Ashmore Group plc (LON:ASHM), the specialist Emerging Markets asset manager, has announced its audited results for the year ended 30 June 2025.
| – | Positive investment performance and improved net outflows | |
| – | Assets under management (AuM) of US$47.6 billion1. | |
| – | Positive investment performance of US$4.1 billion broadly spread across all investment themes. | |
| – | Improved net outflows of US$5.8 billion; net inflows into equities, local offices and IG strategies. | |
| – | Rising investor engagement, driven by emerging markets’ superior economic growth and outperformance versus developed markets. | |
| – | Efficient operating model delivers alignment and supports strategic initiatives | |
| – | Adjusted net revenue of £146.5 million, 22% lower YoY reflecting average AuM levels. Strong performance delivered performance fees of £10.2 million across a range of fixed income and alternatives themes. | |
| – | Adjusted operating costs reduced by 14% YoY. Non-VC costs declined by 6% and VC accrued at 35% of EBVCT, resulting in 25% lower charge YoY and maintaining alignment of interests between employees and shareholders. | |
| – | Adjusted EBITDA of £52.5 million, delivering adjusted EBITDA margin of 36%. | |
| – | Profit before tax of £108.6 million, includes strong returns on seed capital investments. | |
| – | Diluted EPS of 11.8 pence, 13% lower YoY, and adjusted diluted EPS of 7.1 pence. | |
| – | Strong, liquid balance sheet with more than £600 million of financial resources including c.£350 million of cash and deposits. | |
| – | Final ordinary dividend maintained at 12.1 pence per share, to give total dividends per share of 16.9 pence. | |
| – | Active management delivering outperformance | |
| – | Emerging markets performing well with index returns of +8% to +14% across fixed income and equities over the 12 months. | |
| – | Ashmore delivering strong relative performance with increased proportion of AuM outperforming over one year (57%), three years (70%) and five years (81%) (30 June 2024: 40%, 59% and 62%, respectively). | |
| – | Progress against strategic objectives | |
| – | Diversification: growth in equities and IG strategies, alternatives AuM increased with new private equity and private debt funds, and launched new products including frontier blended debt, impact debt and EM equity ex China. | |
| – | Investing for further growth in local markets: local office AuM increased 5% YoY driven by Colombia and India; broadening products & distribution channels in India, Indonesia and Saudi Arabia; and new offices opened in Qatar and Mexico. | |
| – | Building blocks in place for higher EM allocations | |
| – | US dominance being questioned by markets: US dollar trend is lower in value and investors’ portfolios require rebalancing from heavily overweight positions. | |
| – | Emerging markets provide superior economic growth, more effective monetary and fiscal policies, and higher risk-adjusted returns. | |
| – | Ashmore’s active investment processes delivering outperformance and the Group is well-positioned to capture flows. | |
Commenting on the Group’s results, Mark Coombs, Chief Executive Officer, Ashmore Group plc said:
“Ashmore’s strategy is aligned with the opportunities in emerging markets and the consistent business model mitigates the impact of market cycles over the longer term. This year, the Group has delivered net inflows into equities, local offices and IG strategies, and continued to invest in initiatives to diversify and to deliver future growth, including using the strength of its balance sheet to increase seed capital investments and expanding the local office network in Latin America and the Middle East.
“Ashmore’s active investment processes are delivering outperformance for clients against a positive backdrop for emerging markets, and its distribution team is active around the world with both existing clients and potential investors, emphasising the need to deploy more capital to capture the favourable trends evident across emerging markets. Ashmore is therefore well-positioned to capture flows as investors shift allocations away from the US, including to the emerging markets that offer superior growth and higher risk-adjusted returns over the medium term.”
| 1. | As reported on 14 July 2025. |
Analysts briefing
There will be a presentation for sell-side analysts at 0900 today at UBS, 5 Broadgate, London, EC2M 2QS. A copy of the presentation will be made available on the Group’s website at ir.ashmoregroup.com.
