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OUTFLOWS: Ashmore Group Struggles in Current Environment

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London-based Ashmore Group plc, an asset manager with a heavy focus on emerging markets, has reported a 10.7% loss in assets under management (AUM) from September 30, 2014 to December 31, 2014. The asset manager took a loss amongst all themes, with their alternatives strategy taking the largest hit at 41% loss in assets under management. However, the loss in alternatives was significantly influenced by the disposal of Ashmore’s interest in a Chinese real estate joint venture. In June 2010, Ashmore acquired a 39% stake in Everbright ALAM (renamed to Everbright Ashmore), a business focused on investing in Chinese real estate, from China Everbright Limited.

The sell-off in emerging market stocks has perpetuated outflows for the fund manager.Ashmore CEO Mark Coombs commented on the recent outflows, “Weaker commodity prices, US dollar strength and increased price volatility impacted upon Emerging Markets during the quarter, although the diverse range of return opportunities in the asset class continued to show through.”

Ultimately, uncertainty over Federal Reserve rate increases have added to present anxiety among investors; however Coombs believes, “Emerging Markets’ fundamentals remain sound and previous uncertainties, such as election cycles, have abated.”

Saudi Aramco and PIF See Opportunities in Russia

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Saudi Arabia’s Public Investment Fund (PIF) is currently exploring opportunities within Russia. PIF is working with the Russian Direct Investment Fund (RDIF) on a number of fronts. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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HNA Group Aims to Shrink and Sell

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Chinese conglomerate HNA Group is on a selling spree due to an order from the government in Beijing to scale back on debt. HNA Group joins Anbang Insurance Group and Dalian Wanda Group in deleveraging from global assets, particularly in hotels and real estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Central Bank of Hungary Buys Mounds of Gold

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In October, the Central Bank of Hungary (MNB) boosted its gold reserves by 10 times, from 3.1 tons to 31.5 tons. This was revealed on October 16, 2018. The gold acquired by the central bank in October has a holding value of US$ 1.24 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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