Ashmore rebounds after Trump win deals brief blow

Ashmore investors dug in today after the US election took the fizz out of emerging markets last quarter.

The group, led by billionaire Mark Coombs, saw assets under management fall by 4% to $52.2 billion (£43.2 billion) in the final quarter.

Customers pulled $700 million and market falls dented funds by $1.7 billion.

But Coombs said the sell-off was “short-lived” and investments had actually increased into December. Shares rose 3% to 292p in response.

Local currency funds saw the biggest hit in the quarter, with funds under management dropping 9% to $12.4 billion while currency hedging products rose 13% to $3.6 billion as investors tried to damp FX volatility.

President-elect Donald Trump’s trade policy prompted a pull-back from emerging markets but fears are fading as details emerge of his pro-business stance.