Business
Third Quarter Interim Managem
Third Quarter Interim Managem.
About this update from Ashmore Group Plc
RNS Number : 1443K Ashmore Group PLC 14 April 2010 Ashmore Group plc +0700 14 April, 2010 THIRD QUARTER INTERIM management statement Ashmore Group plc ("Ashmore", the "Group"), a leading specialist emerging markets asset manager, announces today the following interim management statement in respect of the period ended 31 March 2010. Assets under Management ("AuM") Actual Estimated Theme AuM 31 December 2009 (US$billion) AuM 31 March 2010 (US$billion) Movement (%) External debt 17.6 18.4 +5 Local currency 5.7 6.1 +7 Special situations 3.1 3.0 -3 Equity 0.2 0.2 0 Corporate high yield 0.7 0.9 +29 Multi-strategy 2.0 2.1 +5 Other 2.3 2.3 0 Total 31.6 33.0 +4 The quarter saw assets under management increase 4% to US$33.0 billion. The drivers of this were net inflows of US$0.8 billion principally into the external debt and local currency themes, and positive performance of US$0.6 billion. The Group's strategy remains consistent; deliver long term investment outperformance; generate and diversify net management fee income through the attraction of net subscriptions across investment themes; and develop the Ashmore brand and business model. Trading conditions are in line with management expectations and the Group remains confident of its prospects for the current year. Foreign exchange The GBP:USD exchange rate has been relatively volatile over the period (31 March 1.5184 vs 31 December 1.6170 ), with an average rate for the quarter of GBP1:1.5428 USD. Forward foreign exchange contracts of US$30 million have matured in the period, effectively at this average rate, and US$30 million remain in place in respect of the remainder of FY09/10. These outstanding forwards have been marked-to-market at the quarter end rate. In line with the position at 30 June 2009, there remain in place US$60 million of FX hedges for FY2010/11, which are hedge-accounted for in accordance with IAS 39. For further information, please contact: Ashmore Group plc &nbs...