Fund manager Ashmore reports profit falls 6% on outflows

LONDON (Reuters) – Emerging markets-focused fund manager Ashmore reported a 6% fall in annual profit on Wednesday, as assets under management slumped by almost a quarter, as investors sought to curb risk amid choppy financial markets worldwide.

Ashmore said it saw net outflows of $11.5 billion over the financial year ended June 30, and it slashed variable pay for staff by 24% in a reflection of the decline in performance.

The fund manager reported a profit before tax of 112 million pounds ($140.88 million), which was supported by higher interest on cash balances following a slew of central bank rate rises.

(This story has been corrected to change the outflow number to $11.5 billion in paragraph 2)