Ashmore Group's assets under management fell 13.2% in the third quarter to $51.1 billion as of Sept. 30, the emerging markets manager said in a financial update on Thursday.
Ashmore had already seen its assets under management drop 21.5% in the fiscal year ended June 30. In the third quarter, the drop from $58.9 billion in AUM came from $4 billion in net outflows and $3.8 billion in negative investment performance.
The company said in the update that “the net outflow reflects the typically quieter quarter combined with a small number of institutional redemptions that most occurred toward the end of the period.”
Every one of Ashmore's investment strategies saw a drop in AUM in the quarter. Local currency dropped 10.5% during the quarter, primarily due to investment performance impacted by U.S. dollar strength, to $13.6 billion from $15.2 billion. However, due to a larger drop in blended debt, by 14.6% to $13.4 billion from $15.7 billion, local currency took blended debt's place as the money manager's largest strategy.
Corporate debt saw the largest percentage drop, 20.8%, to $5.7 billion from $7.2 billion, and overlay/liquidity saw the smallest percentage drop, by 3.8% to $2.5 billion from $2.6 billion. The alternatives category, the smallest strategy in Ashmore's lineup, stayed flat at $800 million in AUM as of Sept. 30.
Equities fell 18.4% to $3.1 billion from $3.8 billion, and multiasset strategies fell 18.8% to $1.3 billion from $1.6 billion.
