Profits at the specialist emerging markets investor Ashmore almost doubled in its fiscal first half, as revenues beat consensus on higher-than-expected performance fees.

Pre-tax profits of £121.5 million in the six months to the end of December 2016 were up 94% on a year earlier. In its half-year statement on February 9 the firm attributed the increase in part to "higher management and performance fees" as well as favourable currency moves.