(Reuters) – Emerging markets-focused fund manager Ashmore said on Wednesday its half-yearly profit surged, underpinned by higher asset prices as investor sentiment stabilised.
The company said its profit before tax was up 38% year-on-year at 74.5 million pounds ($93.91 million) for the period ended Dec. 31, 2023.
“There are risks, particularly geopolitical ones in a year of many elections around the world and continued growth headwinds in China,” Chief Executive Officer Mark Coombs said in a statement.
“There is a compelling argument for a shift in asset allocations from heavily indebted and relatively expensive Developed Markets to the Emerging Markets where many of the economies are sound, fiscal and monetary policies are sensible, and absolute and relative valuations are attractive.”
($1 = 0.7933 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips)
Comments