Highlights

  • Assets under management of Ashmore stood at USD 47.6 billion, supported by USD 4.1 billion of positive investment performance.

  • Adjusted profit before tax reached GBP 108.6 million, with a maintained total dividend of 16.9 pence per share.

  • Outperformance improved significantly, with 81% of AuM ahead of benchmarks over five years.

Ashmore Group plc (LSE:ASHM), a specialist Emerging Markets asset manager, has published its audited results for the year ended 30 June 2025, highlighting progress across investment performance, fund flows, and operational efficiency.

The Group reported assets under management (AuM) of USD 47.6 billion, reflecting positive investment performance of USD 4.1 billion, which was broadly spread across all investment themes. Net outflows for the year were USD 5.8 billion, showing an improvement compared with the prior year, with net inflows into equities, investment grade strategies, and from local offices. Rising investor engagement was noted, supported by emerging markets’ superior economic growth and comparative outperformance versus developed markets.

Ashmore’s efficient operating model underpinned financial delivery during the period. Adjusted net revenue stood at GBP 146.5 million, 22% lower year-on-year, due to average AuM levels, while performance fees contributed GBP 10.2 million across a range of fixed income and alternatives strategies. Adjusted operating costs declined 14% year-on-year, including a 6% reduction in non-variable costs. Variable compensation accrued at 35% of EBVCT, resulting in a 25% lower overall charge compared with last year and supporting alignment of interests between employees and shareholders.

Adjusted EBITDA for the year was GBP 52.5 million, delivering an adjusted EBITDA margin of 36%. Profit before tax came in at GBP 108.6 million, reflecting strong returns on seed capital investments. Diluted earnings per share were 11.8 pence, a 13% decline year-on-year, while adjusted diluted EPS was 7.1 pence. The Group maintained a final ordinary dividend of 12.1 pence per share, bringing the total dividend for the year to 16.9 pence per share.

The Group’s balance sheet remained robust, with more than GBP 600 million of financial resources, including approximately GBP 350 million of cash and deposits, providing flexibility to pursue growth initiatives.

Ashmore reported outperformance across its active investment strategies, with an increasing proportion of AuM outperforming over one year (57%), three years (70%), and five years (81%), up from 40%, 59%, and 62% respectively at 30 June 2024. Emerging markets continued to deliver positive index returns of +8% to +14% across fixed income and equities over the 12 months.

Strategic progress was also noted in diversification and geographic expansion. Alternatives AuM increased, supported by new private equity and private debt funds. The Group launched products including frontier blended debt, impact debt, and emerging markets equity ex-China. Local office AuM increased 5% year-on-year, particularly driven by Colombia and India. Ashmore broadened product and distribution channels in India, Indonesia, and Saudi Arabia, while also opening new offices in Qatar and Mexico.

Looking ahead, the Group highlighted that investor portfolios are expected to rebalance as US dollar trends weaken and global allocations shift away from overweight US positions. With emerging markets continuing to demonstrate superior economic growth, more effective policies, and higher risk-adjusted returns, Ashmore stated it is positioned to capture potential flows into the asset class.