(Reuters) -Emerging markets-focused asset manager Ashmore reported a lower full-year adjusted pretax profit on Friday, despite a reduction in net outflows as investors rebalanced their portfolios away from the U.S. on global market volatility.
The group reported adjusted profit before tax of 70.1 million pounds ($94.70 million) in the year ended June 30, compared with 105.4 million pounds last year.
Investor sentiment toward emerging markets has been rebounding, as traders shift from overweight U.S. holdings to more attractively valued assets in other markets amid tariff concerns.
Ashmore, however, said that the global macroeconomic environment remains complex, notably due to the impact of U.S. policies and geopolitical risks, including regional conflicts.
The British company reported annual net outflows of $5.8 billion, compared with $8.5 billion a year ago.
The “kneejerk” multibillion-dollar outflows sparked by trade policy announcements in April continue to weigh heavily on the company’s bottom line.
($1 = 0.7402 pounds)
(Reporting by Ankita Bora and Yamini Kalia in Bengaluru; Editing by Sherry Jacob-Phillips)
