Emerging Markets Strategic Initiatives
Strong balance sheet & consistent cash generation
•
Strong, liquid balance sheet benefits clients and
shareholders through the cycle
-
no debt
high-quality financial resources, >£750m
liquid assets represent 80% of total balance sheet
capacity to invest in seed capital for future growth
confers strategic flexibility, e.g. to consider M&A
progressive dividend policy
Business model converts operating profits to cash
108% cumulative conversion since IPO
consistent cash balance, average ~£400 million
over past decade
paid £1.5 billion ordinary dividends since IPO,
equivalent to 66% of attributable profits
Substantial, liquid financial resources
609.2
555.2
557.6
479.7
448.3
111.1
119.5
121.0
147.3
155.9
2017
2018
2019
2020
2021
■Total Pillar 2 requirement (£m) ■Excess financial resources (£m)
277.8
238.4
336.8
228.3
210.2
Source: Ashmore, Pillar 3 and Group consolidated financial statements
463.1
490.1
420.1
426.8
445.7
2017
2018
2019
2020
2021
■Cash (£m) Seed capital (£m)
Ashmore
Market risk
Credit risk
67%
17%
Operational risk
16%
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