Ashmore’s Asset Down, Launching Recovery Fund

April 16th, 2009
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Emerging market specialist Ashmore Group plc announced today in their interim management report that assets under management fell over the last quarter from $24.6 billion to $23.5 billion. The 4% asset drop was attributed to net redemptions, which totaled $1.2 billion. Overall, investment performance at the firm for the quarter was positive at approximately $100 million.

In its press release, the firm expressed that the market misalignment has created “significant value opportunities, which believe will become increasingly apparent to investors, as those developing economies begin to emerge from the current difficulties first.”

Yesterday, Ashmore announced that it was launching the Ashmore Global Consolidation and Recovery Fund. The fund will launch with $100 million from seed investor UBS AG and will seek to purchase illiquid and distressed emerging-market assets from financial institution's balance sheets.
See Press Release
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Launches and Hedge Fund Closings

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