(Bloomberg) -- London-based asset manager Ashmore Group PLC is reducing its exposure to Indian equities and has made China the #1 pick in its emerging-markets fund, arguing that India’s stock market is overhyped and overcrowded while China’s is set for a rebound.Most Read from BloombergDubai Grinds to Standstill as Cloud Seeding Worsens FloodingChina Tells Iran Cooperation Will Last After Attack on IsraelWhat If Fed Rate Hikes Are Actually Sparking US Economic Boom?Tesla Asks Investors to Approv
Emerging markets asset manager Ashmore Group reported that customers pulled billions more from their funds at the start of 2024.
The company reported outflows of $2 billion in its financial third quarter to March 31, reducing assets under management to $51.9 billion from $54 billion on Dec. 30. That decline was driven by institutional clients looking to curb risk, primarily in local currency, blended debt and corporate debt, Ashmore said. Equities investment, meanwhile, registered a small net inflow and hard currency markets fared well.