Asset Managers LionTrust and Ashmore Two Biggest Losers on FTSE 250 as Economic Uncertainty Prevents Investors from Investing in Riskier Assets
Wealth and investment managers LionTrust and Ashmore were the two biggest losers on the FTSE 250 as economic uncertainty discourages investors from investing in riskier assets.
LionTrust shares fell 9.7 percent, or 69 pence, to 640 pence after their trading update reported a 6 percent fall in assets under management and a £1.6 billion outflow for the latest quarter.
Ashmore plummeted 8.3 percent, or 18 pence, to 198.8 pence, as it said assets under management fell 3 percent and net outflows of £2.6 billion in the three months leading up to June.
Decline: economic uncertainty deters investors from riskier assets
Lion Trust, which focuses primarily on UK equities, blames its performance on the poor performance of the UK stock market.
Mark Coombs, CEO of emerging markets specialist Ashmore, commented, “Some global macro uncertainty remains and so some investors have reduced risk during the quarter.”