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Emerging markets asset manager Ashmore reported a fall in assets under management following investors moved out of debt investments in the second quarter.
Assets under management declined by US$4.0 billion in the second quarter, comprising net outflows of US$2.2 billion and negative investment performance of US$1.8 billion.
The external debt, equities and alternatives themes had net inflows, including the first close of a private equity fund raised by Ashmore Colombia.
'There were net outflows in the blended debt, local currency (including a US$1.3 billion reduction in overlay mandates) and corporate debt themes,' the company said.
'Persistent global inflation expectations, new COVID-19 variants and weaker growth in China meant challenging market conditions for Emerging Markets continued through the final months of 2021,' it added.