Ashmore Emerging Markets Strategy Phase 3
Delivering returns for shareholders through market cycles
.
•
•
Ashmore
Profitability maintained through cycles
70%
Financial performance driven by high-quality revenues and highly
flexible cost base
- Strong bias to recurring management fee income
- Disciplined control of operating costs
- Profit-based variable remuneration with a cap
Delivers high EBITDA margin through the cycle and consistent
cash generation
Remuneration philosophy aligns interests of clients, shareholders
and employees through long-dated equity ownership
Team-based culture mitigates key man risks
100%
90%
80%
65%
70%
60%
50%
60%
40%
30%
55%
20%
10%
0%
50%
2016
2017
2018
2019
2020
2021
Net management fees (lhs)
Performance fees (lhs)
Adjusted EBITDA margin (rhs)
Disciplined control of operating costs (£m)
•
Well-capitalised, liquid balance sheet supports strategic and
commercial initiatives
57.7
55.0
35.6
43.0
48.6
53.6
30.2
28.3
28.0
24.4
26.5
22.3
24.1
24.8
24.2
26.5
27.6
26.7
2016
2017
2018
2019
2020
2021
■Staff costs
■Other operating costs
■Variable remuneration
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