(Repeats with link to related Breakingviews column
* H1 core profit up 32 pct to 89.7 mln stg
* Assets slip to $52.2 bln from $52.6 bln at end-June
* To pay interim dividend of 4.55 pence per share
* Looking at "in-fill" acquisitions only -CFO
By Carolyn Cohn
LONDON, Feb 9 UK-based fund manager Ashmore
Group posted an above-forecast 32 percent rise in
first-half core profits on Thursday, following strong investment
returns in emerging markets and sending its shares to the top
of the FTSE mid-cap index.
The firm, which specialises in emerging markets, has
suffered outflows in recent years due to volatility in the asset
class, but the trend has been changing in the past 18 months.
Assets under management fell slightly in the six months to
the end of December, to $52.2 billion from $52.6 billion,
affected by uncertainty over emerging markets following the U.S.
election. Assets under management rose 5 percent over the whole
of 2016, however, as emerging stocks rallied.
"The flows pattern has picked up again pretty quickly since
(the U.S. election) and momentum is building quite nicely,"
Finance Director Tom Shippey told Reuters.
"The flows story is very much intact looking forward to
Revenues rose 24 percent in the first half to 144.1 million
pounds ($180.27 million), compared with 128.9 million seen in a
Adjusted earnings before interest, tax, depreciation and
amortisation (EBITDA) were 89.7 million pounds, against a
forecast 77.3 million pounds.
Ashmore said it would pay an interim dividend of 4.55 pence
per share, unchanged from a year earlier.
Analysts at KBW reiterated their "market perform" rating on
the stock, describing the results as "strong".
Ashmore's share price was up 3.8 percent at 331 pence by
0856 GMT, off an earlier high of 338.5p.
Investors have been focusing on the possibility of more
consolidation in the asset management industry, following
UK-based Henderson Group's $6 billion deal to acquire
U.S. firm Janus Capital in October.
"We have an organic growth strategy that we are executing
on. We think there is plenty of opportunity," Shippey said.
"It's possible there might be little bits of 'in-fill' M&A."
($1 = 0.7994 pounds)
(Editing by Simon Jessop and Greg Mahlich)