Ashmore’s emerging-market dream crumbles with $40bn asset wipe-out

Back in the good times, Mark Coombs and his team of emerging-markets bulls charmed the room with their charismatic storytelling and assertive style. From London to New York to Tokyo, clients admired their expertise and gave them billions to invest in some of the world’s most secluded places.

Ashmore Group rode the emerging-market wave to pull in billions of dollars of client money. Then came the pandemic, war in Ukraine and a global jump in rates that made investors reassess risk. At the asset manager — known for its high conviction bets and bullish style — by the time 2022 was out, negative performance and outflows had combined to erase $40bn of assets...

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