Emerging Markets Strategic Initiatives
Financial results
Revenues
•
Adjusted net revenue fell by 9% (3% at constant currency)
•
Net management fees -14% (-8% at constant currency)
Broadly flat average AuM (US$90.0bn)
4bps decline in net management fee margin
Higher average GBP: USD rate (-6% impact)
Margin 41bps, predominantly impacted by mix effects
Theme and client mix (-2.5bps)
Large mandates & other (-1.5bp)
•
Strong performance delivered higher fees
- No material fees delivered by August year end funds in
FY2021/22
FX hedging gains of £9.2m
Figures stated on an adjusted basis, excluding FX translation and seed
capital-related items; see Appendix 1
Adjusted net revenue bridge (£m)
325.0
(44.6)
Ashmore
8.2
296.6
8.0
FY2019/20
Net management Performance fees
fees
Other
FY2020/21
FY2020/21
FY2019/20
YOY
£m
£m
%
Net management fees
270.9
315.5
(14)
Performance fees
11.9
3.9
205
Other revenue
FX: hedges
4.6
4.1
12
9.2
1.5
513
Adjusted net revenue
296.6
325.0
(9)
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