China fears knock $3bn off Ashmore assets

Ashmore has reported a $3.1bn fall in assets under management owing to exposure to the troubled Chinese real estate sector. The UK-listed emerging market specialist, which is one of the biggest international investors in struggling Chinese real estate group Evergrande, said its assets under management declined from $94.4bn to $91.3bn over the three months to the end of September. Negative investment performance accounted for $2.1bn of the decrease. Clients additionally pulled $1bn from the group. David McCann, an analyst at broker Numis, said that “exposure to Evergrande and the wider Chinese real estate sector” had “undoubtedly” been a cause of the fall. Ashmore held more than $400m of Evergrande bonds at the end of June. The FT (£)