Emerging Markets Strategic Initiatives
Financial results
Operating costs
.
Ashmore
+1%
-2%
103.7
Non-VC operating costs reduced by 6% (2% at
constant currency)
Flat average headcount, lower travel and office-
related expenses
Charitable contribution: 0.5% of profits* paid to
Ashmore Foundation and other charities
Adjusted operating costs (£m)
105.9
-1%
•
Variable compensation set at 22.0% vs 19.5% last year
Strong investment performance, lower adjusted
profits
FY2021/22 operating costs will reflect planned return to
offices and travel
* Profit before tax excluding unrealised seed capital gains
VC
variable compensation
Figures stated on an adjusted basis, excluding FX translation and seed
capital-related items; see Appendix 1
FY2019/20
Non-VC costs
VC
FX
FY2020/21
FY2020/21
FY2019/20
£m
£m YoY %
Fixed staff costs
Other operating costs
(26.7)
(27.6)
3
(19.5)
(21.0)
Depreciation & amortisation
(2.8)
(3.4)
18
Operating costs before VC
(49.0)
(52.0)
60
Variable compensation (22.0%/19.5%)
(53.6)
(55.0)
- adjustment for FX translation
(1.1)
1.1
nm
Adjusted operating costs
(103.7)
(105.9)
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