Ashmore Group plans to list on the London Stock Exchange, with an IPO expected in mid-October, according to a news release. The firm had $20.1 billion in assets under management as of June 30, up 83% from a year ago. Pre-tax revenues also swelled to %A3;103.9 billion ($195 billion) from %A3;48.4 billion over the same period.
Formed in 1992 with $18 million in assets under management, the bulk of Ashmore's business is in dollar-denominated debt, local currency and local currency debt, although it has been expanding into other areas of emerging markets securities, including equity strategies. About 89% of the firm's clients are institutional, with the top 20 investors accounting for 60% of its assets under management. The remainder of the clientele is high-net-worth individuals.
Goldman Sachs International and UBS AG are joint sponsors, global coordinators and book runners for the IPO.