AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
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Highlights
- Stable AuM: Assets under management (AuM) at $48.8 billion, with positive performance of $0.6 billion.
- Financial Performance: Adjusted net revenue of £79.9 million (-14% YoY), with an adjusted EBITDA margin of 42%.
- Strategic Growth: Equities net inflows drove a 4% AuM increase; infrastructure fund raised over $300 million.
Ashmore Group plc (LSE:ASHM), a specialist Emerging Markets asset manager, has reported its unaudited financial results for the six months ended 31 December 2024, showing stability in assets under management (AuM) and signs of improved net flows despite a challenging market environment.
Stable AuM Amid Market Volatility
Ashmore’s total AuM remained largely unchanged at $48.8 billion, supported by positive investment performance of $0.6 billion. The company also saw a significant reduction in redemptions, leading to an improved net outflow of $1.1 billion.
Despite market volatility, emerging market (EM) fixed income indices increased between 1% and 4% over the period, while EM equity indices delivered mixed results, ranging from -1% to +2%.
Financial Performance: Revenue Decline but Cost Control Maintained
The company reported adjusted net revenue of £79.9 million, reflecting a 14% year-on-year decline due to lower average AuM. Net management fees dropped 17% YoY to £68.3 million, while performance fees remained stable at £7.9 million.
Cost efficiency measures helped to reduce adjusted operating costs by 9%, and the firm maintained an adjusted EBITDA margin of 42% on EBITDA of £33.7 million.
Earnings per share (EPS) came in at 5.4 pence on a diluted basis, while adjusted diluted EPS was 4.8 pence, a 17% YoY decrease. Despite this, Ashmore’s balance sheet remains strong, supporting future investment. The Board has declared an unchanged interim dividend of 4.8 pence per share.
Strategic Growth in Equities and Local Platforms
Ashmore continues to diversify its business, particularly in equities and alternative investments. Equities net inflows rose by 4%, bringing total AuM in the segment to $7.0 billion, or 14% of Group AuM.
The company also saw growth in local investment platforms, which now manage $7.6 billion in AuM. Notably, AuM growth in India (+16%) and Colombia (+21%) has been driven by strong client flows.
Ashmore’s alternatives business also made progress, with the first close of a debt infrastructure fund raising over $300 million and successful private equity realisations in Latin America and the Middle East, which contributed to performance fees.
Emerging Markets Outlook: Positive Macroeconomic Trends
Looking ahead, Ashmore remains optimistic about the macro outlook for emerging markets, citing strong fundamentals, resilience, and structural reforms across key regions. The firm believes that a more measured U.S. policy approach could unlock meaningful upside for EM assets.
Additionally, Ashmore sees an opportunity for investors to rebalance their portfolios as EM allocations remain cyclically low, creating potential for significant asset price appreciation in the sector.
