The emerging markets specialist fund manager Ashmore has given the lie to the general idea that investors have been switching out of bonds as stock markets soared.
Indeed Ashmore's much better-than-expected $6.7bn rise in assets to $77.7bn in the past three months is more than accounted for by an inflow of $7.3bn of new funds. Unlike many of its pure equity rivals, Ashmore's overall investment performance was negative, with a drop in value of some $600m.
Ashmore said it "continues to perform in line with management's expectations" and the shares soared 13 per cent, or 46.1p, to 401p.
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