Ashmore success sees Coombs cash in

 

Nick Clark
Wednesday 14 September 2011 00:00
Comments

The success of the fund manager Ashmore Group, which posted a 13 per cent increase in profits yesterday, will see its chief executive cash in with a multimillion-pound windfall.

Mark Coombs, who has headed the company since 1998, called it "broadly a good year for the group" and pointed to "significant progress in both distribution and product development".

Ashmore, which specialises in emerging markets investments, saw its pre-tax profits rise to £246m in the 12 months to the end of June from £217m a year earlier.

Revenues rose by 17 per cent to £334m following growth in management fees income and a second year of record performance fees. Stuart Duncan, an analyst at Peel Hunt, said: "Ashmore's operating performance continues to stand out."

The company announced it was to lift the full-year dividend by 11 per cent to 14.5p. With a 42 per cent stake in the business, Mr Coombs will receive a £43.3m payout. His stake is worth more than £1bn.

He said: "The opportunity for raising assets under management from both developed country and emerging markets sources, as they increasingly come to realise the attractiveness of the emerging markets asset classes over developed markets alternatives, remains a compelling one."

Ashmore Group is to be promoted to the FTSE 100 next week. However, its shares closed 14.9 per cent lower at 385p last night.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in