Business
PRELIMINARY RESULTS FOR YEAR
PRELIMINARY RESULTS FOR YEAR.
About this update from Ashmore Group Plc
[{"type":"text","content":"\n RNS Number : 4544D Ashmore Group PLC 16 September 2008 \n \n \nPress release\n\nAshmore Group plc\n\n16 September 2008\n\nPRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2008\n\nAshmore Group plc, one of the world's leading emerging market investment managers, today announces its audited results for the year ended 30 June 2008.\n\n\nFinancial highlights\n\n\n\nAssets under management (AuM) of US$37.5 billion at 30 June 2008, up US$5.9 billion, 19% in the year\n\n\n\n\n\nNet management fees of £182 million, 44% higher than for the year ended 30 June 2007\n\n\n\n\n\nPerformance fees of £44.7 million (£20.4 million for the year ended 30 June 2007)\n\n\n\n\n\nOperating margin of 76% (2007: 76%)\n\n\n\n\n\nProfit before tax of £196.2 million, up 49%\n\n\n\n\n\nBasic eps up 53% to 21.0p (2007: 13.7p) and diluted eps of 19.9p (2007: 12.9p)\n\n\n\n\n\nA final dividend of 8.34p per share will be paid on 5 December 2008, giving a total dividend for the year of 12.0p (2007: 9.0p)\n\n\n\n\nOperational highlights\n\n\n\nAshmore launched its fifth investment theme, emerging corporate high yield, which offers investors a risk return profile distinct from other segments of emerging market fixed income. \n\n\n\n\n\nThe launch of a permanent capital vehicle in December 2007 (Ashmore Global Opportunities Limited) through which € 500 million was raised. Provides broader access to the special situations theme via a listed vehicle with daily liquidity and pricing.\n\n\n\n\n\nA dedicated Brazilian local currency fund was launched in January 2008, managed by our newly established fund management subsidiary in Sao Paulo. This was followed in April 2008 by the launch of a Brazilian onshore local currency fund targeting domestic institutional investors. \n\n\n\n\n\nThe fourth Global Special Situations Fund (GSSF4) closed in October 2007 with commitments of US$1.4 billion. At 30 June 2008 it was 70% drawn down and it has since become fully drawn. Marketing began in June 2008 for the next special situations fund GSSF5.\n\n\n\n\n\nSignificant infrastructure initiatives have been put in place, aimed at providing the Gro...