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Emerging market stocks have been on a tear in recent months, scaling fresh record highs last week, fueled by a combination of post-COVID-19 recovery hopes, mass global stimulus and a weak dollar boosted investor confidence.
Developing equities added 27% to Ashmore’s AUM while external and local debt both gained 10%.
Looking at flows, Ashmore recorded net inflows into its overlay/liquidity, external debt and equities themes thanks to new clients, as well as existing ones increasing their investments, especially towards investment grade credit.
However, blended debt, corporate debt and local currency all saw net outflows, Ashmore added. (Reporting by Muvija M in Bengaluru and Karin Strohecker in London)
State Street has doubled down on racial diversity, threatening voting action against boards that fail to disclose their members’ ethnic composition and to hire at least one director from an under-represented community.
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