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    Evergrande-exposed fund house Ashmore suffers fall in assets

    Emerging market specialist Ashmore, one of the biggest international investors in the struggling Chinese real estate group Evergrande, said assets under management fell $ 3.1 billion in the previous quarter due to disappointing investment performance. I reported.

    Assets under management fell from $ 94.4 billion to $ 91.3 billion in the three months to the end of September, with negative investment performance down $ 2.1 billion, according to a UK-listed fundhouse. The client also withdrew another $ 1 billion from the group.

    “”[Ashmore’s] David McCann, an analyst at broker Numis, said:

    Ashmore International asset management company To Evergrande, the most indebted developer in the world.according to data The FTSE250 Group, organized by Bloomberg, held more than $ 400 million in Evergrande Group bonds as of the end of June.

    Evergrande, which is on the verge of default, has been affected by a new rule imposed by Beijing about a year ago, forcing major Chinese developers to cut their debt.Real estate group Missed at least 5 bond interest payments Last month, competitors also struggled with rule changes and slowing sales.

    Ashmore declined to comment on how its performance was affected by Evergrande’s exposure. However, the quarterly update states that returns were hit by changes in “market sentiment” and investors’ willingness to risk.

    Mark Coombs, CEO of Ashmore, said:

    But he added that emerging markets had a “positive basic background”. Increased Covid-19 vaccination rate Yields will be attractive as coronavirus restrictions are relaxed and interest rates rise.

    Nonetheless, Ashmore said assets under management of local currency debt, corporate debt and mixed debt all declined during the quarter.

    By Thursday lunchtime, stock prices had fallen by less than 1%. This year has fallen by a quarter so far.

    Evergrande-exposed fund house Ashmore suffers fall in assets Source link Evergrande-exposed fund house Ashmore suffers fall in assets

    The post Evergrande-exposed fund house Ashmore suffers fall in assets appeared first on California News Times.

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