sector.'

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