HomeStock MarketAshmore's profit jumps 38% in first half, driven by fund management success.

Ashmore’s profit jumps 38% in first half, driven by fund management success.

Fund Manager Ashmore’s Profits Surge 38% in First Half

Emerging Markets Fund Manager Ashmore Reports Surging Profits

Emerging markets-focused fund manager Ashmore reported a significant surge in half-yearly profits. This growth was driven by higher asset prices as investor sentiment stabilized.

Profit Before Tax Up 38% to 74.5 Million Pounds

The company revealed that its profit before tax increased by 38% year-on-year to 74.5 million pounds ($93.91 million) for the period ending Dec. 31, 2023.

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CEO Mark Coombs Highlights Potential Shift in Asset Allocations

Mark Coombs, the Chief Executive Officer of Ashmore, expressed cautious optimism about the future. He pointed out potential risks, especially geopolitical ones, and highlighted growth headwinds in China. Coombs also emphasized the case for a shift in asset allocations from heavily indebted and relatively expensive Developed Markets to the Emerging Markets.

Compelling Argument for Shifting Asset Allocations

Coombs highlighted the soundness of many emerging economies, sensible fiscal and monetary policies, and attractive valuations. He made a compelling argument for the attractiveness of the Emerging Markets as a viable investment option.

Overall, Ashmore’s strong performance in the first half of the year reflects the resilience of emerging markets and the potential for future growth.

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