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Fund manager Ashmore posts above-forecast 32 pct H1 profit rise
February 9, 2017 / 7:33 AM / 10 months ago

Fund manager Ashmore posts above-forecast 32 pct H1 profit rise

* 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

By Carolyn Cohn

LONDON, Feb 9 (Reuters) - Fund manager Ashmore Group posted an above-forecast 32 percent rise in first-half core profit to 89.7 million pounds ($112.19 million) following strong investment returns in emerging markets, it said on Thursday.

The firm, which specialises in emerging market investments, saw a decrease in assets under management in the six months to the end of December, however, to $52.2 billion from $52.6 billion.

Assets under management rose 5 percent over the whole of 2016, helping boost revenues to 144.1 million pounds, up 24 percent, compared with a forecast 128.9 million.

Adjusted earnings before interest, tax, depreciation and amortisation were forecast at 77.3 million pounds, according to a company-supplied poll.

Ashmore said it would pay an interim dividend of 4.55 pence per share, unchanged from a year earlier.

”The combination of attractive absolute and relative returns, accelerating GDP growth, and low allocations all support the expectation of further strong performance in 2017 and a return to the improving flow trend seen for most of 2016,” chief executive Mark Coombs said in a statement.

Emerging market stocks have risen 16 percent since the beginning of 2016.

$1 = 0.7996 pounds Reporting by Carolyn Cohn

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