Ashmore Group seed capital programme gains lift profits despite $4.5bn outflows

In its half-year results published today (7 February), the emerging markets specialist reported pre-tax profits of £74.5m, a 38% increase from the previous year, despite a 13% fall in net revenues to £93.4m.  The hit to revenues reflected a 10% lower average AUM of $53.3bn over the six-month period and reduced FX gains, partially offset by higher performance fees of £8m.  The pre-tax profits rise was attributed to capital gains of £19.6m delivered by the group's active seed capital investment programme, as well as interest income of £12.8m achieved on its cash balances.  Jefferies ...