Ashmore Group Q3 assets hit by outflows, performance

LONDON, April 14 (Reuters) - Emerging markets-focused fundmanagement company Ashmore Group said on Tuesday itsthird-quarter assets under management fell by 4.1 percent to$61.1 billion, as clients pulled cash and it lost money on itsinvestments.

The group posted net outflows of $2 billion and a negativeinvestment performance of $600 million in the three months toend-March, it said in a statement, as weaker local currencyreturns were hit by stronger U.S. dollar recovery in fixedincome and equity markets.

Ashmore said it had seen a "modest" positive performance inexternal debt and a negative performance in corporate debt,alternatives and multi-strategy. Blended debt and equitiesperformance was flat over the period.

"Those investors willing to look beyond short-term pricevolatility and to focus on fundamentals are benefiting from therecent recovery in markets," Chief Executive Mark Coombs said inthe statement.

"However, some investors remain cautious given continueduncertainties such as the timing and impact of higher U.S.interest rates." (Reporting by Simon Jessop, editing by Sinead Cruise)

Ashmore Group