Ashmore Group plc (LSE:ASHM) increased assets under management by 10% to US$52.5 billion in the six months to 31 December 2025, supported by US$2.3 billion of net inflows and US$2.6 billion in investment performance gains. The uplift came as emerging markets outperformed developed peers, driving growth across several strategies.
Equities were a standout performer, with assets in the segment rising 17% to US$8.8 billion. The group also continued to diversify its funding base, with client-sourced assets from emerging markets accounting for 39% of total AuM, reflecting progress in expanding local distribution and strengthening its presence in on-the-ground markets.
Although adjusted net revenue declined 16% year-on-year to £67.5 million—largely due to lower average AuM over the period and softer performance fees—profitability improved significantly. Profit before tax climbed 64% to £81.9 million, while diluted earnings per share jumped 89% to 10.1 pence. The increase was driven by stronger seed capital returns and disciplined cost management.
Ashmore ended the period with £480 million in excess financial resources and maintained its interim dividend at 4.8 pence per share. Management said the firm remains well positioned to capitalise on a supportive emerging market backdrop characterised by relatively higher growth, more accommodative monetary conditions and a weaker US dollar, reinforcing its standing in active EM asset management.
From an outlook perspective, strong profitability and a low-leverage balance sheet provide a solid foundation, though revenue pressure and softer cash-flow trends warrant attention. Technical indicators appear positive but signal overbought conditions, while valuation metrics remain broadly supportive, combining a moderate price-to-earnings ratio with an attractive dividend yield. The latest earnings discussion reflected both strategic progress and cost discipline, alongside declines in revenue, EBITDA and EPS compared with the prior year.
More about Ashmore Group plc
Ashmore Group plc is a London-listed specialist investment manager focused exclusively on emerging markets. The firm offers fixed income and equity strategies to institutional and retail clients worldwide, with a growing share of assets sourced from emerging market investors. It operates local offices in key markets including Indonesia and Colombia to support distribution and portfolio management.
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