The plunge in emerging markets is hitting EM fund managers even harder than expected. Shares in Ashmore (ASHM:LSE), the specialist EM fund manager, fell as much as 7 per cent on Thursday after it reported a 10 per cent drop in funds under management over just three months following heavy investment losses.
AUM plummeted by $6.9bn to $58.9bn at the end of September – twice as much as analysts had forecast. There will be plenty of other EM managers facing similar headaches.
As this table from Ashmore’s statement shows, the decline was particularly severe in equities, which saw AUM drop nearly 27 per cent. Corporate debt bucked the trend but these assets are only a sliver of Ashmore’s overall portfolio:
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