Assets under management at Ashmore, the emerging markets fund manager, fell 34 per cent to $24.9bn for the year ended in June as clients seeking to shore up their liquidity pulled billions out of its funds.

Pre-tax profit dipped 19 per cent to £159.8m, the group said on Tuesday, while revenue fell 15 per cent to £203.5m.

Ashmore also announced that employees and other related interests intended to place as many as 15.7m shares – up to 2.2 per cent of the group’s outstanding issued share capital – with institutional investors through an accelerated bookbuild.

Shares in Ashmore dipped 2 per cent to 226.8p in early London trading.

“This year’s results were broadly satisfactory within the context of the extraordinary global market conditions,” said Mark Coombs, chief executive. “As emerging markets make up a greater proportion of the world’s markets, the long-term trend of an increasing allocation from investors towards them continues to be very positive for Ashmore.”

The fund manager said the majority of the decline in assets under management occurred during the first half of the year, and had since stabilised. It was seeing “modest” inflows of new money, reflecting improving market conditions.

“We are optimistic that we are seeing investors begin to allocate capital again and our challenge remains, as always, to persuade them of the compelling investment opportunities presented in emerging markets,” Mr Coombs said.