(Reuters) -Emerging markets specialist investor Ashmore said on Tuesday its outflows declined further in the first quarter, as its core markets proved to be resilient against the traditionally inflated U.S. market amid global volatility.
Wealth managers focused on emerging markets and the UK have emerged on the better-faring side of the market onslaught brought on by Washington’s erratic trade policies.
Ashmore bled client cash for much of last year, before plugging the leak in the final quarter as conditions improved in emerging markets.
“Given the positive emerging markets backdrop, evident risks to investors’ overweight positions in the US… the group is well-positioned to capture additional flows as investors increasingly look to shift allocations away from the US including into emerging markets,” CEO Mark Coombs said in a statement.
Ashmore reported net outflows of $300 million for the quarter ended September 30, compared with $800 million at the end of June.
The fund manager’s assets under management rose to $48.7 billion from the $47.6 billion recorded at June-end.
(Reporting by Yamini Kalia in Bengaluru; Editing by Subhranshu Sahu)
