Trend for emerging markets puts Ashmore in the money

Emerging markets fund manager Ashmore saw its profits jump by 36% last year, as more sovereign wealth funds and central banks from the areas in which it invests chose to keep their money closer to home.

Finance director Graeme Dell said: "Our biggest source of new inflows of money have been the emerging markets themselves.

"Government funds in the Middle East and Far East want to get out of dollar risk and are looking for liquid investments, such as other emerging market countries' debt.

"We see that continuing as these areas produce the strongest returns," he added.

Ashmore's funds under management rose 42% to
$35.3 billion (£22.87 billion) in the year to June. Of that $10.4 billion increase, $7.6 billion was new money coming in while $2.8 billion was growth of existing funds.

Pre-tax profits rose from £160 million to £217 million.

Founder and chief executive Mark Coombs will receive a cheque for £39.4 million as the dividend for the year rises 1p to 13p.

His 43% stake is worth just under £1 billion after today's 9.3p rise in the shares to 382.6p.