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Emerging markets-focused fund manager Ashmore reported a 7 per cent rise in assets under management in its third quarter as developing world assets recovered following the US election late last year.

The FTSE 250 investment manager said total assets climbed by $3.7bn in the three months ending in March to $55.9bn, helped along by a $1.4bn rise in net inflows in the period.

The performance comes after Ashmore suffered $700m of outflows in the last quarter of 2016, as investors turned cool on emerging market assets in the wake of Donald Trump’s election as US president.

Mark Coombs, Ashmore chief executive, said the company was now reaping the rewards of the “overperformance” since the start of the year.

“The outperformance of emerging markets reflects accelerating economic growth and attractive absolute and relative valuations across EM equity and fixed income markets”, said Mr Coombs.

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