Ashmore assets under management fall as war drives outflows

(Alliance News) - Ashmore Group PLC on Thursday reported a decline in assets under management, as progress was "interrupted" by the Middle East conflict.

Ashmore shares fell 4.4% to 212.31 pence each in London on Thursday morning.

The emerging markets-focused asset manager said assets under management at its March 31 third quarter ended amounted to USD50.7 billion, down 3.4% from USD52.5 billion in December.

It suffered USD900 million worth of net outflows during the three-month stretch. It was also hurt by a USD900 million negative investment performance.

"Positive momentum from 2025, supported by macro fundamentals and an ongoing capital rotation into emerging markets, continued into the period but was interrupted by the broadening of the conflict in the Middle East at the end of February. This resulted in heightened global market volatility and a "wait and see" approach being adopted by some investors," Ashmore said.

"Subscription activity remained healthy relative to recent period averages, delivering a net inflow in both local currency and equities. However, an institutional redemption from the blended debt theme meant there was a net outflow from blended debt as well as a small net outflow from external debt.

Emerging markets indices were flat to down 3% over the quarter, with strong performance in January and February followed by weaker global markets in March."

Chief Executive Officer Mark Coombs said the reaction "across most asset classes has so far been manageable and with limited price dislocations".

"In the near term, investors globally are taking a more measured stance until there is greater clarity in the outlook for the duration of the conflict and its implications for factors such as commodity prices, inflation, interest rates and currency trends," the CEO said.

Last month, Ashmore announced a strategic partnership with Japan Post Insurance Co Ltd which could see the Japanese life insurer take an up to 2.9% stake in the London-based firm.

Ashmore said the pact aims to capitalise on the growth opportunity in emerging markets.

Through the partnership Japan Post Insurance initially intends to invest USD1 billion into a range of Ashmore managed emerging market funds, in addition to JPI's assets currently under management by Ashmore.

Ashmore will be JPI's strategic partner in emerging market asset classes, with the potential for longer-term collaboration and additional capital allocations over time.

It is envisaged that JPI will acquire up to a 2.9% equity stake in Ashmore through open-market purchases.

Coombs said on Thursday: "Ashmore was delighted to announce the establishment of a strategic partnership with Japan Post Insurance Co., Ltd. This new strategic partnership builds on a strong existing relationship in order to capitalise on the growth opportunity across a broad range of attractive emerging market asset classes."

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

Ashmore Group