London-listed Ashmore Group revealed its asset pool had shrunk by $16.1 billion year-on-year over the first six months of 2015.

Assets managed by Ashmore, the emerging markets investment house, fell 21 per cent over the year to the end of June to $58.9 billion amid jitters surrounding China's stock market and expectations of a US interest rate hike.

The group suffered a $6 billion asset decline at the hands of investment performance, while net outflows reached $9.5 billion over the year.

Still, pre-tax profits rose 6 per cent year-on-year to £181.3 million ($278.6 million) as net revenues climbed 8 per cent to £283.3 million. This was largely thanks to a stronger dollar against the sterling and higher performance fees, which outweighed lower management fees.

“The past year has been challenging, with continued volatility in global markets. Investment performance improved in absolute and relative terms in the second half of the year, as was expected after the group's investment processes added risk in a period of market weakness,” said Ashmore's chief executive, Mark Coombs.

Coombs said although emerging markets continue to be influenced by global macro factors such as the timing of the first Federal Reserve rate increase and China's steps to rebalance its economy, the fundamentals of the 70-plus emerging markets remain sound. He said these economies were showing “their ability to withstand notable challenges of the past few years such as higher funding costs, lower commodity prices, currency devaluations and major electoral cycles”. 

Ashmore's diluted earnings per share jumped from 18.6p to 19.3p and the proposed final dividend of 12.1p represents a 1 per cent increase in the full year dividend to 16.65p. The group also announced the retirement of its non-executive chairman, Michael Benson. He will be succeeded by Peter Gibbs, who joined the board in April.