LONDON, Oct 15 (Reuters) - UK emerging markets-focused fund manager Ashmore posted a 13 percent fall in assets under management to $51.1 billion in the first quarter, hit by both outflows and negative investment performance, the firm said on Thursday.
Net outflows were $4.0 billion, while negative investment performance caused an additional $3.8 billion drop in assets under management in the three months to Sept. 30.
A stock market collapse in China has led to poor performance in the emerging markets asset class as a whole, with Ashmore reporting particular stress in local currency investments.
Asset managers Hargreaves Lansdown and Jupiter and hedge fund Man Group also reported falls in assets under management this week.
While concerns over global growth had hurt investment appeal of emerging markets, Ashmore Chief Executive Mark Coombs said certain investors were now “acting upon the value apparent in the emerging markets” and increasing allocations as a result. (Reporting by Carolyn Cohn, editing by Sinead Cruise)