Fund manager Ashmore boosted by emerging market inflows

LONDON, Oct (KOSDAQ: 039200.KQ - news) 10 (Reuters) - Investment manager Ashmore Group (Other OTC: AJMPF - news) attracted $600 million of net inflows from clients between July and September, a sign of sustained investor appetite for its emerging market funds despite recent volatility.

The inflows - strongest in its debt products - combined with positive investment performance to raise London-based Ashmore (LSE: ASHM.L - news) 's assets under management to $78.5 billion at end-September.

Analysts at broker Numis had forecast assets under management would fall slightly to $77.2 billion with net outflows of $400 million outpacing a $200 million gain from the value of its investments rising.

Emerging market assets suffered a sharp sell-off in May and June after the U.S. central bank said it was considering cutting back on its monetary stimulus, which has buoyed demand for higher-risk stocks and bonds in developing countries.

Prices have recovered since the U.S. Federal Reserve put back the decision to rein in its stimulus, but remain below their levels earlier in the year.

Ashmore, led by founder Mark Coombs, has said that institutional clients such as sovereign wealth and pension funds, which form the bulk of its customer base, have stuck with emerging markets throughout the volatility, convinced of their longer-term positive outlook.