Ashmore Group, the emerging markets investment group, dipped into reserves to maintain the dividend as it narrowly missed forecasts for the full year.
Analysts said revenues came in below expectations and costs were higher than expected because of staff bonuses. The group has previously disclosed that defecting clients pulled $11.5 billion of money from the business in the year to June. Adjusted operating profits fell 35 per cent to £106.2 million.
Pre-tax profits fell by a smaller 6 per cent to £111.8 million in the year thanks to smaller losses on investments Ashmore makes to seed new funds, as well as higher interest on cash.
But Mark Coombs, chief executive, said prospects were strong and there was “mounting evidence” that the negative cycle plaguing investors
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