Ashmore, the emerging markets debt specialist that last year moved to boost its equities business with the acquisition of a majority stake in Emerging Markets Management, has suffered its first quarter of net outflows in at least two-and-a-half years – driven in part by poor performance in equities.

The fund manager said in a trading statement this morning that assets under management fell 3.3% to $63.7bn in the three months to the end of June, despite strong performance in the increasingly-popular emerging market debt sector.