Ashmore annual earnings fall due to higher outflows

(Sharecast News) - UK wealth manager Ashmore reported a fall in annual profits as assets under management (AuM) declined 13% as customers withdrew their cash amid volatile markets. Pre-tax profit was down 6% to £111.8m, but offset by higher interest earnings as central banks hiked rates to combat inflation while AuM came in a at $60bn, with the movement attributable to net outflows of $11.5bn.

Reporting by Frank Prenesti for Sharecast.com