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Contents
Strategic report
Stability meets opportunity
2
Understanding Ashmore
3
– Three-phase strategy
4
– Consistent business model
5
– Global and local office network
6
– Investment philosophy
8
– Diversified business
9
– Remuneration philosophy
10
– Financial resources
11
– Consistently superior growth in
emerging countries
12
– Growth and structural
developments in EM fixed income
13
– Highly diversified asset classes
14
– Attractive real interest rates
15
– Specialist active management
16
– Outlook for the US dollar
17
CEO review
18
Market review
20
Key performance indicators
22
Business review
24
Risk management
30
Section 172 statement
36
People and culture
40
Sustainability
44
TCFD report
48
Governance
Board of Directors
54
Chair’s statement
56
Corporate governance report
59
Audit and Risk Committee report
64
Nominations Committee report
68
Remuneration report
70
Statement of Directors’ responsibilities
89
Directors’ report
90
Financial statements
Independent auditor’s report
94
Consolidated financial statements
103
Company financial statements
107
Notes to the financial statements
110
Five-year summary
152
Alternative performancemeasures
153
Mandatory GHG reporting and
SECRrequirements
156
Information for shareholders
158
Glossary
160
Read more about
Ashmore online
Contents
Strategic report
Stability meets opportunity
2
Understanding Ashmore
3
– Three-phase strategy
4
– Consistent business model
5
– Global and local office network
6
– Investment philosophy
8
– Diversified business
9
– Remuneration philosophy
10
– Financial resources
11
– Consistently superior growth in
emerging countries
12
– Growth and structural
developments in EM fixed income
13
– Highly diversified asset classes
14
– Attractive real interest rates
15
– Specialist active management
16
– Outlook for the US dollar
17
CEO review
18
Market review
20
Key performance indicators
22
Business review
24
Risk management
30
Section 172 statement
36
People and culture
40
Sustainability
44
TCFD report
48
Governance
Board of Directors
54
Chair’s statement
56
Corporate governance report
59
Audit and Risk Committee report
64
Nominations Committee report
68
Remuneration report
70
Statement of Directors’ responsibilities
89
Directors’ report
90
Financial statements
Independent auditor’s report
94
Consolidated financial statements
103
Company financial statements
107
Notes to the financial statements
110
Five-year summary
152
Alternative performancemeasures
153
Mandatory GHG reporting and
SECRrequirements
156
Information for shareholders
158
Glossary
160
Read more about
Ashmore online
AuM
US$47.6bn
2024: US$49.3bn
Adjusted EBITDA margin
36%
2024: 41%
Dividends per share
16.9p
2024: 16.9p
AuM outperforming benchmarks (3 years)
70%
2024: 59%
Diluted EPS
11.8p
2024: 13.6p
Profit before tax
£108.6m
2024: £128.1m
Ashmore’s 2025
highlights
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 1
Stability meets
opportunity
Ashmore is a specialist emerging markets investment manager
that has successfully managed its clients’ capital for more than
30 years. Ashmore’s purpose is to deliver long-term investment
outperformance for clients, and to generate value for shareholders
across market cycles.
Specialist, focused on investing in emerging markets
Ashmore has managed investments in emerging markets for more than three decades and has participated in the development
of a large, diverse and highly attractive investment universe. There is further substantial growth available in these markets as
they follow powerful and well-established trends of economic, political and social convergence with the developed world.
Investment opportunities arise from market inefficiencies, as emerging markets are often misunderstood and underappreciated,
and Ashmore can capitalise on these opportunities through its specialist, active approach to investment management.
Growth strategy and consistent business model
Ashmore’s three-phase strategy is fully aligned with the longer-term growth opportunities in emerging markets and its business
model is designed to operate across the full market cycle. The principal features of the model are consistent over time and
comprise: a strong, liquid balance sheet; a flexible remuneration philosophy with an emphasis on long-term equity ownership;
strict management of operating costs; and the delivery of a relatively high operating margin to shareholders.
Understanding Ashmore
See more on pages 3-17
CEO’s review
See more on page 18
Ashmore’s performance
See more on page 22
Business review
See more on page 24
2 Ashmore Annual Report and Accounts 2025
Stability meets
opportunity
Ashmore is a specialist emerging markets investment manager
that has successfully managed its clients’ capital for more than
30 years. Ashmore’s purpose is to deliver long-term investment
outperformance for clients, and to generate value for shareholders
across market cycles.
Specialist, focused on investing in emerging markets
Ashmore has managed investments in emerging markets for more than three decades and has participated in the development
of a large, diverse and highly attractive investment universe. There is further substantial growth available in these markets as
they follow powerful and well-established trends of economic, political and social convergence with the developed world.
Investment opportunities arise from market inefficiencies, as emerging markets are often misunderstood and underappreciated,
and Ashmore can capitalise on these opportunities through its specialist, active approach to investment management.
Growth strategy and consistent business model
Ashmore’s three-phase strategy is fully aligned with the longer-term growth opportunities in emerging markets and its business
model is designed to operate across the full market cycle. The principal features of the model are consistent over time and
comprise: a strong, liquid balance sheet; a flexible remuneration philosophy with an emphasis on long-term equity ownership;
strict management of operating costs; and the delivery of a relatively high operating margin to shareholders.
Understanding Ashmore
See more on pages 3-17
CEO’s review
See more on page 18
Ashmore’s performance
See more on page 22
Business review
See more on page 24
2 Ashmore Annual Report and Accounts 2025
Understanding Ashmore
The following pages describe in detail Ashmore’s strategy,
business model and differentiated approach to investing in
emerging markets, together with an overview of the highly
attractive characteristics of those markets.
Key features of Ashmore’s business
– Three-phase growth strategy to increase AuM, diversify
revenue streams and broaden access to capital in
emerging countries.
– Differentiated business model to execute the strategy
across market cycles, facilitating investment for future
growth and underpinning the delivery of profitable
growth for shareholders.
– Global operating hubs and a network of local asset
management platforms to provide services to a broad
range of institutional and retail clients around the world.
– Active management through investment committees,
with a ’no star’ culture to mitigate key person risk.
– Diversified AuM: by investment theme, client type and
client domicile.
– A consistent and effective remuneration philosophy that
underpins a team-based culture, rewards performance,
and aligns employees’ interests with those of clients
and shareholders.
– A strong, well-capitalised and liquid balance sheet that
supports the business across market cycles and enables
investment in strategic growth and diversification
opportunities.
Macroeconomic and structural factors
Emerging markets offer a broad range of investment
opportunities, underpinned by important macroeconomic
and structural factors:
– Consistently superior aggregate economic growth
compared with developed countries.
– Underappreciated structural developments, such as
theshift to local currency funding by governments and
companies, that improve the resilience of emerging
countries to external shocks.
– Inflation is under control yet policy rates remain high,
providing attractive real interest rates and room for
central banks in emerging countries to ease monetary
policy to support further economic growth.
– Passive replication of indices carries risks, particularly
where the index is highly diverse and individual countries
or companies can be important sources of alpha; or
conversely where the index is concentrated and
investment risk is not well diversified. Active
management can mitigate these risks and deliver
outperformance.
– For many reasons, the direction of the US dollar is
important for emerging markets, and the headwinds
faced by the currency may extend into the medium term,
providing an important support to the performance of
emerging markets and thereby stimulating allocations.
Highly diversified asset classes in
70+ emerging
countries
requiring active asset management to identify
and to exploit investment opportunities.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 3
Three-phase strategy
Ashmore’s strategy is designed to capitalise on the long-term growth opportunities available in
emerging markets.
Opportunities 2025 progress Potential risk sources
1. Established
Emerging markets
asset classes
– Developed world investors
hold approximately
US$95 trillion of assets
and yet are profoundly
underweight emerging
markets: target allocations
are less than 10%
compared with average
global benchmark
weights in excess of 20%
– The long-term emerging
markets allocation
opportunity remains
substantial, with both
structural and cyclical
opportunities to grow
AuM
– Net flows improved
through lower
redemptions against a
backdrop of continued
investor risk aversion
– Weak sentiment
towards,
andfundamental
performance of,
emerging markets
– Downturn in Ashmore’s
long-term investment
performance
2. Diversified
Developed world capital
sources and themes
– The emerging markets
investment universe
continues to grow and
diversify, and Ashmore
strives to be at the
forefront of accessing
new market opportunities
as they arise
– Diversifying revenue
streams provides
Ashmore with greater
stability through
thecycle
– Net inflow to equity
strategies
– Continued demand for
IGstrategies from
Asianclients
– Intermediary retail AuM
remains at 4% of Group
AuM
– Constraints on longer-
term growth, such as
competition
– Downturn in Ashmore’s
long-term investment
performance
3. Local
Mobilise emerging
markets capital
– Investment management
industries in many
emerging countries are
at an early stage of
development and
experiencing rapid AuM
growth
– This presents a
significant growth
opportunity in local asset
management platforms,
as well as cross-border
emerging markets
opportunities, over the
longer term
– Local office AuM
increased by 5% to
US$7.8 billion and
represents 16% of
Group AuM
– AuM sourced from
clients domiciled in
emerging markets
increased from 37% to
38% of Group AuM
– Inadequate oversight of
local asset management
platforms
– Lack of understanding of,
and compliance with,
local regulations
Understanding Ashmore continued
4 Ashmore Annual Report and Accounts 2025
Three-phase strategy
Ashmore’s strategy is designed to capitalise on the long-term growth opportunities available in
emerging markets.
Opportunities 2025 progress Potential risk sources
1. Established
Emerging markets
asset classes
– Developed world investors
hold approximately
US$95 trillion of assets
and yet are profoundly
underweight emerging
markets: target allocations
are less than 10%
compared with average
global benchmark
weights in excess of 20%
– The long-term emerging
markets allocation
opportunity remains
substantial, with both
structural and cyclical
opportunities to grow
AuM
– Net flows improved
through lower
redemptions against a
backdrop of continued
investor risk aversion
– Weak sentiment
towards,
andfundamental
performance of,
emerging markets
– Downturn in Ashmore’s
long-term investment
performance
2. Diversified
Developed world capital
sources and themes
– The emerging markets
investment universe
continues to grow and
diversify, and Ashmore
strives to be at the
forefront of accessing
new market opportunities
as they arise
– Diversifying revenue
streams provides
Ashmore with greater
stability through
thecycle
– Net inflow to equity
strategies
– Continued demand for
IGstrategies from
Asianclients
– Intermediary retail AuM
remains at 4% of Group
AuM
– Constraints on longer-
term growth, such as
competition
– Downturn in Ashmore’s
long-term investment
performance
3. Local
Mobilise emerging
markets capital
– Investment management
industries in many
emerging countries are
at an early stage of
development and
experiencing rapid AuM
growth
– This presents a
significant growth
opportunity in local asset
management platforms,
as well as cross-border
emerging markets
opportunities, over the
longer term
– Local office AuM
increased by 5% to
US$7.8 billion and
represents 16% of
Group AuM
– AuM sourced from
clients domiciled in
emerging markets
increased from 37% to
38% of Group AuM
– Inadequate oversight of
local asset management
platforms
– Lack of understanding of,
and compliance with,
local regulations
Understanding Ashmore continued
4 Ashmore Annual Report and Accounts 2025
Consistent business model
Ashmore’s business model supports its growth strategy and has distinctive characteristics
that enable it to create value for the Group’s clients and shareholders over market cycles.
Principal characteristics
Specialist, active
investment
management
Focus on managing
emerging markets
investments
Investment
committees, ’no star’
culture
Operating cost discipline,
flexible remuneration
philosophy
Financial strength with
a liquid, well-capitalised
balance sheet, and
no debt
Diversified client base
Delivering alignment and long-term value
Clients
70%
AuM outperforming
over three years
Consistent implementation
of investment philosophy
to take advantage of
market inefficiencies.
Employees
~38%
employee equity
ownership
Alignment of interests
delivered through
remuneration with equity
awards deferred for
fiveyears.
Communities
>75
projects supported by
TheAshmore Foundation
Ashmore donates 0.5%
of profit before tax to
charities, including the
Foundation.
Shareholders
36%
adjusted EBITDA margin
High operating margin
and significant cash
generation support
returns to shareholders.
P
o
w
e
r
f
u
l
c
o
n
v
e
r
g
e
n
c
e
S
p
e
c
i
a
l
i
s
t
u
n
d
e
r
s
t
a
n
d
i
n
g
S
t
r
o
n
g
f
o
u
n
d
a
t
i
o
n
s
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 5
Understanding Ashmore continued
Global and
local office
network
A differentiating aspect of Ashmore’s strategy
is to mobilise emerging markets capital, both
into globally-managed products and through
a network of local asset management
platforms that source and invest capital
domestically or regionally.
The local offices have autonomy, but with appropriate
governance and oversight to ensure the domestic businesses
are developed and executed in alignment with Ashmore’s
strategy, purpose and policies. Each office also benefits from
theefficiency of Ashmore’s operating infrastructure and
connections with its global EM investment committees.
Ashmore is a majority shareholder in each of its local offices,
butwith a typically significant minority interest owned by
localemployees and, where appropriate, strategic partners.
The offices provide differentiated sources of AuM and profits
tothe Group, and operate in countries where the asset
management industry has significant growth prospects.
There is potential for further growth through broadening
thecapabilities of the existing platforms and considering
opportunistic expansion into other target markets.
Ashmore Colombia,
Bogota
Established in
2010
Focused on managing domestic
and regional infrastructure assets
in private equity and private debt
vehicles, alongside Colombian
listed equity strategies.
Ashmore Saudi
Arabia, Riyadh
Established in
2014
Manages a broad range of listed
equity, fixed income and thematic
private equity funds for local
institutional and retail investors.
6 Ashmore Annual Report and Accounts 2025
6 Ashmore Annual Report and Accounts 2025
Understanding Ashmore continued
Global and
local office
network
A differentiating aspect of Ashmore’s strategy
is to mobilise emerging markets capital, both
into globally-managed products and through
a network of local asset management
platforms that source and invest capital
domestically or regionally.
The local offices have autonomy, but with appropriate
governance and oversight to ensure the domestic businesses
are developed and executed in alignment with Ashmore’s
strategy, purpose and policies. Each office also benefits from
theefficiency of Ashmore’s operating infrastructure and
connections with its global EM investment committees.
Ashmore is a majority shareholder in each of its local offices,
butwith a typically significant minority interest owned by
localemployees and, where appropriate, strategic partners.
The offices provide differentiated sources of AuM and profits
tothe Group, and operate in countries where the asset
management industry has significant growth prospects.
There is potential for further growth through broadening
thecapabilities of the existing platforms and considering
opportunistic expansion into other target markets.
Ashmore Colombia,
Bogota
Established in
2010
Focused on managing domestic
and regional infrastructure assets
in private equity and private debt
vehicles, alongside Colombian
listed equity strategies.
Ashmore Saudi
Arabia, Riyadh
Established in
2014
Manages a broad range of listed
equity, fixed income and thematic
private equity funds for local
institutional and retail investors.
6 Ashmore Annual Report and Accounts 2025
6 Ashmore Annual Report and Accounts 2025
Strong growth in local
office AuM
Ashmore’s local asset management offices have delivered
9% compound annual growth in AuM since 2020,
increasing from US$5.0 billion to US$7.8 billion, and
represent 16% of the Group’s AuM.
Importantly, these businesses provide diversification and
significant opportunities for further growth, both from the
existing platforms and through additions to the network.
0
1
2
3
4
5
6
7
8
202520242023202220212020
Local office AuM
Ashmore India,
Mumbai
Established in
2016
Experienced investment
management team with strong
track record in Indian equities.
Ashmore Indonesia,
Jakarta
Established in
2012
Broad range of listed equity and
fixed income products. Expanding
local distribution capabilities to
include digital channels. Listed on
the Jakarta Stock Exchange.
Ashmore Qatar,
Doha
Established in
2025
Provides advice on Qatari and
regional investment opportunities,
and develops institutional
relationships.
Key
Global offices
Local offices
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 7
Understanding Ashmore continued
Investment philosophy
Ashmore has successfully followed a consistent investment philosophy for more than three decades.
Investment committees
At the core of Ashmore’s philosophy is a committee-based
approach to managing client portfolios. This provides a highly
institutionalised, team-based framework that results in a ‘no star’
culture in which no individual is solely responsible for investment
decisions or client portfolios. It is a principal factor in mitigating
the key person risk in asset management.
Active management
The emerging markets are large, diversified and relatively
inefficient. Asset prices can be heavily influenced over short
time periods by factors other than underlying economic, political
and company fundamentals. Consequently, Ashmore actively
manages client portfolios and seeks to exploit these
inefficiencies to generate long-term performance for its clients.
Proprietary research
Ashmore’s proprietary research draws on its long history of
specialising in emerging markets. These insights are shared
across asset classes, but importantly there is no ‘house view’
that investment teams must follow when managing client
portfolios. This supports the diversification benefit of managing
arange of strategies in multiple distinct investment themes.
Ashmore’s local office investment teams in countries such
asColombia, Saudi Arabia, India and Indonesia operate
independently and provide valuable ‘on the ground’ local
marketinsights to the global equity and fixed income ICs,
including macro views and company analysis and trading
intelligence. In turn, the local offices benefit from the ICs’
global macro viewsand other research to consider as
inputs to their own investment processes.
ESG integration
Ashmore has integrated the analysis of ESG factors into its
fixed income, equities and alternatives investment processes,
reflecting the belief that the incorporation of non-financial factors
can help to build a robust understanding and assessment of an
investment opportunity.
– External debt
– Local currency
– Corporate debt
– All cap
– Active
– Frontier
– Multi-asset
Fixed income
IC
Investment
teams
(sub ICs)
ESG
integration
Allocation
Equities
IC
Investment committees structure
Local
offices
Investment
teams
(sub ICs)
– Blended debt
External debt
Invests in debt instruments issued by sovereigns and
quasi-sovereigns and denominated in foreign currencies.
Local currency
Invests in local currencies and local currency-denominated
debt instruments issued by sovereigns, quasi-sovereigns
and companies.
Corporate debt
Invests in debt instruments issued by public and private
sector companies.
Blended debt
Asset allocation across the external debt, local currency
and corporate debt investment themes, measured
against tailor-made blended indices.
Equities
Invests in equity and equity-related instruments
including global, regional, country, small cap, frontier
and multi-asset opportunities.
Alternatives
Invests in private equity (healthcare, infrastructure,
education), infrastructure debt and distressed debt
opportunities.
8 Ashmore Annual Report and Accounts 2025
Understanding Ashmore continued
Investment philosophy
Ashmore has successfully followed a consistent investment philosophy for more than three decades.
Investment committees
At the core of Ashmore’s philosophy is a committee-based
approach to managing client portfolios. This provides a highly
institutionalised, team-based framework that results in a ‘no star’
culture in which no individual is solely responsible for investment
decisions or client portfolios. It is a principal factor in mitigating
the key person risk in asset management.
Active management
The emerging markets are large, diversified and relatively
inefficient. Asset prices can be heavily influenced over short
time periods by factors other than underlying economic, political
and company fundamentals. Consequently, Ashmore actively
manages client portfolios and seeks to exploit these
inefficiencies to generate long-term performance for its clients.
Proprietary research
Ashmore’s proprietary research draws on its long history of
specialising in emerging markets. These insights are shared
across asset classes, but importantly there is no ‘house view’
that investment teams must follow when managing client
portfolios. This supports the diversification benefit of managing
arange of strategies in multiple distinct investment themes.
Ashmore’s local office investment teams in countries such
asColombia, Saudi Arabia, India and Indonesia operate
independently and provide valuable ‘on the ground’ local
marketinsights to the global equity and fixed income ICs,
including macro views and company analysis and trading
intelligence. In turn, the local offices benefit from the ICs’
global macro viewsand other research to consider as
inputs to their own investment processes.
ESG integration
Ashmore has integrated the analysis of ESG factors into its
fixed income, equities and alternatives investment processes,
reflecting the belief that the incorporation of non-financial factors
can help to build a robust understanding and assessment of an
investment opportunity.
– External debt
– Local currency
– Corporate debt
– All cap
– Active
– Frontier
– Multi-asset
Fixed income
IC
Investment
teams
(sub ICs)
ESG
integration
Allocation
Equities
IC
Investment committees structure
Local
offices
Investment
teams
(sub ICs)
– Blended debt
External debt
Invests in debt instruments issued by sovereigns and
quasi-sovereigns and denominated in foreign currencies.
Local currency
Invests in local currencies and local currency-denominated
debt instruments issued by sovereigns, quasi-sovereigns
and companies.
Corporate debt
Invests in debt instruments issued by public and private
sector companies.
Blended debt
Asset allocation across the external debt, local currency
and corporate debt investment themes, measured
against tailor-made blended indices.
Equities
Invests in equity and equity-related instruments
including global, regional, country, small cap, frontier
and multi-asset opportunities.
Alternatives
Invests in private equity (healthcare, infrastructure,
education), infrastructure debt and distressed debt
opportunities.
8 Ashmore Annual Report and Accounts 2025
Ashmore manages capital across a range of diversified
investment themes. Dedicated strategies within each theme
provide either global emerging markets or specific regional or
country exposure. The Group will continue to develop strategies
to provide clients with access to a broad range of risk and return
profiles as the emerging markets evolve.
Diversified business
Ashmore’s AuM is diversified by investment theme, client type and client domicile. This diversity
helps to mitigate the impact of market cycles on the Group’s financial performance.
Ashmore’s client base comprises a wide range of institutional
clients and high net worth investors, accessed through
intermediaries such as private banks, with broad geographic
diversification.
To diversify further, the Group aims to increase the proportion
ofAuM in the equities and alternatives themes, to increase the
capital sourced locally in emerging markets, and to grow the
intermediary retail business.
Investment theme (% of Group total) Investment theme (US$ billion)
Client domicile (% of Group total)Client type (% of Group total)
There is diversification across a range of headline fixed
income investment themes and a growing proportion of
AuM in equities.
The breadth and depth of Ashmore’s investment teams,
itsscalable operating platform and the size of the underlying
investment universe mean there is significant AuM growth
available in each theme.
Broad-based distribution, and 38% of AuM is sourced from
clients in emerging markets, a notable increase from 26%
five years ago.
Diversified institutional client base and potential to
increaseproportion of AuM sourced from retail investors
viaintermediaries such as private banks, wealth advisers
and platforms.
External debt 15%
Local currency 30%
Corporate debt 11%
Blended debt 25%
Equities 16%
Alternatives 3%
Central banks 24%
Sovereign wealth funds 25%
Governments 1%
Pension plans 12%
Corporates / financial
institutions 22%
Funds / sub-advisers 11%
Intermediary retail 4%
Foundations /
endowments 1%
External debt 7.4
Local currency 14.2
Corporate debt 5.2
Blended debt 11.7
Equities 7.5
Alternatives 1.6
Americas 13%
Europe 27%
UK 4%
Middle East & Africa 22%
Asia Pacific 34%
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 9
Remuneration philosophy
A consistent equity-oriented remuneration philosophy applies to all Group employees. It underpins a
strong team-based culture, and delivers alignment and high levels of employee retention.
Number of employees by office location
Number of employees by function
Variable remuneration has a bias to equity,
and includes opportunity to increase
alignment
Understanding Ashmore continued
The benefits of employee equity ownership
In addition to the mandatory equity component of any
bonus award, Group employees can exchange up to half of
the cash element for twice the value in deferred equity.
Importantly, the equity is eligible for ordinary dividends from
the grant point, aligning interests with other shareholders
and providing an additional source of cash flow for
employees during the five-year vesting period.
This approach is replicated in Ashmore’s local offices, with
employees receiving equity in their own subsidiary. This
aligns the interests of the local business with the Group and
provides an incentive to create long-term equity value.
The bias to long-dated equity underpins employee retention,
with unplanned employee turnover rates typically in the 5%
to 10% range, and helps to preserve the firm’s culture.
In total, approximately 38% of Ashmore’s equity is owned
by employees, including c.9% held by the EBT representing
deferred equity awards yet to vest. The EBT purchases
shares in the market opportunistically to satisfy awards,
meaning that shareholders are not diluted.
Cash
Restricted shares
Bonus and matching shares from commuted cash
Ashmore has made a significant investment in its local
offices, which employ approximately one-third of the
Group’s employees. These offices follow the same
remuneration principles as the Group, with relatively low
basic salaries and performance-related pay that includes a
significant equity component with long-term deferral.
Approximately half of Ashmore’s employees are in front
office roles, directly investing clients’ capital or establishing
and managing client relationships.
These critical roles are supported by a range of effective
support functions including compliance, risk management,
fund operations, performance reporting, finance and legal.
Global 177
Local 95
Investment 102
Distribution 35
Support 135
Initial award
Opportunity
£60
£30 £40 £60
£40 = £100
= £130
Ashmore’s approach to remuneration focuses on aligning
rewards with performance, at both the Group and individual
levels. Salaries are capped at a low level relative to industry
averages, and employees participate in a Group-wide bonus
pool, determined by reference to the Group’s profit each year.
Individual bonus awards have a significant mandatory equity
component with deferral over five years, providing a strong
alignment of interests with clients and shareholders.
See more on page 70
10 Ashmore Annual Report and Accounts 2025
Remuneration philosophy
A consistent equity-oriented remuneration philosophy applies to all Group employees. It underpins a
strong team-based culture, and delivers alignment and high levels of employee retention.
Number of employees by office location
Number of employees by function
Variable remuneration has a bias to equity,
and includes opportunity to increase
alignment
Understanding Ashmore continued
The benefits of employee equity ownership
In addition to the mandatory equity component of any
bonus award, Group employees can exchange up to half of
the cash element for twice the value in deferred equity.
Importantly, the equity is eligible for ordinary dividends from
the grant point, aligning interests with other shareholders
and providing an additional source of cash flow for
employees during the five-year vesting period.
This approach is replicated in Ashmore’s local offices, with
employees receiving equity in their own subsidiary. This
aligns the interests of the local business with the Group and
provides an incentive to create long-term equity value.
The bias to long-dated equity underpins employee retention,
with unplanned employee turnover rates typically in the 5%
to 10% range, and helps to preserve the firm’s culture.
In total, approximately 38% of Ashmore’s equity is owned
by employees, including c.9% held by the EBT representing
deferred equity awards yet to vest. The EBT purchases
shares in the market opportunistically to satisfy awards,
meaning that shareholders are not diluted.
Cash
Restricted shares
Bonus and matching shares from commuted cash
Ashmore has made a significant investment in its local
offices, which employ approximately one-third of the
Group’s employees. These offices follow the same
remuneration principles as the Group, with relatively low
basic salaries and performance-related pay that includes a
significant equity component with long-term deferral.
Approximately half of Ashmore’s employees are in front
office roles, directly investing clients’ capital or establishing
and managing client relationships.
These critical roles are supported by a range of effective
support functions including compliance, risk management,
fund operations, performance reporting, finance and legal.
Global 177
Local 95
Investment 102
Distribution 35
Support 135
Initial award
Opportunity
£60
£30 £40 £60
£40 = £100
= £130
Ashmore’s approach to remuneration focuses on aligning
rewards with performance, at both the Group and individual
levels. Salaries are capped at a low level relative to industry
averages, and employees participate in a Group-wide bonus
pool, determined by reference to the Group’s profit each year.
Individual bonus awards have a significant mandatory equity
component with deferral over five years, providing a strong
alignment of interests with clients and shareholders.
See more on page 70
10 Ashmore Annual Report and Accounts 2025
Financial resources
Ashmore maintains a strong, well-capitalised and liquid balance sheet. This supports the commercial
demands of current and prospective investors, enables investment in strategic growth and
diversification opportunities, and supports the Group’s dividend policy.
Liquid balance sheet
Ashmore maintains a liquid balance sheet to enable it to
invest in strategic growth opportunities across market
cycles.
0
200
400
600
800
1000
20252024202320222021
Seed capital Cash and deposits
£m
Substantial financial resources
The Board has a consistently prudent approach to capital
management and ensures the Group has an appropriate
level of financial resources.
0
100
200
300
400
500
600
700
Total
financial
resources
Excess
capital
Group
capital
requirement
£m
Ashmore’s conservative approach to managing its balance sheet
means the Group has no debt, has substantial liquidity in the
form of cash and deposits, and maintains total financial
resources well in excess of its capital requirements.
In addition to the cash resources, Ashmore’s established seed
capital programme has a diversified range of investments in the
Group’s strategies, to support the development of investment
track records and to provide sufficient scale in funds for clients
and third-party distributors.
See Business review on page 24
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 11
Understanding Ashmore continued
Consistently superior growth
in emerging countries
Emerging countries have consistently delivered higher growth than the developed world over a long
period of time, resulting in their share of world GDP rising to stand at 60% currently.
Emerging markets’ superior economic growth Steadily increasing share of world GDP
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
2025f
2024
2023
2022
2021
2020
2019
2018
2017
2016
%
EM premium
Emerging markets
Developed markets
30
35
40
45
50
55
60
65
2025f
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Emerging markets
Developed markets
%
This outperformance has been driven by well-established and
powerful economic, political and social convergence trends
between the emerging and developed worlds.
Given emerging markets’ share of resources, it is logical that
they should generate the majority of the world’s economic
output. For example, in aggregate the developing world is home
to 84% of the world’s population (6.9 billion people) and controls
73% of the world’s FX reserves (approximately US$10 trillion).
The propensity to reform is also typically greater in emerging
countries, and structural changes over the past few decades,
such as the shift by many countries from external to local
currency funding, underpin an expectation of further superior
economic growth and rising wealth levels.
12 Ashmore Annual Report and Accounts 2025
Understanding Ashmore continued
Consistently superior growth
in emerging countries
Emerging countries have consistently delivered higher growth than the developed world over a long
period of time, resulting in their share of world GDP rising to stand at 60% currently.
Emerging markets’ superior economic growth Steadily increasing share of world GDP
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
2025f
2024
2023
2022
2021
2020
2019
2018
2017
2016
%
EM premium
Emerging markets
Developed markets
30
35
40
45
50
55
60
65
2025f
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Emerging markets
Developed markets
%
This outperformance has been driven by well-established and
powerful economic, political and social convergence trends
between the emerging and developed worlds.
Given emerging markets’ share of resources, it is logical that
they should generate the majority of the world’s economic
output. For example, in aggregate the developing world is home
to 84% of the world’s population (6.9 billion people) and controls
73% of the world’s FX reserves (approximately US$10 trillion).
The propensity to reform is also typically greater in emerging
countries, and structural changes over the past few decades,
such as the shift by many countries from external to local
currency funding, underpin an expectation of further superior
economic growth and rising wealth levels.
12 Ashmore Annual Report and Accounts 2025
Growth and structural
developments in EM fixed
income
The EM debt investment universe is substantial, at nearly US$44 trillion of bonds outstanding.
While its origins lie in HY US$-denominated bonds, the investment opportunities today are
dominated by local currency bonds and include growing IG markets.
Local currency
The most important structural development of the past few
decades is the shift from external debt to local currency funding,
by both countries and companies in the emerging world. In total,
local currency bonds represent 89% of the EM fixed income
investment universe, split broadly between sovereign and
corporate issuance.
This development has been achieved through improvements in
the quality and effectiveness of monetary and fiscal
policymaking, the implementation of reforms including the
liberalisation of capital markets, and the establishment of
meaningful domestic institutional investors such as pension
funds. While local currency funding can provide a buffer against
exogenous shocks, other risks such as domestic inflation need
to be recognised and managed effectively.
External debt
External debt markets continue to see additional issuance by
existing market participants and also the entry of new issuers to
the tradable debt markets. The latter have typically relied on
supranational organisations such as the IMF or World Bank for
funding, but have now reached a stage of development that,
although still nascent, allows for access to public markets.
Approximately half of emerging countries have not issued debt
in the public markets, which represents a significant source of
potential future investment opportunities.
Investment grade
It is notable that approximately half of the bonds in the
benchmark external debt and corporate debt indices are
IG-rated, a significant change from the early 1990s when the
asset class was exclusively HY. Even in the mid-2000s, less than
half of sovereign issuance was rated BBB or above. Active
managers can exploit the inefficiency that exists in IG bonds,
especially corporate credit, because they typically trade at wider
spreads than developed world counterparts despite better credit
fundamentals such as lower leverage.
China is relevant but not dominant
Unlike in some equity indices, China’s weight in fixed income
benchmarks is modest compared with its economic position.
This reflects the high diversification of the external debt and
corporate debt indices, of which China constitutes 4% and 6%,
respectively, and the 10% issuer weighting cap in the main local
currency bond index. China is therefore relevant to fixed income
investors, but the country is not as significant as it is for equity
investors with its 28% weight in the MSCI EM index.
0
2
4
6
8
10
12
14
16
18
20
2024202320222021202020192018201720162015
US$trn
Local government External governmentLocal corporate External corporate
Structural growth in local currency bond markets
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 13
Understanding Ashmore continued
Highly diversified asset classes
Emerging markets are highly diverse, with equity and fixed income investment opportunities in more
than 70 countries. Specialist understanding and active asset management are required to capitalise on
price dislocations in periods when broad investor sentiment affects the asset class indiscriminately.
Wide range of returns available (GBI-EM GD, 12 months to 30 June 2025)
There is often a perception that the emerging markets comprise
only a single asset class, with valuations uniformly influenced in
a ‘risk on’/‘risk off’ fashion by external factors such as US
monetary policy. However, the reality is that the individual
countries and their capital markets have many different drivers
of performance, including domestic economic and political
factors as well as, potentially, global macro events. Therefore,
while shifts in investor sentiment can affect asset prices in the
short term, the creation of longer-term value derives from
fundamental analysis and a rigorous assessment of value
implied by market prices.
In the current environment, with much uncertainty associated
with trade policies and geopolitical tension, it is notable that
many emerging countries are less affected by such uncertainty
than those in the developed world.
0
5
10
15
20
25
Thailand
South
Africa
Peru
Poland
Malaysia
Serbia
Czech
Republic
Hungary
GBI-EM GD
Brazil
Uruguay
Romania
Dominican
Republic
Mexico
Chile
Indonesia
India
China
Colombia
Turkey
%
Corporate issuers represent a broad range of industry sectors
and countries, a wide spectrum of market capitalisation, and
include both IG- and HY-rated bonds.
In the sovereign markets, there are more than 70 investable
emerging countries with opportunities across the full credit
spectrum and encompassing both hard currency and local
currency bonds.
There are also significant investment opportunities in private
markets, and Ashmore has built experience in several important
emerging markets themes including infrastructure financing
(private equity and private debt), healthcare and education.
14 Ashmore Annual Report and Accounts 2025
Understanding Ashmore continued
Highly diversified asset classes
Emerging markets are highly diverse, with equity and fixed income investment opportunities in more
than 70 countries. Specialist understanding and active asset management are required to capitalise on
price dislocations in periods when broad investor sentiment affects the asset class indiscriminately.
Wide range of returns available (GBI-EM GD, 12 months to 30 June 2025)
There is often a perception that the emerging markets comprise
only a single asset class, with valuations uniformly influenced in
a ‘risk on’/‘risk off’ fashion by external factors such as US
monetary policy. However, the reality is that the individual
countries and their capital markets have many different drivers
of performance, including domestic economic and political
factors as well as, potentially, global macro events. Therefore,
while shifts in investor sentiment can affect asset prices in the
short term, the creation of longer-term value derives from
fundamental analysis and a rigorous assessment of value
implied by market prices.
In the current environment, with much uncertainty associated
with trade policies and geopolitical tension, it is notable that
many emerging countries are less affected by such uncertainty
than those in the developed world.
0
5
10
15
20
25
Thailand
South
Africa
Peru
Poland
Malaysia
Serbia
Czech
Republic
Hungary
GBI-EM GD
Brazil
Uruguay
Romania
Dominican
Republic
Mexico
Chile
Indonesia
India
China
Colombia
Turkey
%
Corporate issuers represent a broad range of industry sectors
and countries, a wide spectrum of market capitalisation, and
include both IG- and HY-rated bonds.
In the sovereign markets, there are more than 70 investable
emerging countries with opportunities across the full credit
spectrum and encompassing both hard currency and local
currency bonds.
There are also significant investment opportunities in private
markets, and Ashmore has built experience in several important
emerging markets themes including infrastructure financing
(private equity and private debt), healthcare and education.
14 Ashmore Annual Report and Accounts 2025
Attractive real interest rates
Real interest rates, adjusted for inflation, are high across emerging countries. With inflation under
control, central banks have room to ease monetary policy.
History shows that emerging countries are highly sensitive to
inflation. With the development of local currency bond markets,
and central banks that typically operate independently, these
countries have an established track record of successful inflation
management. This has been demonstrated again through the
current economic cycle, with central banks taking early and
effective action to control the inflationary pressures seen in
2021and 2022.
With lower levels of inflation, real interest rates are relatively
high across the main emerging markets, with an ex-ante average
rate of nearly 3%. This provides central banks with the
headroom to ease monetary policy, thereby stimulating
economic growth and proving a range of attractive investment
opportunities in the local currency bond markets.
This is in contrast to developed markets where, despite central
bank policy tightening, real interest rates are, on average, close
to zero. Indeed, with fiscal stimulus in Europe and a weaker US
dollar, there is limited room for developed world central banks to
loosen monetary policy without adding to the economic policy
challenges faced by governments in the major economies.
Inflation and local rates in emerging markets
EM CPI Policy rate
Jan 25
Jul 24
Jan 24
Jul 23
Jan 23
Jul 22
Jan 22
Jul 21
Jan 21
Jul 20
Jan 20
0.0
2.0
4.0
6.0
8.0
10.0
%
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 15
Understanding Ashmore continued
Specialist active management
Specialist active management is critical to capitalise on the inefficiencies in the pricing of emerging
markets assets and to deliver long-term alpha from the highly diversified asset classes.
The complex, diversified nature of emerging markets means
that, while passive funds exist, there are plentiful opportunities
for active managers to deliver outperformance across market
cycles for dedicated investors. The characteristics and
inefficiencies that can be exploited include:
– Benchmark indices typically comprise a substantial number of
issuers and securities, which means the spread of returns
around the index result can be high. For example, the EMBI
GD comprises 163 issuers in 71 countries, and, on average,
compared with the annual index return of 7% over the past 25
years, the best-performing country has delivered a return of
55% and the typical drawdown is 33%.
– Conversely, some indices are more concentrated, an
important feature that can be mitigated by an actively-
managed strategy. For example, the top three countries in the
MSCI EM index are China, India and Taiwan, with a combined
weight of 65%.
– Index composition changes, particularly for sovereign bonds,
can occur over a period of time, enabling active managers to
exploit the impact of passive fund flows as the new weights
come into effect. There can be similar opportunities relating
tocredit rating changes.
– Events such as elections can result in heightened market
volatility over a short period of time. Active managers can
analyse probable scenarios and position portfolios accordingly
to deliver alpha.
– Off-benchmark instruments can be an important source of
investment return and are, by definition, unavailable to passive
investors. For example, approximately 80% of the bonds
issued by emerging markets countries and companies are not
in an index.
Importantly, both active and passive funds charge fees and incur
costs. The latter will therefore, by definition, underperform its
reference index on a net basis, whereas an active manager has
the potential to outperform.
Wide range of individual country returns compared with EMBI GD annual performance
EMBI GDCountry returns (high/low)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0
50
100
150
200
-100
-50
%
16 Ashmore Annual Report and Accounts 2025
Understanding Ashmore continued
Specialist active management
Specialist active management is critical to capitalise on the inefficiencies in the pricing of emerging
markets assets and to deliver long-term alpha from the highly diversified asset classes.
The complex, diversified nature of emerging markets means
that, while passive funds exist, there are plentiful opportunities
for active managers to deliver outperformance across market
cycles for dedicated investors. The characteristics and
inefficiencies that can be exploited include:
– Benchmark indices typically comprise a substantial number of
issuers and securities, which means the spread of returns
around the index result can be high. For example, the EMBI
GD comprises 163 issuers in 71 countries, and, on average,
compared with the annual index return of 7% over the past 25
years, the best-performing country has delivered a return of
55% and the typical drawdown is 33%.
– Conversely, some indices are more concentrated, an
important feature that can be mitigated by an actively-
managed strategy. For example, the top three countries in the
MSCI EM index are China, India and Taiwan, with a combined
weight of 65%.
– Index composition changes, particularly for sovereign bonds,
can occur over a period of time, enabling active managers to
exploit the impact of passive fund flows as the new weights
come into effect. There can be similar opportunities relating
tocredit rating changes.
– Events such as elections can result in heightened market
volatility over a short period of time. Active managers can
analyse probable scenarios and position portfolios accordingly
to deliver alpha.
– Off-benchmark instruments can be an important source of
investment return and are, by definition, unavailable to passive
investors. For example, approximately 80% of the bonds
issued by emerging markets countries and companies are not
in an index.
Importantly, both active and passive funds charge fees and incur
costs. The latter will therefore, by definition, underperform its
reference index on a net basis, whereas an active manager has
the potential to outperform.
Wide range of individual country returns compared with EMBI GD annual performance
EMBI GDCountry returns (high/low)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
0
50
100
150
200
-100
-50
%
16 Ashmore Annual Report and Accounts 2025
Outlook for the US dollar
The valuation of the US dollar is important for emerging markets for several reasons: in terms of
general sentiment towards the asset classes, as an indication of or precursor to capital flows, as a
factor in creditworthiness for externally funded countries, and as a component of the investment
return for local currency portfolios.
After a prolonged bull run over the past decade, more recently
the US dollar has declined in value against a range of currencies
including those of emerging countries. This reflects a number of
factors, which may persist over the medium to longer term:
– The currency’s valuation is close to historical peaks and, while
it has been supported by the effects of US exceptionalism,
these effects may not be as powerful as in the past.
– The substantial capital flows into the US, driven by fiscal
expansion and reflected in the extraordinary performance of
the US equity market, are stalling and potentially will reverse
over the medium term.
– External events are also relevant. For example, Germany’s
plan for significant fiscal expansion in order to invest in
defence and infrastructure projects. In the short term, this
haspushed the euro higher, adding to the pressure on the
USdollar because it represents more than 50% of the
trade-weighted dollar index.
A weaker US currency has a number of important, and mostly
positive, implications for emerging markets:
– For foreign (US dollar) investors in local currency assets, both
bonds and equities, the weaker dollar enhances returns.
– Countries and companies that fund themselves in US dollars,
but which have local currency cash flows, will, all other things
being equal, find it easier to service their debt.
– Capital should flow out of the US markets, seeking higher
returns elsewhere. The attractive investment opportunities
available across emerging markets, combined with very low
and underweight allocations, mean that these markets can
capture a meaningful share of the flows.
– German government spending plans should lead to higher EU
consumption, driving demand from export-driven economies
both in the region and in neighbouring (emerging) countries.
Capital expenditure is generally likely to increase demand for
the commodities supplied by many emerging countries.
– From a less fundamental perspective, a weaker US dollar
andappreciating emerging markets currencies, and
outperformance more broadly by emerging markets, will
shiftinvestor sentiment. To the extent that this supports
capital flows, it can create a virtuous circle of flows and
returns in EM.
US dominance is being questioned by markets, and if the US
dollar continues to weaken then there are positive implications
for emerging markets: the consequent capital flows as portfolios
rebalance away from the US; the direct benefit to investment
returns from local currency assets; and the enhanced
creditworthiness of external debt issuers.
Trade-weighted real US dollar index
2024
2014
2019
2009
1999
1994
1989
1984
2004
1974
1979
80
85
90
95
100
105
110
115
120
125
130
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 17
CEO review
Positioned for significant
growth opportunities
Ashmore’s strategy is aligned with the opportunities in emerging markets, and the consistent business
model mitigates the impact of market cycles over the longer term. This year, the Group has continued
to invest in initiatives to diversify and to deliver future growth, and is well-positioned to take
advantage of shifting capital flows as investors rebalance their portfolios to emerging markets.
The past 12 months have continued the experience of the prior
year, in which emerging markets performed well, outperforming
developed markets, and yet investor risk appetite has remained
relatively subdued due to a number of geopolitical and
macroeconomic events. Encouragingly, there is evidence of
capital flows reacting to underlying fundamentals and
investment opportunities, putting pressure on overweight
positions in US markets and building appetite to allocate to
emerging markets as their inherent attractions are bolstered by
the positive impact of a weaker US dollar.
Ashmore’s investment teams are delivering alpha for clients,
with 70% of AuM outperforming benchmarks over three years
and 81% over five years. This underscores the benefits of active
management and the ability to exploit market inefficiencies, by
adding risk in periods of price volatility and capturing the value
upside when conditions normalise.
Net flows improved compared with the prior year. In addition to
existing clients increasing allocations, subscriptions included
new mandates in equities and IG fixed income, and capital
raising in private equity and private debt funds. Redemptions
reduced significantly YoY, albeit they were higher than expected
due to a small number of institutional allocation decisions in the
third quarter.
In terms of financial performance, Ashmore’s PBT declined by
15%, reflecting the impact of lower AuM on revenues and
reduced performance fees, which had a meaningful contribution
from funds in the alternatives theme in FY2024. This was
mitigated by a notable reduction in operating costs, to deliver an
adjusted EBITDA margin of 36%. Overall, diluted EPS of 11.8
pence per share is 13% lower compared with the prior year. The
Group maintains its well-capitalised and liquid balance sheet with
more than £600 million of financial resources, and the Board has
recommended an unchanged final ordinary dividend per share.
Progress against strategic objectives
Phase 1
Against a backdrop of heightened geopolitical and
macroeconomic volatility since 2020, global investors have
reduced allocations to emerging markets, largely in favour of
overweight positions in US capital markets. As described in the
Market review, the US economy and its currency face
significant headwinds and therefore investors are increasingly
looking to rebalance portfolios in favour of markets that offer
higher growth and better risk-adjusted returns.
The emerging markets meet these criteria and Ashmore’s
comprehensive and diversified product range, together with
the delivery of investment outperformance, mean it is well
positioned to participate in the reallocation trend as it gathers
momentum. An important early indicator of reallocation
activity is the inflection in mutual fund flows, currently
concentrated in exchange-traded funds but expected to
transition to actively managed products and then to broader
institutional behaviour, as has been seen in previous cycles.
The reallocation opportunity is widespread and the Ashmore
distribution team is actively pursuing new client
opportunities around the world in addition to raising
additional capital from existing clients. Notably, the
opportunity should be very substantial in respect of US
investors, who currently represent less than 10% of
Ashmore’s AuM but who historically were more than twice
this level.
Phase 2
Ashmore has made good progress in diversifying its
business through multiple initiatives.
– Equities AuM continues to increase, both in absolute
terms with net inflows in this period, and as a proportion
of the Group, and now stands at US$7.5 billion or 16%
of total AuM. The flows in this period were driven by
institutional demand in Europe for All cap strategies,
good flows into the corresponding mutual funds from
European and US clients, and growth in local markets
products, particularly in Colombia and India.
– There is continued interest in IG fixed income products,
particularly from Asian investors. Total IG AuM
increased by 18% over the period, and from 10% to
12% of Group AuM, with net inflows mostly comprising
new institutional mandates. For diversification and/or
risk appetite reasons, Ashmore expects demand for IG
strategies to continue.
18 Ashmore Annual Report and Accounts 2025
CEO review
Positioned for significant
growth opportunities
Ashmore’s strategy is aligned with the opportunities in emerging markets, and the consistent business
model mitigates the impact of market cycles over the longer term. This year, the Group has continued
to invest in initiatives to diversify and to deliver future growth, and is well-positioned to take
advantage of shifting capital flows as investors rebalance their portfolios to emerging markets.
The past 12 months have continued the experience of the prior
year, in which emerging markets performed well, outperforming
developed markets, and yet investor risk appetite has remained
relatively subdued due to a number of geopolitical and
macroeconomic events. Encouragingly, there is evidence of
capital flows reacting to underlying fundamentals and
investment opportunities, putting pressure on overweight
positions in US markets and building appetite to allocate to
emerging markets as their inherent attractions are bolstered by
the positive impact of a weaker US dollar.
Ashmore’s investment teams are delivering alpha for clients,
with 70% of AuM outperforming benchmarks over three years
and 81% over five years. This underscores the benefits of active
management and the ability to exploit market inefficiencies, by
adding risk in periods of price volatility and capturing the value
upside when conditions normalise.
Net flows improved compared with the prior year. In addition to
existing clients increasing allocations, subscriptions included
new mandates in equities and IG fixed income, and capital
raising in private equity and private debt funds. Redemptions
reduced significantly YoY, albeit they were higher than expected
due to a small number of institutional allocation decisions in the
third quarter.
In terms of financial performance, Ashmore’s PBT declined by
15%, reflecting the impact of lower AuM on revenues and
reduced performance fees, which had a meaningful contribution
from funds in the alternatives theme in FY2024. This was
mitigated by a notable reduction in operating costs, to deliver an
adjusted EBITDA margin of 36%. Overall, diluted EPS of 11.8
pence per share is 13% lower compared with the prior year. The
Group maintains its well-capitalised and liquid balance sheet with
more than £600 million of financial resources, and the Board has
recommended an unchanged final ordinary dividend per share.
Progress against strategic objectives
Phase 1
Against a backdrop of heightened geopolitical and
macroeconomic volatility since 2020, global investors have
reduced allocations to emerging markets, largely in favour of
overweight positions in US capital markets. As described in the
Market review, the US economy and its currency face
significant headwinds and therefore investors are increasingly
looking to rebalance portfolios in favour of markets that offer
higher growth and better risk-adjusted returns.
The emerging markets meet these criteria and Ashmore’s
comprehensive and diversified product range, together with
the delivery of investment outperformance, mean it is well
positioned to participate in the reallocation trend as it gathers
momentum. An important early indicator of reallocation
activity is the inflection in mutual fund flows, currently
concentrated in exchange-traded funds but expected to
transition to actively managed products and then to broader
institutional behaviour, as has been seen in previous cycles.
The reallocation opportunity is widespread and the Ashmore
distribution team is actively pursuing new client
opportunities around the world in addition to raising
additional capital from existing clients. Notably, the
opportunity should be very substantial in respect of US
investors, who currently represent less than 10% of
Ashmore’s AuM but who historically were more than twice
this level.
Phase 2
Ashmore has made good progress in diversifying its
business through multiple initiatives.
– Equities AuM continues to increase, both in absolute
terms with net inflows in this period, and as a proportion
of the Group, and now stands at US$7.5 billion or 16%
of total AuM. The flows in this period were driven by
institutional demand in Europe for All cap strategies,
good flows into the corresponding mutual funds from
European and US clients, and growth in local markets
products, particularly in Colombia and India.
– There is continued interest in IG fixed income products,
particularly from Asian investors. Total IG AuM
increased by 18% over the period, and from 10% to
12% of Group AuM, with net inflows mostly comprising
new institutional mandates. For diversification and/or
risk appetite reasons, Ashmore expects demand for IG
strategies to continue.
18 Ashmore Annual Report and Accounts 2025
– Alternatives AuM increased by more than 20% over
the 12 months, with significant activity in Latin America
and the Middle East. Ashmore Colombia raised
approximately US$350 million in its second
infrastructure private debt fund, and the private equity
teams continue to deploy new capital as well as
profitably realise previous investments. Ashmore Saudi
Arabia successfully sold the remaining assets in a
private equity education fund and returned capital to
investors, and also launched new private equity
strategies focused on industrials and real estate. The
Group continues to support these initiatives with its
capital resources, and sees further opportunities in
thematic private markets investments such as
healthcare and infrastructure.
– AuM sourced through intermediaries represents 4%
ofthe Group’s total, when in more favourable parts of
the market cycle it has approached 20%. Ashmore has
maintained strong relationships with intermediaries and
is well-positioned to grow this business as retail
investor demand increases.
– In terms of new products, Ashmore launched a frontier
blended debt strategy, an impact debt strategy and an
equity ex-China fund in the period, all supported initially
with investments by the Group’s seed capital
programme.
Phase 3
Consistent with the ongoing increase in emerging markets’
relevance to the world economy, Ashmore continues to
increase the proportion of its AuM sourced from clients
domiciled in emerging countries. Over the period, this
AuMrose from 37% to 38% of total AuM and stands at
US$18 billion, comprising both large institutional clients
withbroad emerging markets strategies, and the Group’s
growing local market businesses in Latin America, Asia
andthe Middle East, as described in more detail in the
Business review.
Total AuM in the local businesses increased by 5% to
US$7.8 billion, with notable growth in Colombia and India.
Beyond the headline AuM growth, the Group expanded
itsnetwork of local offices by establishing a new office in
Qatar, which will provide local investment insights to the
Group’s investment committees and facilitate the
development of institutional client relationships. It also
recently established an office in Mexico, and later in 2025
will apply for regulatory approval to establish an investment
management business.
Ashmore is broadening distribution access by establishing
the necessary digital infrastructure in Indonesia and
SaudiArabia.
Finally, Ashmore India, which manages predominantly
international institutional capital, is in the early stages of
developing and broadening its domestic product range.
Again, this will bring diversification benefits to the Group,
ashas been experienced elsewhere in the network of
localbusinesses.
Investing in future growth opportunities
Ashmore’s business model is designed to deliver a high profit
margin to shareholders and the Group maintains a well-
capitalised and liquid balance sheet. The strength of the Group’s
financial resources means that, notwithstanding the lower
profits this year, it has continued to invest in its employees and
other future growth opportunities such as the seeding of both
new and existing funds, and the expansion of the local office
network in line with its strategic objectives.
Culture
Ashmore has nearly 300 employees in 13 offices around the
world and I would like to thank every one of them for their
continued commitment to delivering investment outperformance
and high levels of service to Ashmore’s clients, in a professional
and collegiate manner.
In early 2025, Ashmore’s senior management team, including
representatives from its local offices, gathered in the UK to
update the broader employee base on the firm’s strategy and
itsexciting growth prospects. The presentations considered
opportunities at the Group level and through the lens of each
local office and its domestic and regional context. This further
emphasised the strong team-based culture that is a
differentiating characteristic of Ashmore, together with the
significant growth and diversification opportunities available
tothe Group over the longer term.
After nearly 15 years in the same location, in early 2026 the
London-based teams will move to a new office, meaning a
significantly enhanced working environment for the
approximately 130 employees in the Group’s head office.
Ashmore’s prospects
The Market review provides a detailed assessment of the strong
performance of emerging markets over the past 12 months,
andthere are compelling reasons why this should continue
given the valuations available, the trajectory of the US economy
and its currency, and the implications for global portfolios that
need to rebalance.
Ashmore is delivering investment outperformance for clients
against this positive backdrop for emerging markets, and its
distribution team is active around the world with both existing
clients and potential investors, emphasising the need to deploy
more capital to capture the favourable trends evident across
emerging markets.
Ashmore’s strategy to capitalise on the emerging markets
opportunity is clear and has delivered tangible benefits in this
period. Importantly, its business model is consistent, and the
Group has continued to invest in future growth and
diversification opportunities, both for the global business and
forthe local asset management platforms.
Therefore, the Group is well-positioned to grow as investors
shift allocations from the US to other markets that offer superior
growth and higher risk-adjusted returns over the medium term.
Mark Coombs
Chief Executive Officer
4 September 2025
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 19
Against this challenging macro backdrop, emerging markets
have been resilient and certain asset classes, particularly those
benefiting from a weaker US currency, have outperformed
developed markets. Importantly, emerging markets continued
todeliver significant returns over the final quarter of the year,
when the US announced initially aggressive reciprocal trade
tariffs against a range of countries and there was escalation in
the multi-faceted war in the Middle East.
The following sections describe the performance of the main
emerging markets asset classes over the year.
External debt
The EMBI GD returned +10% over the 12 months to 30 June
2025, in line with global bonds. This performance was mostly
driven by spread compression as the index spread over US
Treasuries narrowed by 70bps to 320bps, reflecting the strong
fundamentals in place across a range of emerging countries
andongoing positive developments in specific credits such as
Argentina (+62% return over the period). The HY sub-index
outperformed with a return of +14% compared with +6% for
IG-rated bonds.
All geographic regions within the index delivered positive returns
over the year. The range of investment opportunities in the index
is wide, split across 71 countries and 163 issuers, and no
country represents more than 5% of the index. This inherent
diversity has underpinned solid performance in a period of
unusually elevated geopolitical and economic uncertainty.
The external debt asset class has many attractive fundamental
characteristics. In addition to its geographic diversity, the EMBI
GD has a substantial weighting in IG-rated bonds (48%) and the
index composition means it is relatively insulated from the
current US trade tariffs. Further, it trades at wider spreads than
US markets (both HY and IG), credit rating changes continue to
be heavily weighted towards upgrades, and HY countries such
as Argentina are regaining market access.
Local currency
Sovereign local currency bonds delivered strong returns over
thepast year with the GBI-EM GD rising by +14%. In addition
toattractive carry and rates returns, the appreciation of EM
currencies against the US dollar also benefited asset class
returns and accounted for approximately half of the total index
return. All geographic regions and individual countries in the
index generated positive returns over the 12 months.
The index is well diversified, with country weights capped at
10%, and only five issuers are at this limit, namely India,
Indonesia, Mexico, China and Malaysia. The resilience of
countries that have based their funding on local currency bond
markets is evident, and has been reflected in the recent strong
performance of the asset class.
Although average inflation forecasts are broadly similar across
emerging and developed markets in the JP Morgan global bond
indices at approximately 3%, the level of nominal and therefore
real yield available in emerging markets is substantially higher.
For example, the GBI-EM GD ex ante real yield is 3% compared
with 0% for GBI-DM. The compelling investment opportunity in
local bonds is further enhanced by the potential for many EM
central banks to ease monetary policy further and the beneficial
impact of further US dollar weakness.
Market review
Market review
The principal factor driving world capital markets over the past 12 months has been the US election
and subsequent policy decisions by the new administration. This has resulted in uncertainty and
higher price volatility, and has started to weaken the value of the US dollar. Plans for large fiscal
expansion in Europe, to fund investment and much-needed defence spending, have also put
pressure on the dollar. Regrettably, several conflicts persist and continue to have a damping effect
on investors’ risk appetite.
Frontier equities
Local currencyExternal debt
Equities
%
Corporate debt
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
Q4Q3Q2Q1
0
5
10
15
20
Bloomberg
Global
Aggregate
MSCI
World
Equities
ex China
Frontier
equities
EquitiesCorporate
debt
Local
currency
External
debt
%
Quarterly EM benchmark index returns in FY2025
Benchmark index returns in FY2025
20 Ashmore Annual Report and Accounts 2025
Against this challenging macro backdrop, emerging markets
have been resilient and certain asset classes, particularly those
benefiting from a weaker US currency, have outperformed
developed markets. Importantly, emerging markets continued
todeliver significant returns over the final quarter of the year,
when the US announced initially aggressive reciprocal trade
tariffs against a range of countries and there was escalation in
the multi-faceted war in the Middle East.
The following sections describe the performance of the main
emerging markets asset classes over the year.
External debt
The EMBI GD returned +10% over the 12 months to 30 June
2025, in line with global bonds. This performance was mostly
driven by spread compression as the index spread over US
Treasuries narrowed by 70bps to 320bps, reflecting the strong
fundamentals in place across a range of emerging countries
andongoing positive developments in specific credits such as
Argentina (+62% return over the period). The HY sub-index
outperformed with a return of +14% compared with +6% for
IG-rated bonds.
All geographic regions within the index delivered positive returns
over the year. The range of investment opportunities in the index
is wide, split across 71 countries and 163 issuers, and no
country represents more than 5% of the index. This inherent
diversity has underpinned solid performance in a period of
unusually elevated geopolitical and economic uncertainty.
The external debt asset class has many attractive fundamental
characteristics. In addition to its geographic diversity, the EMBI
GD has a substantial weighting in IG-rated bonds (48%) and the
index composition means it is relatively insulated from the
current US trade tariffs. Further, it trades at wider spreads than
US markets (both HY and IG), credit rating changes continue to
be heavily weighted towards upgrades, and HY countries such
as Argentina are regaining market access.
Local currency
Sovereign local currency bonds delivered strong returns over
thepast year with the GBI-EM GD rising by +14%. In addition
toattractive carry and rates returns, the appreciation of EM
currencies against the US dollar also benefited asset class
returns and accounted for approximately half of the total index
return. All geographic regions and individual countries in the
index generated positive returns over the 12 months.
The index is well diversified, with country weights capped at
10%, and only five issuers are at this limit, namely India,
Indonesia, Mexico, China and Malaysia. The resilience of
countries that have based their funding on local currency bond
markets is evident, and has been reflected in the recent strong
performance of the asset class.
Although average inflation forecasts are broadly similar across
emerging and developed markets in the JP Morgan global bond
indices at approximately 3%, the level of nominal and therefore
real yield available in emerging markets is substantially higher.
For example, the GBI-EM GD ex ante real yield is 3% compared
with 0% for GBI-DM. The compelling investment opportunity in
local bonds is further enhanced by the potential for many EM
central banks to ease monetary policy further and the beneficial
impact of further US dollar weakness.
Market review
Market review
The principal factor driving world capital markets over the past 12 months has been the US election
and subsequent policy decisions by the new administration. This has resulted in uncertainty and
higher price volatility, and has started to weaken the value of the US dollar. Plans for large fiscal
expansion in Europe, to fund investment and much-needed defence spending, have also put
pressure on the dollar. Regrettably, several conflicts persist and continue to have a damping effect
on investors’ risk appetite.
Frontier equities
Local currencyExternal debt
Equities
%
Corporate debt
-10
-8
-6
-4
-2
0
2
4
6
8
10
12
Q4Q3Q2Q1
0
5
10
15
20
Bloomberg
Global
Aggregate
MSCI
World
Equities
ex China
Frontier
equities
EquitiesCorporate
debt
Local
currency
External
debt
%
Quarterly EM benchmark index returns in FY2025
Benchmark index returns in FY2025
20 Ashmore Annual Report and Accounts 2025
Corporate debt
In a similar picture to the external debt asset class, the CEMBI
BD returned +8% over the period, with HY bonds (+9%)
outperforming IG bonds (+7%).
The asset class performance was underpinned by improving
credit quality. For example, the 12-month default rate more than
halved from 6.3% in the prior year to 2.1%, and all geographic
regions experienced a decline in defaults. The default rates in
emerging Europe (0.9%) and Latin America (2.7%) are in line
with or below the levels in the US and developed European
markets (2.6% and 3.5%, respectively), and Asia saw a notable
decline over the year, from 12.4% to 2.6%.
Several characteristics point to further strong performance by
corporate bonds. The CEMBI BD is highly diversified and
comprises 754 issuers in 65 countries; 59% of the bonds are
rated IG; it has lower net leverage and yet higher spreads than
developed world issuers with equivalent credit ratings; and the
overall yield of nearly 7% is comparable to the US HY index,
implying superior risk-adjusted returns in the EM asset class.
Equities
EM equities performed well over the year. The MSCI EM index
returned 13%, slightly less than the MSCI World index (+15%),
and the MSCI Frontier index outperformed with a 19% return.
While the imposition of trade tariffs by the US government
presented some challenges, there were both winners and losers
among countries and companies, and the overall impact was
countered by factors such as Chinese economic stimulus and
ongoing demand for technology and services provided by EM
companies. Furthermore, as was the case with local currency
bonds, the decline in the relative value of the US dollar
contributed to equity market returns over the period.
The potential for further absolute and relative performance by
EM equities is underpinned by two main factors. The MSCI EM
trades on a price/earnings ratio of 12 compared with the MSCI
World on 19, and is expected to deliver a similar level of
earnings growth (+18%) over the next year. Furthermore,
investors are generally underweight the asset class after
movingcapital to the US; that trade has underperformed
recently, particularly for international investors who are
bearingthe impactof a weaker US dollar.
EM equities offer significant diversification opportunities and
access to powerful structural growth trends. While the
benchmark indices are more diversified than certain global
benchmarks, which have a heavy bias to the US, the case for
active management in this asset class is well-established, and
iseven more relevant currently with myriad opportunities and
risks presented by volatile geopolitics and powerful developing
trends across industries. Furthermore, as the emerging markets
continue to evolve, there is an increasing number of regional
andcountry-specific investment opportunities available.
Outlook
The global macro environment remains complex, notably
withthe impact of US policies and geopolitical risks including
conflicts. However, several themes are evident and point to the
need for investors to rebalance allocations away from the US
and to other regions, and particularly to emerging markets, in
order to position for higher risk-adjusted returns over the
medium term.
– World economic growth is biased to emerging markets, with
all regions expected to grow faster than developed markets
over the next few years; and aggregate annual growth of
between 2% and 3% is approximately twice as fast as
expected in developed markets.
– Higher inflation volatility and geopolitical risks pose structural
challenges, which can be mitigated by allocation to countries
with effective fiscal and monetary policies. Increasingly,
developed world countries do not provide this reassurance
butmany emerging countries do; and moreover they are
geopolitically neutral.
– Germany’s plan to increase spending on defence and
infrastructure projects, funded by fiscal expansion, is likely
tohave a broader impact across Europe, driving investment
and consumption. This is positive for a range of exporters in
emerging markets, and improving currency fundamentals
inmany countries, underpinned by Euro strength, will attract
foreign investment.
– US exceptionalism is being questioned as a result of
overvalued capital markets, institutional deterioration and
policy divergence. This will have many consequences, but
possibly the most significant one from an allocation
perspective is the weaker US dollar. This is already
undermining returns for foreign investors in the US markets,
and enhancing returns for investors in local currency bond
andequity markets, as noted in the asset class
commentaryabove.
– Local currency bond markets offer high real rates and, with
inflation anchored, central banks have ample room to ease
monetary policy.
– Credit ratings continue to recognise the resilience of emerging
markets, with net positive rating changes over the past three
calendar years by S&P, and net positive rating changes in
2025 across all three major agencies (S&P, Moody’s and
Fitch). Outlook changes have also been net positive across
allthree agencies over the past 18 months.
As investors reduce overweight US positions in response to
these themes, they can look to the attractions of emerging
markets and the range of investment opportunities available
across sovereign debt, corporate credit, listed equities and
private markets.
In the context of geopolitical uncertainty and heightened asset
price volatility, active management remains critical to identify
and act upon attractive valuations in order to deliver longer-term
outperformance. Ashmore is well-positioned to navigate the
current environment for its clients and to facilitate the
investment of capital flows as portfolios are rebalanced.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 21
Measuring Ashmore’s
performance
Performance
measure
Relevance to
strategy and
remuneration
Five-year trend
Assets under management
The movement between opening and
closing AuM provides an indication of
the overall success of the business
during the period, in terms of
subscriptions, redemptions and
investment performance.
The average AuM level during the
period, combined with the average
feemargins achieved, determines the
Group’s management fee revenues.
Investment performance
The proportion of relevant AuM that is
outperforming benchmarks on a gross
basis over one year, three years and
five years. The gross basis reflects
the largely institutional nature of the
client base, typically with the ability to
agree bespoke fee arrangements.
Funds without a performance
benchmark, for example overlay
strategies, are excluded.
Ashmore’s strategy seeks to capitalise
on the growth trends across emerging
markets to deliver AuM growth
overtime.
Growth in AuM is a vesting
performance condition for
ExecutiveDirectors.
Ashmore’s success is dependent on
delivering investment performance
consistent with its clients’ objectives,
who typically look at performance over
the medium to long term. Investment
performance is a vesting performance
condition for Executive Directors.
Assets under management
US$47.6bn
2024: US$49.3bn
Investment performance
(AuM outperforming over three years)
70%
2024: 59%
2021
2022
2023
2024
2025
94.4
64.0
55.9
49.3
47.6
2022
28
48
45
2023
1 year
2024
2025
69
49
67
59
62
40
70
81
57
3 years 5 years
9
2021
57
79
96
Key performance indicators
22 Ashmore Annual Report and Accounts 2025
Measuring Ashmore’s
performance
Performance
measure
Relevance to
strategy and
remuneration
Five-year trend
Assets under management
The movement between opening and
closing AuM provides an indication of
the overall success of the business
during the period, in terms of
subscriptions, redemptions and
investment performance.
The average AuM level during the
period, combined with the average
feemargins achieved, determines the
Group’s management fee revenues.
Investment performance
The proportion of relevant AuM that is
outperforming benchmarks on a gross
basis over one year, three years and
five years. The gross basis reflects
the largely institutional nature of the
client base, typically with the ability to
agree bespoke fee arrangements.
Funds without a performance
benchmark, for example overlay
strategies, are excluded.
Ashmore’s strategy seeks to capitalise
on the growth trends across emerging
markets to deliver AuM growth
overtime.
Growth in AuM is a vesting
performance condition for
ExecutiveDirectors.
Ashmore’s success is dependent on
delivering investment performance
consistent with its clients’ objectives,
who typically look at performance over
the medium to long term. Investment
performance is a vesting performance
condition for Executive Directors.
Assets under management
US$47.6bn
2024: US$49.3bn
Investment performance
(AuM outperforming over three years)
70%
2024: 59%
2021
2022
2023
2024
2025
94.4
64.0
55.9
49.3
47.6
2022
28
48
45
2023
1 year
2024
2025
69
49
67
59
62
40
70
81
57
3 years 5 years
9
2021
57
79
96
Key performance indicators
22 Ashmore Annual Report and Accounts 2025
Adjusted EBITDA margin
This measure provides a meaningful
assessment of the Group’s operating
performance, excluding the mark-to-
market volatility of FX translation and
seed capital-related items.
Diluted EPS
Profit attributable to the equity holders
of the parent company divided by the
weighted average number of all dilutive
potential ordinary shares.
Balance sheet strength
Ashmore maintains a strong balance
sheet. This is measured by the financial
resources available to the Group, which
are then compared with the Group’s
capital requirement to provide an
excess capital ratio.
Delivering a high profit margin
demonstrates the benefits of
Ashmore’s global operating platform,
enables investment in future growth
opportunities, supports cash generation
to sustain a strong balance sheet,
andprovides for attractive returns
toshareholders.
EPS reflects the overall financial
performance of the Group during the
period and represents an aspect of
value creation for shareholders.
Growth in diluted EPS compared
with benchmark indices is a vesting
performance condition for
ExecutiveDirectors.
A strong balance sheet provides
opportunities for investment to grow
the business, including the seeding of
funds. It also enables Ashmore to build
a diversified client base, and supports
the Group’s dividend policy.
Adjusted EBITDA margin
36%
2024: 41%
Excess capital
£511m
2024: £599m
Diluted EPS
11.8p
2024: 13.6p
2021
2022
2023
2024
2025
66
64
54
41
36
2021
2022
2023
2024
2025
34.2
12.6
12.2
13.6
11. 8
2022
789
664
125
2023
2024
705
624
81
696
599
97
2025
604
511
93
2021
765
609
156
Capital requirement (£m)
Financial resources (£m)
Excess capital (£m)
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 23
£m
FY2025
Reported
Reconciling items
FY2025
Adjusted
FY2024
Adjusted
Seed capital
(gains)/losses
FX translation
(gains)/losses
Net management fees 129.7 – – 129.7 160.4
Performance fees 10.2 – – 10.2 22.7
Other revenue 2.5 – – 2.5 3.7
Foreign exchange gains 1.7 – 2.4 4.1 1.0
Net revenue 144.1 – 2.4 146.5 187.8
Net gains on investment securities 11.8 (11.8) – – –
Personnel expenses (71.0) – (0.8) (71.8) (84.6)
Other expenses excluding depreciation and amortisation (24.6) 2.4 – (22.2) (25.3)
EBITDA 60.3 (9.4) 1.6 52.5 77.9
EBITDA margin 42% – – 36% 41%
Depreciation and amortisation (3.1) – – (3.1) (3.1)
Operating profit 57.2 (9.4) 1.6 49.4 74.8
Finance income 50.8 (30.7) – 20.1 24.9
Realised gains on disposal of investments 0.3 – – 0.3 5.2
Share of profit from associate 0.3 – – 0.3 0.5
Profit before tax 108.6 (40.1) 1.6 70.1 105.4
Diluted EPS (p) 11.8 (4.9) 0.2 7.1 10.5
Business review
Consistent business model
Reduced operating costs mitigated the impact of lower AuM on revenue, and delivered an adjusted
EBITDA margin of 36%. The Group maintains a robust balance sheet with more than £600 million of
capital resources, including approximately £350 million of cash and deposits.
Assets under management
AuM of US$47.6 billion is 3% lower compared with the
prior year, reflecting positive investment performance of
US$4.1 billion offset by net outflows of US$5.8 billion.
Gross subscriptions of US$6.5 billion represent 13% of
opening AuM and were at a similar level to the prior year
(FY2024: US$7.2billion, 13% of opening AuM).
Subscriptions were strongest in the local currency and
equities investment themes, reflecting both funding of new
mandates and additions to existing accounts; while capital
raising continued in the alternatives theme driven by the
launch of a second infrastructure debt fund in Colombia
together with new thematic private equity funds in Saudi
Arabia. There was also notable interest in IG strategies from
Asian clients. However, certain investors continued to
exhibit some risk aversion given geopolitical events and
notwithstanding the positive investment performance
delivered in recent periods.
Gross redemptions of US$12.3 billion, or 25% of opening
AuM (FY2024: US$15.7 billion, 28% ofopening AuM)
improved significantly from the prior year, albeit they were
somewhat elevated given a small number of individual
institutional asset allocation decisions in the local currency
theme. These reflect factors such as a lower tolerance for
short-term market volatility arising from movements in the
US dollar and the impact of clients’ broader asset allocation
decisions unrelated to the specific merits or performance of
emerging markets fixed income assets.
The other fixed income themes and equities all experienced
lower levels of redemptions compared with the prior year.
Inalternatives, capital was returned to investors following
the successful realisation of private equity investments.
Consequently, the total net outflow for the period of
US$5.8 billion is 32% lower than in the prior year (FY2024:
US$8.5 billion), due to the fall in redemptions.
Ashmore delivered US$4.1 billion of positive investment
performance for clients over the year, broadly spread across
all investment themes. The weaker US dollar, particularly in
the second half of the year, benefited returns in the local
currency and equities themes.
The average AuM level was 7% lower than in the prior year
at US$48.9 billion (FY2024: US$52.4 billion).
The geographic split of the Group’s AuM remains diverse
and consistent with recent periods: 39% of AuM is invested
in Latin America, 25% in Asia Pacific, 15% in Eastern
Europe and 21% in the Middle East and Africa.
24 Ashmore Annual Report and Accounts 2025
£m
FY2025
Reported
Reconciling items
FY2025
Adjusted
FY2024
Adjusted
Seed capital
(gains)/losses
FX translation
(gains)/losses
Net management fees 129.7 – – 129.7 160.4
Performance fees 10.2 – – 10.2 22.7
Other revenue 2.5 – – 2.5 3.7
Foreign exchange gains 1.7 – 2.4 4.1 1.0
Net revenue 144.1 – 2.4 146.5 187.8
Net gains on investment securities 11.8 (11.8) – – –
Personnel expenses (71.0) – (0.8) (71.8) (84.6)
Other expenses excluding depreciation and amortisation (24.6) 2.4 – (22.2) (25.3)
EBITDA 60.3 (9.4) 1.6 52.5 77.9
EBITDA margin 42% – – 36% 41%
Depreciation and amortisation (3.1) – – (3.1) (3.1)
Operating profit 57.2 (9.4) 1.6 49.4 74.8
Finance income 50.8 (30.7) – 20.1 24.9
Realised gains on disposal of investments 0.3 – – 0.3 5.2
Share of profit from associate 0.3 – – 0.3 0.5
Profit before tax 108.6 (40.1) 1.6 70.1 105.4
Diluted EPS (p) 11.8 (4.9) 0.2 7.1 10.5
Business review
Consistent business model
Reduced operating costs mitigated the impact of lower AuM on revenue, and delivered an adjusted
EBITDA margin of 36%. The Group maintains a robust balance sheet with more than £600 million of
capital resources, including approximately £350 million of cash and deposits.
Assets under management
AuM of US$47.6 billion is 3% lower compared with the
prior year, reflecting positive investment performance of
US$4.1 billion offset by net outflows of US$5.8 billion.
Gross subscriptions of US$6.5 billion represent 13% of
opening AuM and were at a similar level to the prior year
(FY2024: US$7.2billion, 13% of opening AuM).
Subscriptions were strongest in the local currency and
equities investment themes, reflecting both funding of new
mandates and additions to existing accounts; while capital
raising continued in the alternatives theme driven by the
launch of a second infrastructure debt fund in Colombia
together with new thematic private equity funds in Saudi
Arabia. There was also notable interest in IG strategies from
Asian clients. However, certain investors continued to
exhibit some risk aversion given geopolitical events and
notwithstanding the positive investment performance
delivered in recent periods.
Gross redemptions of US$12.3 billion, or 25% of opening
AuM (FY2024: US$15.7 billion, 28% ofopening AuM)
improved significantly from the prior year, albeit they were
somewhat elevated given a small number of individual
institutional asset allocation decisions in the local currency
theme. These reflect factors such as a lower tolerance for
short-term market volatility arising from movements in the
US dollar and the impact of clients’ broader asset allocation
decisions unrelated to the specific merits or performance of
emerging markets fixed income assets.
The other fixed income themes and equities all experienced
lower levels of redemptions compared with the prior year.
Inalternatives, capital was returned to investors following
the successful realisation of private equity investments.
Consequently, the total net outflow for the period of
US$5.8 billion is 32% lower than in the prior year (FY2024:
US$8.5 billion), due to the fall in redemptions.
Ashmore delivered US$4.1 billion of positive investment
performance for clients over the year, broadly spread across
all investment themes. The weaker US dollar, particularly in
the second half of the year, benefited returns in the local
currency and equities themes.
The average AuM level was 7% lower than in the prior year
at US$48.9 billion (FY2024: US$52.4 billion).
The geographic split of the Group’s AuM remains diverse
and consistent with recent periods: 39% of AuM is invested
in Latin America, 25% in Asia Pacific, 15% in Eastern
Europe and 21% in the Middle East and Africa.
24 Ashmore Annual Report and Accounts 2025
A focus on Ashmore’s local platforms
Total local office AuM increased by 5% over the 12 months to
US$7.8 billion (30 June 2024: US$7.5 billion). In aggregate, these
businesses represent 16% of Ashmore’s total AuM, and
contribute a notably higher proportion of the Group’s revenues
(28%) and adjusted EBITDA (35%). Therefore, in addition to
delivering long-term growth, these platforms continue to provide
meaningful diversification benefits and represent an increasingly
important source of value for Ashmore’s shareholders.
Ashmore Colombia increased AuM by 43% to US$2.2 billion,
with net inflows of US$0.3 billion including commitments to a
second infrastructure debt fund and additional allocations in
equities; investment performance also contributed
US$0.3 billion. The business employs 30 people and has a
well-established track record of managing private equity and
private debt infrastructure assets, together with a team
managing listed equity strategies.
Similarly, Ashmore India’s AuM grew by 26% to US$2.3 billion,
through a combination of net inflows of US$0.3 billion and
positive investment performance of US$0.2 billion. The team of
11 employees has a strong track record of outperformance in
listed equities, with a focus on small and midcap companies.
The business manages assets predominantly for international
investors, but is in the early stages of evolving its business
model to gain greater access to onshore capital.
Ashmore Saudi Arabia successfully exited the assets in its
private equity education fund and returned US$0.2 billion to
investors. Together with small net outflows from its listed equity
funds, AuM declined by US$0.3 billion, or 18%, over the year to
US$1.5 billion. The team of 17 employees is focused on growing
and diversifying the business and in the year it launched new
thematic private equity funds investing in the industrials and real
estate sectors, and is developing digital distribution capabilities
to facilitate access to high net worth retail investors.
With recent political change and regional headwinds, Ashmore
Indonesia endured a more challenging period and AuM declined
by 22% to US$1.5 billion. The movement comprised net
outflows of US$0.3 billion and negative performance of
US$0.1 billion. The team of 33 employees manages onshore and
offshore institutional capital, and has a strong network of
domestic intermediaries to access retail investors. It is
enhancing its retail proposition further by developing digital
distribution infrastructure.
During the year, Ashmore opened a new office in Qatar that will
provide local insights to the Group’s global investment
committees, and also facilitate the development of institutional
client relationships.
The Group continues to pursue opportunities to develop its
existing platforms, and also to add to the network to provide
additional future growth. Notably, it has recently established
anoffice in Mexico and is in the process of applying for
regulatory approval.
Ashmore has proven expertise in managing thematic private
equity and private debt funds in Latin America and the
MiddleEast and is exploring future opportunities in areas
suchas healthcare, infrastructure and education.
Ashmore Annual Report and Accounts 2025 25
Governance
Strategic report
Financial statements
Business review continued
Clients
Ashmore’s clients are predominantly a diversified set of
institutions, representing 96% of AuM (30 June
2024: 96%), withthe remainder sourced through
intermediary retail channels. Segregated accounts
representthe majority of AuM at 83% of the total
(30 June 2024: 82%).
Over the year there was an increase in AuM from
government-related institutions (central banks, sovereign
wealth funds and other government entities) from 46%
to50%, offset by a decrease in assets managed for
pension funds from 19% to 12%.
Ashmore’s principal mutual fund platforms are in Europe
and the US, which in total represent AuM of US$3.4 billion
in 45 funds. TheEuropean SICAV range comprises 34 funds
with AuM of US$2.9 billion (30 June 2024: US$3.5 billion in
33 funds) and theUS 40 Act range has 11 funds with AuM
of US$0.5 billion (30June 2024: US$0.5 billion in 12 funds).
Investment performance
As at 30 June 2025, 57% of AuM is outperforming over
oneyear, 70% over three years and 81% over five years
(30 June 2024: 40%, 59% and 62%, respectively).
The notable improvement across all three time periods
reflects the successful implementation of Ashmore’s
established investment processes. Given the
macroeconomic and geopolitical events of the past five
years, the effectiveness of Ashmore’s investment approach
across market cycles is illustrated by more than 80% of
AuM outperforming over this period.
The drivers of outperformance vary depending on
investment theme and specific strategies, but for example,
over the financial year there was positive performance
contribution from previously oversold bonds and currencies
in countries such as Brazil; a rally in Chinese equities in the
second half of the period; and strong performance in
specific situations such as Argentina.
AuM movements by investment theme
The AuM development by theme is shown inthe table below. The local currency investment theme includes US$7.9 billion of
overlay/liquidity funds (30 June 2024: US$7.6billion).
Investment theme
AuM
30 June
2024
US$bn
Gross
subscriptions
US$bn
Gross
redemptions
1
US$bn
Net flows
US$bn
Performance
US$bn
Other
2
US$bn
AuM
30 June
2025
US$bn
External debt 7.2 0.6 (0.9) (0.3) 0.6 (0.1) 7.4
Local currency 17.7 2.8 (7.3) (4.5) 1.0 - 14.2
Corporate debt 4.7 0.4 (0.5) (0.1) 0.6 - 5.2
Blended debt 11.7 0.2 (1.5) (1.3) 1.2 0.1 11.7
Fixed income 41.3 4.0 (10.2) (6.2) 3.4 - 38.5
Equities 6.7 2.1 (1.9) 0.2 0.6 - 7.5
Alternatives 1.3 0.4 (0.2) 0.2 0.1 - 1.6
Total 49.3 6.5 (12.3) (5.8) 4.1 - 47.6
1. Redemptions in the external debt theme include US$0.2 billion of Group cash that was returned to the balance sheet following the closure of a liquidity fund in
the period.
2. Assets were reclassified from external debt to blended debt because of changes to investment guidelines and benchmarks.
26 Ashmore Annual Report and Accounts 2025
Business review continued
Clients
Ashmore’s clients are predominantly a diversified set of
institutions, representing 96% of AuM (30 June
2024: 96%), withthe remainder sourced through
intermediary retail channels. Segregated accounts
representthe majority of AuM at 83% of the total
(30 June 2024: 82%).
Over the year there was an increase in AuM from
government-related institutions (central banks, sovereign
wealth funds and other government entities) from 46%
to50%, offset by a decrease in assets managed for
pension funds from 19% to 12%.
Ashmore’s principal mutual fund platforms are in Europe
and the US, which in total represent AuM of US$3.4 billion
in 45 funds. TheEuropean SICAV range comprises 34 funds
with AuM of US$2.9 billion (30 June 2024: US$3.5 billion in
33 funds) and theUS 40 Act range has 11 funds with AuM
of US$0.5 billion (30June 2024: US$0.5 billion in 12 funds).
Investment performance
As at 30 June 2025, 57% of AuM is outperforming over
oneyear, 70% over three years and 81% over five years
(30 June 2024: 40%, 59% and 62%, respectively).
The notable improvement across all three time periods
reflects the successful implementation of Ashmore’s
established investment processes. Given the
macroeconomic and geopolitical events of the past five
years, the effectiveness of Ashmore’s investment approach
across market cycles is illustrated by more than 80% of
AuM outperforming over this period.
The drivers of outperformance vary depending on
investment theme and specific strategies, but for example,
over the financial year there was positive performance
contribution from previously oversold bonds and currencies
in countries such as Brazil; a rally in Chinese equities in the
second half of the period; and strong performance in
specific situations such as Argentina.
AuM movements by investment theme
The AuM development by theme is shown inthe table below. The local currency investment theme includes US$7.9 billion of
overlay/liquidity funds (30 June 2024: US$7.6billion).
Investment theme
AuM
30 June
2024
US$bn
Gross
subscriptions
US$bn
Gross
redemptions
1
US$bn
Net flows
US$bn
Performance
US$bn
Other
2
US$bn
AuM
30 June
2025
US$bn
External debt 7.2 0.6 (0.9) (0.3) 0.6 (0.1) 7.4
Local currency 17.7 2.8 (7.3) (4.5) 1.0 - 14.2
Corporate debt 4.7 0.4 (0.5) (0.1) 0.6 - 5.2
Blended debt 11.7 0.2 (1.5) (1.3) 1.2 0.1 11.7
Fixed income 41.3 4.0 (10.2) (6.2) 3.4 - 38.5
Equities 6.7 2.1 (1.9) 0.2 0.6 - 7.5
Alternatives 1.3 0.4 (0.2) 0.2 0.1 - 1.6
Total 49.3 6.5 (12.3) (5.8) 4.1 - 47.6
1. Redemptions in the external debt theme include US$0.2 billion of Group cash that was returned to the balance sheet following the closure of a liquidity fund in
the period.
2. Assets were reclassified from external debt to blended debt because of changes to investment guidelines and benchmarks.
26 Ashmore Annual Report and Accounts 2025
Financial review
Revenues
Net revenue declined by 24% compared with the prior year due
to lower net management fees and reduced performance fee
income. On an adjusted basis, excluding FX translation effects,
net revenue fell by 22% to £146.5 million.
Net revenue
FY2025
£m
FY2024
£m
Net management fees 129.7 160.4
Performance fees 10.2 22.7
Other revenue 2.5 3.7
FX: hedges 4.1 1.0
Adjusted net revenue 146.5 187.8
FX: balance sheet translation (2.4) 1.5
Net revenue 144.1 189.3
Net management fee income of £129.7 million declined by 19%
as a consequence of a reduced management fee margin, lower
average AuM and the headwind from a higher average GBP:USD
rate. At constant FY2024 exchange rates, net management fee
income reduced by 17%.
The net management fee margin declined to 35 basis points
(FY2024: 39 basis points). As reported previously, the prior
yearperiod had a number of one-off fees in the alternatives
theme, meaning the underlying run-rate was 37.5 basis points
inFY2024.
The movement in the current year is attributable to positive
theme mix effects, such as higher equities AuM, offset by the
impact of lower margin flows including higher average AuM in
overlay mandates; successful private equity realisations and
subsequent return of capital by alternatives funds; and other
factors such as the impact of competition.
Performance fees of £10.2 million (FY2024: £22.7 million) were
earned in the period, with a notable contribution from funds in
the alternatives theme albeit at a lower level than in the prior
year. Performance fees were also earned by funds in the
external debt, local currency and blended debt themes.
Approximately US$8.5 billion of the Group’s AuM, or 18% of
thetotal, is eligible to earn performance fees as at 30 June
2025. The Group continues to expect its diverse sources of
netmanagement fee income to generate the majority of its
netrevenues.
Translation of the Group’s non-sterling assets and liabilities,
excluding seed capital, resulted in an unrealised FX loss of
£2.4million (FY2024: £1.5 million gain).
The Group’s effective hedging programme and the active
management of FX exposures during the period meant that
realised and unrealised hedging gainsof £4.1 million were
delivered (FY2024: £1.0 million gain). Therefore, the Group
recognised a total FX gain of £1.7 million inrevenues
(FY2024: £2.5 million gain).
Operating costs
Total operating costs of £98.7 million (FY2024: £114.9 million)
include £2.4 million of expenses incurred by seeded funds that
are required to be consolidated (FY2024: £1.4 million), as
disclosed in note 20. On an adjusted basis, taking into account
the impact of seed capital and the proportion of the accrual for
variable compensation that relates to FX translation gains,
operating costs decreased by 14% compared with the prior
year. Adjustedoperating costs fell by 13% at constant FY2024
exchange rates.
Operating costs
FY2025
£m
FY2024
£m
Salary costs (31.5) (32.2)
Other operating costs (22.2) (25.3)
Depreciation and amortisation (3.1) (3.1)
Operating costs before VC (56.8) (60.6)
VC (39.5) (52.9)
VC accrual on FX gains/losses (0.8) 0.5
Adjusted operating costs (97.1) (113.0)
Consolidated funds costs (2.4) (1.4)
Add back VC on FX gains/losses 0.8 (0.5)
Total operating costs (98.7) (114.9)
Salary costs fell by 2% to £31.5 million with a broadly stable
average headcount over the year. Other operating costs were
reduced by 12% to £22.2 million, primarily due to lower
premises-related costs and professional fees. The move to a
new London office in early 2026 is expected to have a modest
incremental impact on operating costs.
VC has been accrued at 35.0% of EBVCT resulting in a charge
of£39.5 million. The charge is 25% lower than in the prior year
(FY2024: £52.9 million) reflecting the lower levels of revenue
and profits, and therefore maintaining the alignment of interests
between employees and shareholders.
Fee income and net management fee margin by investment theme
Investment theme
Net management fees Performance fees Net management fee margin
FY2025
£m
FY2024
£m
FY2025
£m
FY2024
£m
FY2025
bps
FY2024
bps
External debt 17.5 18.8 1.5 – 31 33
Local currency 31.8 40.6 0.4 7.4 26 29
Corporate debt 12.4 13.5 – – 33 33
Blended debt 28.0 40.9 0.1 0.1 31 37
Fixed income 89.7 113.8 2.0 7.5 29 33
Equities 28.1 27.8 – 0.8 52 55
Alternatives 11.9 18.8 8.2 14.4 108 162
Total 129.7 160.4 10.2 22.7 35 39
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 27
Adjusted EBITDA
The impact of the lower revenue base, mitigated by reduced
operating costs, means that adjusted EBITDA was 33% lower at
£52.5 million (FY2024: £77.9 million), resulting in a margin of
36% for the year (FY2024: 41%). At constant FY2024 exchange
rates, adjusted EBITDA declined by 29%.
Finance income
Finance income declined to £51.1 million (FY2024: £70.4 million)
and comprises the items shown in the table below.
Finance income
FY2025
£m
FY2024
£m
Net interest income 20.1 24.9
Seed capital gains 30.7 40.3
Realised gains on disposal of
investments 0.3 5.2
Finance income 51.1 70.4
Net interest income for the period of £20.1 million was below
the prior year level (FY2024: £24.9 million), reflecting a
consistent yield of approximately 5% and a lower level of cash
and deposits, explained below.
Seed capital gains comprise interest earned in consolidated
funds and the movement in the mark-to-market value of
consolidated funds, as described in more detail below.
The realised gains on disposals relate to the Group’s Colombian
real estate business in the prior year, and the disposal of a
minority interest in an Indonesian financial services company.
Seed capital
The following table summarises the principal IFRS items in the
accounts to assist in understanding the financial impact of the
Group’s seed capital programme on profits. The seed capital
investments generated total realised and unrealised gains of
£40.1 million in the year (FY2024: £21.7 million gain).
Thiscomprises a £29.9 million gain in respect of consolidated
funds (FY2024: £4.7 million loss) and a £10.2 million mark-to-
market gain in respect of unconsolidated funds
(FY2024: £26.4 million gain).
Impact of seed capital investments on profits
FY2025
£m
FY2024
£m
Consolidated funds (note 20):
Net gains/(losses) on investment
securities 11.8 (17.2)
Operating costs (2.4) (1.4)
Investment income 20.5 13.9
Sub-total: consolidated funds 29.9 (4.7)
Unconsolidated funds (note 8):
Investment return 10.7 23.5
FX (0.5) 2.9
Sub-total: unconsolidated funds 10.2 26.4
Total seed capital gains 40.1 21.7
– realised 7.5 11.3
– unrealised 32.6 10.4
Profit before tax
Statutory profit before tax was 15% lower at £108.6 million
(FY2024: £128.1 million), reflecting lower operating performance
partially offset by higher gains on seed capital investments.
Taxation
The effective tax rate for the period of 21.6% (FY2024: 23.3%)
reflects the geographic mix of the Group’s profits, the valuation
of deferred tax assets relating to share-based remuneration and
the impact of seed capital gains and losses. The effective tax
rate is lower compared with the prior year primarily due to
differences in the geographic mix of the Group’s profits.
Note 12 to the financial statements provides a reconciliation of
the tax charge to the UK corporation tax rate of 25.0%.
The Group’s current effective tax rate, based on its geographic
mix of profits and prevailing tax rates, is approximately 22%.
Diluted earnings per share
Diluted EPS declined by 13% from 13.6 pence to 11.8 pence.
On an adjusted basis, excluding the effects of FX translation,
seed capital-related items and relevant tax, diluted EPS was
33% lower at 7.1 pence (FY2024: 10.5 pence).
Business review continued
28 Ashmore Annual Report and Accounts 2025
Adjusted EBITDA
The impact of the lower revenue base, mitigated by reduced
operating costs, means that adjusted EBITDA was 33% lower at
£52.5 million (FY2024: £77.9 million), resulting in a margin of
36% for the year (FY2024: 41%). At constant FY2024 exchange
rates, adjusted EBITDA declined by 29%.
Finance income
Finance income declined to £51.1 million (FY2024: £70.4 million)
and comprises the items shown in the table below.
Finance income
FY2025
£m
FY2024
£m
Net interest income 20.1 24.9
Seed capital gains 30.7 40.3
Realised gains on disposal of
investments 0.3 5.2
Finance income 51.1 70.4
Net interest income for the period of £20.1 million was below
the prior year level (FY2024: £24.9 million), reflecting a
consistent yield of approximately 5% and a lower level of cash
and deposits, explained below.
Seed capital gains comprise interest earned in consolidated
funds and the movement in the mark-to-market value of
consolidated funds, as described in more detail below.
The realised gains on disposals relate to the Group’s Colombian
real estate business in the prior year, and the disposal of a
minority interest in an Indonesian financial services company.
Seed capital
The following table summarises the principal IFRS items in the
accounts to assist in understanding the financial impact of the
Group’s seed capital programme on profits. The seed capital
investments generated total realised and unrealised gains of
£40.1 million in the year (FY2024: £21.7 million gain).
Thiscomprises a £29.9 million gain in respect of consolidated
funds (FY2024: £4.7 million loss) and a £10.2 million mark-to-
market gain in respect of unconsolidated funds
(FY2024: £26.4 million gain).
Impact of seed capital investments on profits
FY2025
£m
FY2024
£m
Consolidated funds (note 20):
Net gains/(losses) on investment
securities 11.8 (17.2)
Operating costs (2.4) (1.4)
Investment income 20.5 13.9
Sub-total: consolidated funds 29.9 (4.7)
Unconsolidated funds (note 8):
Investment return 10.7 23.5
FX (0.5) 2.9
Sub-total: unconsolidated funds 10.2 26.4
Total seed capital gains 40.1 21.7
– realised 7.5 11.3
– unrealised 32.6 10.4
Profit before tax
Statutory profit before tax was 15% lower at £108.6 million
(FY2024: £128.1 million), reflecting lower operating performance
partially offset by higher gains on seed capital investments.
Taxation
The effective tax rate for the period of 21.6% (FY2024: 23.3%)
reflects the geographic mix of the Group’s profits, the valuation
of deferred tax assets relating to share-based remuneration and
the impact of seed capital gains and losses. The effective tax
rate is lower compared with the prior year primarily due to
differences in the geographic mix of the Group’s profits.
Note 12 to the financial statements provides a reconciliation of
the tax charge to the UK corporation tax rate of 25.0%.
The Group’s current effective tax rate, based on its geographic
mix of profits and prevailing tax rates, is approximately 22%.
Diluted earnings per share
Diluted EPS declined by 13% from 13.6 pence to 11.8 pence.
On an adjusted basis, excluding the effects of FX translation,
seed capital-related items and relevant tax, diluted EPS was
33% lower at 7.1 pence (FY2024: 10.5 pence).
Business review continued
28 Ashmore Annual Report and Accounts 2025
Balance sheet
As at 30 June 2025, total equity attributable to shareholders of
the parent was £782.6 million (30 June 2024: £882.6 million).
The Group has no debt.
The level of capital required to support the Group’s activities,
including its regulatory requirements, is £93.3 million. As at
30 June 2025, the Group had total capital resources of
£604.2 million, equivalent to 85 pence per share, and therefore
representing an excess of £510.9 million over the Board’s level
of required capital.
Cash
Ashmore has maintained a strong cash position with
approximately £350 million of cash and deposits as at
30 June 2025.
Excluding cash held in consolidated funds, the Group’s cash
anddeposits totalled £340.7 million as at 30 June 2025 (30 June
2024: £505.7 million). The movement over the year primarily
reflects operating cash flows together with seed capital
investments to underpin future AuM growth (£66 million) and
the purchase of ordinary shares to satisfy employee equity
awards (£35 million).
Cash and deposits by currency
30 June
2025
£m
30 June
2024
£m
Sterling 173.7 241.8
US dollar 141.5 229.8
Other 33.5 40.2
Total 348.7 511.8
Ashmore’s business model delivers a high conversion rate of
operating profits to cash. Based on operating profit of
£57.2 million for the period (FY2024: £57.2 million),
theGroupgenerated £66.0 million of cash from operations
(FY2024: £112.5 million). The operating cash flows after
excluding consolidated funds represent 130% of adjusted
EBITDA (FY2024: 146%).
Seed capital investments
Ashmore invests seed capital in its funds to achieve a number of
commercial objectives, including to provide initial scale, to
support the development of an investment track record, and to
enhance existing funds’ scale for intermediary distributors.
The Group’s seed programme has delivered growth in third-party
AuM, with approximately US$5 billion of current AuM in funds
that have been seeded, representing 11% of total Group AuM.
The diversified mix of seed capital investments means that the
underlying fund portfolios, some of which are consolidated
under IFRS 10, have exposure to a range of emerging markets
asset classes, including sovereign and corporate fixed income,
listed equities and alternatives.
Movements in seed capital
Market value
£m
30 June 2024 257.6
Additions 113.0
Realisations (46.6)
Mark-to-market 15.4
30 June 2025 339.4
Subscriptions in the period were focused on establishing
investment track records in new strategies such as frontier
blended debt, impact debt and Mexico equities; providing seed
capital to alternatives funds in local markets; and providing
additional scale to existing funds in anticipation of client demand
as investor interest in the emerging markets asset classes
gathers momentum.
Realisations were focused on IG funds as client flows facilitated
the profitable recycling of the Group’s capital, and successful
asset realisations in the alternatives theme and the subsequent
return of capital to investors.
The positive performance described in the Market review,
combined with alpha delivered by Ashmore’s active investment
processes, delivered a 6% increase in the market value of the
seed capital investments.
Overall, the market value of the Group’s seed capital
investments increased to £339.4 million as at 30 June 2025
(30 June 2024: £257.6 million). The unrealised life-to-date gains
on seed capital investments increased over the period from
£32.3 million to £42.6 million.
Ashmore has made seed capital commitments to funds of
£9.4 million that were undrawn at the period end, giving a total
value for the Group’s seed capital programme of approximately
£350 million.
Shares held by the EBT
The Group’s EBT continues to purchase and hold shares in
anticipation of the vesting of employee share awards. As at
30 June 2025, the EBT owned 60,817,341 ordinary shares
(30 June 2024: 49,481,410 ordinary shares), representing 8.5%
of the Group’s issued share capital (30 June2024: 6.9%).
Foreign exchange
The majority of the Group’s fee income is received in US dollars
and it is the Group’s policy to hedge up to two-thirds of the
notional value of budgeted foreign currency-denominated net
management fees. Foreign currency assets and liabilities,
including cash, are marked to market at the period end exchange
rate with movements reported in either revenues or other
comprehensive income (OCI).
Dividend
The Board’s policy is to pay a progressive ordinary dividend over
time, taking into consideration factors such as the financial
performance over the period, the Group’s strong financial
position, cash generation and the near-term outlook.
Therefore, the Board has recommended a final dividend of
12.1pence per share, which, if approved by shareholders,
willbe paid on 8 December 2025 to all shareholders on the
register on 7 November 2025.
Tom Shippey
Group Finance Director
4 September 2025
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 29
Embedded risk
management culture
Ashmore’s strategy and business model have inherent risks, with the potential for harm to the firm, its
clients and the markets in which it operates. Therefore the Group identifies, evaluates and manages
principal and emerging risks through an established and effective internal control framework
supported by an embedded risk management culture.
Risk management
Overview of Ashmore’s risk management and
internal control systems
In accordance with the 2018 Code, the Board is ultimately
responsible for the Group’s risk management and internal
control systems and for reviewing their effectiveness. Such
systems and their review are designed to manage, rather than
eliminate, the risk of failure to achieve business objectives, and
can provide only reasonable and not absolute assurance against
material misstatement or loss.
The Group’s over-arching corporate governance framework is
used for the Board to maintain comprehensive and effective
control over appropriate strategic, financial, operational and
compliance issues. Through this framework, an internal control
framework has been established, against which the Group can
assess the effectiveness of its riskmanagement and internal
control systems.
The Group’s system of internal control is integrated into the
Group’s strategy and business model and embedded within its
routine business processes and operations. A strong control
culture includes clear management responsibility and
accountability for individual controls.
The internal control framework provides a process for
identifying, evaluating and managing and/or mitigating the
Group’s emerging risks and principal risks, and has been in
placefor the year under review and up to the date of approval
ofthe 2025 Annual Report. The process is regularly reviewed
bythe Group’s Audit and Risk Committee and accords with
theGuidance.
The Executive Directors oversee the risk management
processon a day-to-day basis, and there is an organisational
structure with clearly defined lines of responsibility and
delegation ofauthority.
There are established policies and procedures to enable the
Audit and Risk Committee, and ultimately the Board through
itsregular meetings, to monitor the effectiveness of the risk
management and internal control systems. These systems
coverall identified internal and external strategic, operational,
financial, compliance and other relevant risks, including the
Group’s ability to comply with applicable laws, regulations
andclients’ requirements.
The main features of the Group’s risk management and internal
control systems are described on the following pages, covering
the Group’s key policies, governance bodies, business
processes, and verification and confirmation activities.
Consideration of the 2024 Code
The FRC issued the 2024 Code in January 2024, and during
FY2025 the Board completed preparations to comply with the
new Code, which applies to Ashmore from 1 July 2025.
Provision 29, relating to risk management and internal control
systems, will apply to the Group from 1 July 2026; preparations
for its implementation are ongoing.
The Group’s three-phase
strategy is designed to
create value for
shareholders over cycles
by capitalising on the
powerful economic,
political and social
convergence trends
across emerging markets.
The Group executes its
strategy using a
distinctive business
model, and identifies,
evaluates and manages
the emerging and
principal risks inherent
inthis business model.
The Board has ultimate
responsibility for the
Group’s strategy. It
formally reviews the
strategy at least annually
and receives updates at
each Board meeting.
The Board is responsible
for risk management,
although it has delegated
authority to carry out
day-to-day functions to
Executive Directors and
governance bodies.
Read about Ashmore’s
strategy on page 4
Read about Ashmore’s
business model on page5
Read Ashmore’s governance
report on page 59
Read about Ashmore’s
principal risks on page34
30 Ashmore Annual Report and Accounts 2025
Embedded risk
management culture
Ashmore’s strategy and business model have inherent risks, with the potential for harm to the firm, its
clients and the markets in which it operates. Therefore the Group identifies, evaluates and manages
principal and emerging risks through an established and effective internal control framework
supported by an embedded risk management culture.
Risk management
Overview of Ashmore’s risk management and
internal control systems
In accordance with the 2018 Code, the Board is ultimately
responsible for the Group’s risk management and internal
control systems and for reviewing their effectiveness. Such
systems and their review are designed to manage, rather than
eliminate, the risk of failure to achieve business objectives, and
can provide only reasonable and not absolute assurance against
material misstatement or loss.
The Group’s over-arching corporate governance framework is
used for the Board to maintain comprehensive and effective
control over appropriate strategic, financial, operational and
compliance issues. Through this framework, an internal control
framework has been established, against which the Group can
assess the effectiveness of its riskmanagement and internal
control systems.
The Group’s system of internal control is integrated into the
Group’s strategy and business model and embedded within its
routine business processes and operations. A strong control
culture includes clear management responsibility and
accountability for individual controls.
The internal control framework provides a process for
identifying, evaluating and managing and/or mitigating the
Group’s emerging risks and principal risks, and has been in
placefor the year under review and up to the date of approval
ofthe 2025 Annual Report. The process is regularly reviewed
bythe Group’s Audit and Risk Committee and accords with
theGuidance.
The Executive Directors oversee the risk management
processon a day-to-day basis, and there is an organisational
structure with clearly defined lines of responsibility and
delegation ofauthority.
There are established policies and procedures to enable the
Audit and Risk Committee, and ultimately the Board through
itsregular meetings, to monitor the effectiveness of the risk
management and internal control systems. These systems
coverall identified internal and external strategic, operational,
financial, compliance and other relevant risks, including the
Group’s ability to comply with applicable laws, regulations
andclients’ requirements.
The main features of the Group’s risk management and internal
control systems are described on the following pages, covering
the Group’s key policies, governance bodies, business
processes, and verification and confirmation activities.
Consideration of the 2024 Code
The FRC issued the 2024 Code in January 2024, and during
FY2025 the Board completed preparations to comply with the
new Code, which applies to Ashmore from 1 July 2025.
Provision 29, relating to risk management and internal control
systems, will apply to the Group from 1 July 2026; preparations
for its implementation are ongoing.
The Group’s three-phase
strategy is designed to
create value for
shareholders over cycles
by capitalising on the
powerful economic,
political and social
convergence trends
across emerging markets.
The Group executes its
strategy using a
distinctive business
model, and identifies,
evaluates and manages
the emerging and
principal risks inherent
inthis business model.
The Board has ultimate
responsibility for the
Group’s strategy. It
formally reviews the
strategy at least annually
and receives updates at
each Board meeting.
The Board is responsible
for risk management,
although it has delegated
authority to carry out
day-to-day functions to
Executive Directors and
governance bodies.
Read about Ashmore’s
strategy on page 4
Read about Ashmore’s
business model on page5
Read Ashmore’s governance
report on page 59
Read about Ashmore’s
principal risks on page34
30 Ashmore Annual Report and Accounts 2025
The Board seeks to maintain a strong
corporate culture, embedding high
standards of integrity and fair dealing in
the conduct of the Group’s activities,
compliance with both the letter and the
spirit of relevant laws and regulations,
andgood market practice across
Ashmore’s activities.
Ashmore’s compliance approach
underpins these objectives, setting out
principles to guide employees, officers
and Directors to act with integrity when
carrying out a wide range of business
practices. The Group’s compliance
policies and manuals provide employees
with relevant information concerning
theGroup’s regulatory and legislative
environment, to enable all employees
tocarry out their responsibilities in
accordance with applicable laws and
The Board has overall responsibility for
risk management, but it has delegated
authority to carry out day-to-day functions
to the Executive Directors and internal
governance bodies that have been
established to govern relevant matters.
The corporate governance framework
describes the interrelationships and
delegation to these governance bodies.
The Awards Committee has delegated
authorities from the Board’s
Remuneration Committee to oversee
certain remuneration matters, including
employee remuneration and contracts
ofemployment.
The Best Execution Committee reviews
the effectiveness of trading practices
across asset classes and has oversight
ofthe regular compliance testing of
tradeexecution.
The Cyber Security Steering Group is
responsible for promoting and enhancing
cyber security across the Group, including
in relation to culture, engagement,
education, training and incident response.
The Disclosure Committee is responsible
for considering the assessment of
confidential information, determining
whether it constitutes inside information,
and taking appropriate action in accordance
with prevailing market regulations.
The Diversity Committee is responsible
for monitoring developments with respect
to diversity and inclusion targets in line
with corporate governance requirements
and best practice.
The ESGC has oversight of Ashmore’s
responsible investing framework and
focuses on the appropriate
implementation of all elements of
theframework across Ashmore’s
corporatestrategy and investment
management activity.
The Foreign Exchange and Liquidity
Management Committee is responsible
for the oversight and management of the
Group’s foreign currency cash flows and
balance sheet exposures, including the
appropriate level of hedging, and ensures
the Group meets its liquidity requirements.
The Global Investment Performance
Standards Committee acts as the Group’s
primary decision-making body in relation
toany changes to the existing set of
investment performance composites, and
approving the creation of new composites.
The Investment Committees and their
sub-committees meet weekly, monthly
orquarterly depending on investment
theme, and ensure that clients’ funds are
managed in accordance with the agreed
investment strategy and policies.
The IT Steering Group ensures that the IT
strategy is aligned with the Group’s strategy
and objectives, and has responsibility for
implementing, managing and supporting
the Group’s IT systems and projects.
The Operating Committee reviews
theGroup’s financial and operating
performance to focus on delivery of the
Group’s key strategic objectives and
implementation.
The Operational Resilience Steering
Group is responsible for ensuring that the
Ashmore global operating model remains
operationally resilient as it changes over
time, including changes to material
third-party service providers.
The Pricing Methodology and Valuation
Committee has oversight of the valuation
methodologies used for fund investments
that cannot be readily priced using
external sources.
The Pricing Oversight Committee
supervises the effectiveness of pricing
policies for investments held in Ashmore-
sponsored funds where a reliable pricing
source is available. This includes ensuring
that appointed third-party pricing agents
carry out the agreed pricing policy
faithfully and manage the pricing sources
appropriately.
The Product Committee is responsible for
product governance including launches,
amendments, periodic reviews and
closure of funds and strategies, and
foridentifying and addressing risks to
customer outcomes and delivering fair
value to comply with regulatory
requirements.
The RCC is responsible for internal control
and for assessing the impact of Ashmore’s
activities on the firm’s risk, compliance,
regulatory and operational exposures.
The Regulatory Developments Steering
Group is responsible for overseeing
legislative and regulatory developments
that may impact Ashmore’s funds and
subsidiaries across its global footprint;
and for implementing regulatory and
legislation-driven change by the relevant
businesses and functions through the use
of working groups or project teams.
The Research Oversight Committee
addresses governance, oversight and
review of third-party research procured
byAshmore.
1. Policies
2. Governance bodies
regulations, as well as regulatory
authorities and clients‘ expectations.
To support its risk management and
internal control framework, Ashmore has
a number of policy documents, effective
at the Group and/or local business levels,
with which all relevant employees are
expected to comply. These policies serve
as controls and/or mitigants in relation to
principal and emerging risks, and include:
– Anti-bribery and corruption
– Anti-money laundering, counter-terrorist
financing, proliferation financing and
financial sanctions
– Best execution
– Conflicts of interest
– Data protection
– ESG
– Information security
– Media and reputation management
– Operational resilience and business
continuity
– Personal account dealing
– Valuation and pricing
– Whistleblowing
Additionally, the Board and its committees
are responsible for policies including:
– Corporate FX and liquidity risk
management
– Directors’ remuneration
– Diversity of the Board and Group
– Dividend
– Market abuse and disclosure
– Non-audit services
– Seed capital
– Tax
– Supplier code of conduct
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 31
The following business processes
underpin the policies and governance
bodies, and are components of
Ashmore’s risk management and internal
control framework.
Risk management and
compliance
The Audit and Risk Committee receives
regular compliance, risk and internal audit
reports, while the Board receives regular
financial and other management
information related to: the control of
expenditure against budget; the making
of investments; monitoring the Group’s
business and itsperformance; and
relevant compliance, risk and internal
audit information.
The Risk Management and Control
function maintains a matrix of principal
and emerging risks, comprising key
strategic and business, client, treasury,
investment and operational risks, and
considers the likelihood of those risks
crystallising and the resultant impact.
Senior management and the employees
responsible for the risks and associated
controls/mitigants review the matrix
quarterly. Ashmore identifies the inherent
risk within each business activity, and
assesses the adequacy and mitigating
effect of existing processes to determine
a current residual risk level for each
activity. On the basis that the Group may
employ further mitigants and/or controls
over time, it defines a target residual risk
for each activity and tracks progress to
target as appropriate.
The RCC analyses relevant KRI statistics
on a monthly basis. The KRIs indicate
trends in the Group’s risk profile, assist in
the reduction of errors and potential
financial losses, and facilitate dealing
witha potential risk situation before an
event occurs.
The Compliance function’s responsibilities
and processes include: advising and
monitoring the business and operations;
identifying and receiving reports of
potential non-compliance with applicable
regulations; training on, and integrating,
regulatory compliance procedures and
best practices across the Group; and
real-time monitoring of client mandate
investment restrictions. The function
provides assurance to the Audit and Risk
Committee and the Board that the Group
meets its regulatory and client-related
obligations and has a robust culture of
compliance.
Operational and governance
Ashmore has a defined operational
framework and organisational structure,
with appropriate delegation of authority
and segregation of duties and
accountability that have regard to
acceptable levels of risk.
The RAS describes the types and levels
of risk that the Group is prepared to take
in pursuit of its strategic objectives.
TheBoard reviews the RAS in line with
Ashmore’s strategy, business model,
financial capacity, business opportunities,
regulatory constraints and other internal
and external factors and, through the
Audit and Risk Committee, regularly
reviews risk metrics reported against
theRAS.
The Group’s planning framework includes
a Board-approved strategy. The Board
reviews and challenges the strategy
annually, and it receives updates on
progress against strategic objectives at
each scheduled Board meeting.
Ashmore’s FCA-regulated subsidiaries are
subject to the FCA’s Senior Managers
and Certification Regime, which requires
allocation of specific responsibilities to
individuals, recorded through a
management responsibilities map and
individual jobdescriptions.
The Group’s Finance function, managed
by appropriately qualified accountants, is
responsible for the preparation of the
financial statements. Executive Directors
and other parties review the statements,
and the process includes challenge by the
Audit and Risk Committee and the Board.
The Finance function works in conjunction
with the Group’s auditor and other
external advisers to ensure compliance
with applicable accounting and reporting
standards, prevailing regulations and
industry best practice.
Financial controls are in place to ensure
accurate accounting for transactions,
appropriate authorisation limits to contain
exposures, reliability of data processing
and integrity of information generated.
The Board reviews and approves a
detailed, comprehensive annual budget.
Board members receive monthly
management information including
accounts and other relevant reports,
which highlight financial and operational
performance against budget/forecast and
the prior year period, as well as human
resources (including culture) and cyber
security metrics.
Ashmore has procedures and thresholds
governing the appraisal and approval of
corporate investments, including seeding
of funds and purchase of own shares,
with detailed investment and divestment
approval procedures which incorporate
appropriate levels of authority and regular
post-investment reviews.
The following activities are intended to
provide the Board with independent
verification of the effectiveness of the
Group’s risk management and internal
control systems.
Internal Audit is responsible for reviewing
the Group’s assurance map and providing
an independent assessment of assurance
to the Audit and Risk Committee on an
annual basis. The assurance map
documents the interaction of the first,
second and third lines of defence with
regard to the controls and mitigants
relating to the Group’s principal risks.
The Internal Audit function undertakes
aprogramme of reviews of systems,
processes and procedures as agreed with
the Audit and Risk Committee, reporting
the results, together with its advice and
recommendations, to the Audit and
RiskCommittee.
The external auditor expresses an opinion
on the annual financial statements and
reviews the condensed set of financial
statements in the half-yearly financial
report. The external auditor also reports
annually to the FCA on compliance with
the CASS Rules by the Group’s FCA-
regulated subsidiaries.
The Group’s external auditor
independently reviews the control
systems pursuant to ISAE 3402 and
provides a verification report on the
Group’s claim of compliance with Global
Investment Performance Standards
annually.
The Board, through the Audit and Risk
Committee, receives half-yearly updates
from the Group’s external auditor, which
include any control matters that have
come to the auditor’s attention.
3. Processes
4. Verification
Risk management continued
32 Ashmore Annual Report and Accounts 2025
The following business processes
underpin the policies and governance
bodies, and are components of
Ashmore’s risk management and internal
control framework.
Risk management and
compliance
The Audit and Risk Committee receives
regular compliance, risk and internal audit
reports, while the Board receives regular
financial and other management
information related to: the control of
expenditure against budget; the making
of investments; monitoring the Group’s
business and itsperformance; and
relevant compliance, risk and internal
audit information.
The Risk Management and Control
function maintains a matrix of principal
and emerging risks, comprising key
strategic and business, client, treasury,
investment and operational risks, and
considers the likelihood of those risks
crystallising and the resultant impact.
Senior management and the employees
responsible for the risks and associated
controls/mitigants review the matrix
quarterly. Ashmore identifies the inherent
risk within each business activity, and
assesses the adequacy and mitigating
effect of existing processes to determine
a current residual risk level for each
activity. On the basis that the Group may
employ further mitigants and/or controls
over time, it defines a target residual risk
for each activity and tracks progress to
target as appropriate.
The RCC analyses relevant KRI statistics
on a monthly basis. The KRIs indicate
trends in the Group’s risk profile, assist in
the reduction of errors and potential
financial losses, and facilitate dealing
witha potential risk situation before an
event occurs.
The Compliance function’s responsibilities
and processes include: advising and
monitoring the business and operations;
identifying and receiving reports of
potential non-compliance with applicable
regulations; training on, and integrating,
regulatory compliance procedures and
best practices across the Group; and
real-time monitoring of client mandate
investment restrictions. The function
provides assurance to the Audit and Risk
Committee and the Board that the Group
meets its regulatory and client-related
obligations and has a robust culture of
compliance.
Operational and governance
Ashmore has a defined operational
framework and organisational structure,
with appropriate delegation of authority
and segregation of duties and
accountability that have regard to
acceptable levels of risk.
The RAS describes the types and levels
of risk that the Group is prepared to take
in pursuit of its strategic objectives.
TheBoard reviews the RAS in line with
Ashmore’s strategy, business model,
financial capacity, business opportunities,
regulatory constraints and other internal
and external factors and, through the
Audit and Risk Committee, regularly
reviews risk metrics reported against
theRAS.
The Group’s planning framework includes
a Board-approved strategy. The Board
reviews and challenges the strategy
annually, and it receives updates on
progress against strategic objectives at
each scheduled Board meeting.
Ashmore’s FCA-regulated subsidiaries are
subject to the FCA’s Senior Managers
and Certification Regime, which requires
allocation of specific responsibilities to
individuals, recorded through a
management responsibilities map and
individual jobdescriptions.
The Group’s Finance function, managed
by appropriately qualified accountants, is
responsible for the preparation of the
financial statements. Executive Directors
and other parties review the statements,
and the process includes challenge by the
Audit and Risk Committee and the Board.
The Finance function works in conjunction
with the Group’s auditor and other
external advisers to ensure compliance
with applicable accounting and reporting
standards, prevailing regulations and
industry best practice.
Financial controls are in place to ensure
accurate accounting for transactions,
appropriate authorisation limits to contain
exposures, reliability of data processing
and integrity of information generated.
The Board reviews and approves a
detailed, comprehensive annual budget.
Board members receive monthly
management information including
accounts and other relevant reports,
which highlight financial and operational
performance against budget/forecast and
the prior year period, as well as human
resources (including culture) and cyber
security metrics.
Ashmore has procedures and thresholds
governing the appraisal and approval of
corporate investments, including seeding
of funds and purchase of own shares,
with detailed investment and divestment
approval procedures which incorporate
appropriate levels of authority and regular
post-investment reviews.
The following activities are intended to
provide the Board with independent
verification of the effectiveness of the
Group’s risk management and internal
control systems.
Internal Audit is responsible for reviewing
the Group’s assurance map and providing
an independent assessment of assurance
to the Audit and Risk Committee on an
annual basis. The assurance map
documents the interaction of the first,
second and third lines of defence with
regard to the controls and mitigants
relating to the Group’s principal risks.
The Internal Audit function undertakes
aprogramme of reviews of systems,
processes and procedures as agreed with
the Audit and Risk Committee, reporting
the results, together with its advice and
recommendations, to the Audit and
RiskCommittee.
The external auditor expresses an opinion
on the annual financial statements and
reviews the condensed set of financial
statements in the half-yearly financial
report. The external auditor also reports
annually to the FCA on compliance with
the CASS Rules by the Group’s FCA-
regulated subsidiaries.
The Group’s external auditor
independently reviews the control
systems pursuant to ISAE 3402 and
provides a verification report on the
Group’s claim of compliance with Global
Investment Performance Standards
annually.
The Board, through the Audit and Risk
Committee, receives half-yearly updates
from the Group’s external auditor, which
include any control matters that have
come to the auditor’s attention.
3. Processes
4. Verification
Risk management continued
32 Ashmore Annual Report and Accounts 2025
The Board has overall responsibility for
the Company’s system of internal
controls, the ongoing monitoring of risk
and internal control systems, and for
reporting on any significant failings or
weaknesses. The system of controls is
designed to manage rather than eliminate
the risk of failure to achieve the Group’s
strategic objectives and can only provide
reasonable assurance against material
misstatement or loss.
The Board, following review by the Audit
and Risk Committee, has conducted an
annual review and assessment of the
effectiveness of the risk management
and internal control systems and has not
identified any significant failings or
weaknesses. In carrying out this review,
the Board and Committee have also
considered periodic reports on
compliance, risk and Internal Audit
matters which have been received
throughout the year and up to the latest
practicable date prior to the approval of
the 2025 Annual Report. The Board has
also considered the adequacy of the
Group’s risk management arrangements
in the context of the Group’s business
and strategy.
The Board is satisfied that the systems to
support the control environment continue
to be effective, and its overall assessment
of the internal control framework
continues to be satisfactory.
Principal and emerging risks, controls and mitigants
The table on pages 34 and 35 summarises those principal risks that the Group has assessed as being most significant currently,
together with examples of associated controls and mitigants that the Board has assessed. Reputational and conduct risks are
common to most aspects of Ashmore’s strategy and business model.
Ashmore’s internal control framework considers the assessment and management and/or mitigation of emerging risks alongside
its principal risks. Current examples of emerging risks considered by the process are:
– potential impact of US policies on the world economy;
– energy security, in part arising from greater energy demands;
– heightened political and geopolitical risks;
– adoption of AI technology within the firm;
– level of new regulatory obligations; and
– direct retail business model in certain offices.
5. Confirmation
Three lines of defence
The Group has three lines of defence against unintended outcomes arising from the risks it faces.
Risk ownership
This rests with line managers,
whether they are in portfolio
management, distribution or
support functions. The senior
management team takes the lead
role with respect to implementing
and maintaining appropriate
controls across the business.
Risk control
This is provided by the Risk
Management and Control
function, including the Group’s
principal risk matrix, and Group
Compliance, including the
compliance monitoring
programme.
Independent assurance
Group Internal Audit is the third
line of defence and provides
independent assurance over
agreed risk management, internal
control and governance processes
as well as recommendations to
improve the effectiveness of
these processes.
1
st
2
nd
3
rd
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 33
Principal risks and associated controls and mitigants
Description of principal risks Examples of associated controls and mitigants
Strategic and business risks (Responsibility: Board of Directors)
Long-term downturn in emerging markets
fundamentals/technicals/sentiment,
andimpact of broader industry changes
(including ESG) on Ashmore’s strategy
and business model
– The Board, which has relevant industryexperience, reviews and approves the
Group strategy
– Diversification of investment capabilities
– Ashmore has a strong balance sheet with no debt
– Governance bodies meet regularly
Market capacity issues and increased
competition constrain growth
– Experienced emerging markets investment professionals with deep
marketknowledge
– Periodic investment theme capacity reviews
– Emerging markets asset classes continue to grow, increasing the size of
Ashmore’s investable universe
Failure to understand and plan for the
potential impact of investor sentiment,
climate change and ESG regulations on
product preferences and underlying asset
prices (including effects of transition to a
low-carbon economy)
– ESG integration framework includes scoring and engagement strategy
– Head of Risk Management and Control provides updates to the Board
– ESGC considers and reports on the risks and opportunities relating to
climatechange
Client risks (Responsibility: Product Committee, RCC and ESGC)
Inappropriate marketing or ESG strategy and/
or ineffective management of existing and
potential fund investors and distributors,
including impact of net outflows and fee
margin pressure
– Regular Product Committee meetings review product suitability and
appropriateness
– Experienced distribution team with appropriate geographic coverage
– Investor education to ensure understanding of Ashmore investment themes
andproducts
– ESGC includes distribution team members
Inadequate client oversight including
insufficient alignment of interests
– Global distribution team appropriately structured for institutional and intermediary
retail clients
– Monitoring of client-related issues including a formal complaint handling process
– Compliance oversight to ensure clear and fair terms of business, disclosures and
financial promotions
– Fund prospectus includes provisions to ensure investors are treated fairly
Longer-term viability statement
In accordance with Provision 31 of
the Code, the Directors have
assessed the current position and
prospects of the Group over a
three-year period to June 2028,
which is consistent with the planning
and stress testing timeframe used
under the ICARA regime.
The Directors have made a robust
assessment of the principal and
emerging risks implicit in the
business model, alongside the
associated controls and mitigants, as
presented in more detail on pages 30
to 35. The Board regularly reviews
the Group’s strategy and prospects,
and management presents
qualitative and quantitative
assessments of the principal risks to
the Audit and Risk Committee
quarterly. Regular management
reporting to the Board against each
risk allows the Directors to assess
the effectiveness of the controls in
place. The Directors review the
Group’s risk metrics quarterly and
the RAS annually.
The Board reviews regular
information in respect of the Group’s
financial planning, which includes a
three-year detailed financial forecast
alongside severe but plausible
scenario-based stress testing.
Thestress tests include the impact
of investment underperformance,
failure to comply with regulations,
breach of client mandate guidelines
or restrictions, a substantial decline
of up to half of the Group’s AuM, and
ineffective third-party services.
Consequently, the Board regularly
assesses the amount of capital that
the Group holds to cover its principal
risks, including under a range of
severe stress test scenarios.
The Group delivers a high level of
profitability, generates healthy cash
flows and has a strong balance sheet
and a robust liquidity position,
meaning that it can withstand the
financial impact of the stress testing
scenarios. Consequently, the
Directors have a reasonable
expectation that the Group will be
able to continue in operation, meet
its liabilities as they fall due and
maintain sufficient capital resources
over the next three years.
Risk management continued
34 Ashmore Annual Report and Accounts 2025
Principal risks and associated controls and mitigants
Description of principal risks Examples of associated controls and mitigants
Strategic and business risks (Responsibility: Board of Directors)
Long-term downturn in emerging markets
fundamentals/technicals/sentiment,
andimpact of broader industry changes
(including ESG) on Ashmore’s strategy
and business model
– The Board, which has relevant industryexperience, reviews and approves the
Group strategy
– Diversification of investment capabilities
– Ashmore has a strong balance sheet with no debt
– Governance bodies meet regularly
Market capacity issues and increased
competition constrain growth
– Experienced emerging markets investment professionals with deep
marketknowledge
– Periodic investment theme capacity reviews
– Emerging markets asset classes continue to grow, increasing the size of
Ashmore’s investable universe
Failure to understand and plan for the
potential impact of investor sentiment,
climate change and ESG regulations on
product preferences and underlying asset
prices (including effects of transition to a
low-carbon economy)
– ESG integration framework includes scoring and engagement strategy
– Head of Risk Management and Control provides updates to the Board
– ESGC considers and reports on the risks and opportunities relating to
climatechange
Client risks (Responsibility: Product Committee, RCC and ESGC)
Inappropriate marketing or ESG strategy and/
or ineffective management of existing and
potential fund investors and distributors,
including impact of net outflows and fee
margin pressure
– Regular Product Committee meetings review product suitability and
appropriateness
– Experienced distribution team with appropriate geographic coverage
– Investor education to ensure understanding of Ashmore investment themes
andproducts
– ESGC includes distribution team members
Inadequate client oversight including
insufficient alignment of interests
– Global distribution team appropriately structured for institutional and intermediary
retail clients
– Monitoring of client-related issues including a formal complaint handling process
– Compliance oversight to ensure clear and fair terms of business, disclosures and
financial promotions
– Fund prospectus includes provisions to ensure investors are treated fairly
Longer-term viability statement
In accordance with Provision 31 of
the Code, the Directors have
assessed the current position and
prospects of the Group over a
three-year period to June 2028,
which is consistent with the planning
and stress testing timeframe used
under the ICARA regime.
The Directors have made a robust
assessment of the principal and
emerging risks implicit in the
business model, alongside the
associated controls and mitigants, as
presented in more detail on pages 30
to 35. The Board regularly reviews
the Group’s strategy and prospects,
and management presents
qualitative and quantitative
assessments of the principal risks to
the Audit and Risk Committee
quarterly. Regular management
reporting to the Board against each
risk allows the Directors to assess
the effectiveness of the controls in
place. The Directors review the
Group’s risk metrics quarterly and
the RAS annually.
The Board reviews regular
information in respect of the Group’s
financial planning, which includes a
three-year detailed financial forecast
alongside severe but plausible
scenario-based stress testing.
Thestress tests include the impact
of investment underperformance,
failure to comply with regulations,
breach of client mandate guidelines
or restrictions, a substantial decline
of up to half of the Group’s AuM, and
ineffective third-party services.
Consequently, the Board regularly
assesses the amount of capital that
the Group holds to cover its principal
risks, including under a range of
severe stress test scenarios.
The Group delivers a high level of
profitability, generates healthy cash
flows and has a strong balance sheet
and a robust liquidity position,
meaning that it can withstand the
financial impact of the stress testing
scenarios. Consequently, the
Directors have a reasonable
expectation that the Group will be
able to continue in operation, meet
its liabilities as they fall due and
maintain sufficient capital resources
over the next three years.
Risk management continued
34 Ashmore Annual Report and Accounts 2025
Description of principal risks Examples of associated controls and mitigants
Treasury risks (Responsibility: CEO and GFD)
Inaccurate financial projections impact
decision-making including hedging of future
cash flows and balance sheet investments
– Defined risk appetite, and risk appetite measures updated quarterly
– Group FX and Liquidity Management Committee meets regularly
Investment risks (Responsibility: Group ICs)
Downturn in long-term performance – Consistent investment philosophy for more than 30 years and through numerous
market cycles, with dedicated emerging markets focus including country visits
and network of local offices
Operational risks (Responsibility: Governance bodies)
Inadequate security of information including
cyber security and data protection
– Information security and data protection policies are subject to annual review
– RCC receives cyber security reports, including metrics on security patching
– Cyber Security Steering Group meets regularly
– Regular/proactive identification and remediation of vulnerabilities, on both internet
perimeter and internal networks
– No unsanctioned use of AI tools
– Employees receive online training and undertake mandatory testing
Failure of IT infrastructure, including inability
to support business growth
– Appropriate IT policies with annual review cycle
– IT systems and environmental monitoring
– Group IT platform incorporates local offices
Legal action, fraud or breach of contract
perpetrated by or against the Group, its
funds or investments
– Independent Internal Audit function that considers risk of fraud in each audit
– Anti-money laundering and anti-bribery and corruption policies
– Whistleblowing policy including independent and confidential reporting line and
Board sponsor
– Due diligence on service providers
– Insurance policies in place with appropriate cover
Insufficient resources, including loss of key
employees and inability to attract employees,
or health and safety issues, hamper growth
or the Group’s ability to execute its strategy
– Committee-based investment management reduces key person risk
– Appropriate remuneration policy with emphasis on performance-related pay and
long-dated deferral of equity awards
– Regular reviews of resource requirements and updates provided to the Board
– Annual review of remuneration and benefits including benchmarking
againstindustry
– Semi-annual Culture and Conduct report to the Board
Lack of understanding of, or compliance
with, global and local regulatory
requirements, as well as conflicts of interest
and not treating customers fairly, or financial
crime, which includes money laundering,
bribery and corruption, leading to high-level
negative publicity or regulatory sanction
– Regulatory Development Steering Group and compliance monitoring programme
– Compliance standards cover global and local offices
– Mandatory compliance training for employees
– Anti-money laundering, anti-bribery and corruption, and conflicts of
interestpolicies
– Conduct and culture risks considered by the Board on a semi-annual basis
– ESGC oversight of regulatory and reporting requirements
– Compliance function manages sanctions restrictions
Inappropriate oversight of Ashmore
overseasoffices
– GFD has oversight responsibility for overseas offices. Senior employees take local
board positions
– Dual reporting lines into local management and Group department heads,
withadherence to applicable Group policies
– Local risk and compliance committees in place and RCC receives updates
– Internal Audit reviews
Inappropriate oversight of market, liquidity,
credit, counterparty and operational risks
– Department heads participate in monthly RCC meetings
– Group risk management policies, reviewed regularly
– Monthly reviews of market and liquidity risk
– Quarterly reviews of principal risks, counterparties and credit risk
Poor management of strategic initiatives or
changes to the Group’s operating model
– Senior management coordinates implementation activities
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 35
Section 172 statement
In accordance with the Companies Act,
the Directors provide this statement
describing how they have had regard to
the matters set out in section 172(1) of
the Companies Act, when performing
their duty to promote the success of the
Company. Further details on key actions
in this regard arealso contained within
the Corporate governance report on
pages 59 to 63 and the Directors’ report
on pages 90 to 93.
Section 172 factor Relevant disclosures Page
The likely consequences
ofanydecision inthelong term
– Company purpose
– Three-phase strategy
– Business model
2
4
5
The interests of the
Company’s employees
– People and culture
– Sustainability
– Remuneration report
40
44
70
The need to fosterrelationships
with clients, suppliers and others
– Business model
– Business review
– Sustainability
– Directors’ report
5
24
44
90
The impact of theCompany’s
operations on communities and
theenvironment
– Sustainability
– TCFD report
– Mandatory GHG reporting and
SECR requirements
44
48
156
The Company’s desire to maintain
a reputation for highstandards
ofbusiness conduct
– Risk management
– Sustainability
– Audit and Risk Committee report
30
44
64
The need to act fairly as between
members of the Company
– Relations with shareholders
– Annual General Meeting
92
93
Clients
Ashmore is a specialist
emerging markets investment
manager and manages
US$47.6 billion of assets as at
30 June 2025. Ashmore
manages a wide range of
investment strategies and
products, organised under a
number of broad emerging
markets investment themes,
fora diversified institutional and
intermediary retail client base.
96%
AuM from institutional clients
Delivering for
Ashmore’s stakeholders
clients about international standards
andpractices where appropriate to help
developdomestic markets, and designing
investment products that can deliver
outcomes that are relevant and appropriate
for clients.
Clients are provided with a comprehensive
suite of reporting, which evolves to meet
client needs, regulatory requirements and
industry standards. On the back of the
launch of the EM impact debt strategy,
Ashmore is developing additional reports
onimpact metrics. For UK retail customers
serviced through intermediaries, Ashmore
has implemented the UK Consumer Duty
regulations. Similar fair value assessments
are required by EU regulations. These
assessments are now an integral part of
Ashmore’s product design and approval
process.
Ashmore publishes details of its
engagements and proxy voting activities for
equity and debt portfolios in its sustainability
report, and details of its engagement with
issuers of equity and fixed income
securities and the outcomes in its
engagement report, both available on the
Group’s website. Both of these reports
have been expanded to include more detail,
including examples of outcomes. Ashmore
was re-accepted as signatory to the UK
Stewardship Code in February 2025 for the
third consecutive year.
What matters to this group?
Clients are central to Ashmore’s business
and a primary focus is understanding
clients’ needs, tailoring investment
strategies to suit their objectives, and
reporting on outcomes in a transparent
manner.
Clients’ needs can change over time and
understanding and responding to these is
integral to Ashmore’s success. Liability
profile, applicable regulations, and additional
targets and objectives in relation to climate
change and biodiversity are just a few
examples of matters that impact on clients’
investment objectives. Ashmore seeks to
partner with clients to guide them through
these changes, and to evolve its services to
meet these changing requirements. For
instance, Ashmore launched an EM impact
debt strategy to satisfy the demand from
certain clients for their investments to have
a measurable positive impact on social and
environmental metrics, next to attractive
financial returns.
Engagement and outcomes
Ashmore’s global distribution team works
closely with its dedicated portfolio
managers to service clients. Both senior
management and the distribution team
engage with current and prospective clients
to learn about their requirements and build
lasting relationships, including advising
36 Ashmore Annual Report and Accounts 2025
Section 172 statement
In accordance with the Companies Act,
the Directors provide this statement
describing how they have had regard to
the matters set out in section 172(1) of
the Companies Act, when performing
their duty to promote the success of the
Company. Further details on key actions
in this regard arealso contained within
the Corporate governance report on
pages 59 to 63 and the Directors’ report
on pages 90 to 93.
Section 172 factor Relevant disclosures Page
The likely consequences
ofanydecision inthelong term
– Company purpose
– Three-phase strategy
– Business model
2
4
5
The interests of the
Company’s employees
– People and culture
– Sustainability
– Remuneration report
40
44
70
The need to fosterrelationships
with clients, suppliers and others
– Business model
– Business review
– Sustainability
– Directors’ report
5
24
44
90
The impact of theCompany’s
operations on communities and
theenvironment
– Sustainability
– TCFD report
– Mandatory GHG reporting and
SECR requirements
44
48
156
The Company’s desire to maintain
a reputation for highstandards
ofbusiness conduct
– Risk management
– Sustainability
– Audit and Risk Committee report
30
44
64
The need to act fairly as between
members of the Company
– Relations with shareholders
– Annual General Meeting
92
93
Clients
Ashmore is a specialist
emerging markets investment
manager and manages
US$47.6 billion of assets as at
30 June 2025. Ashmore
manages a wide range of
investment strategies and
products, organised under a
number of broad emerging
markets investment themes,
fora diversified institutional and
intermediary retail client base.
96%
AuM from institutional clients
Delivering for
Ashmore’s stakeholders
clients about international standards
andpractices where appropriate to help
developdomestic markets, and designing
investment products that can deliver
outcomes that are relevant and appropriate
for clients.
Clients are provided with a comprehensive
suite of reporting, which evolves to meet
client needs, regulatory requirements and
industry standards. On the back of the
launch of the EM impact debt strategy,
Ashmore is developing additional reports
onimpact metrics. For UK retail customers
serviced through intermediaries, Ashmore
has implemented the UK Consumer Duty
regulations. Similar fair value assessments
are required by EU regulations. These
assessments are now an integral part of
Ashmore’s product design and approval
process.
Ashmore publishes details of its
engagements and proxy voting activities for
equity and debt portfolios in its sustainability
report, and details of its engagement with
issuers of equity and fixed income
securities and the outcomes in its
engagement report, both available on the
Group’s website. Both of these reports
have been expanded to include more detail,
including examples of outcomes. Ashmore
was re-accepted as signatory to the UK
Stewardship Code in February 2025 for the
third consecutive year.
What matters to this group?
Clients are central to Ashmore’s business
and a primary focus is understanding
clients’ needs, tailoring investment
strategies to suit their objectives, and
reporting on outcomes in a transparent
manner.
Clients’ needs can change over time and
understanding and responding to these is
integral to Ashmore’s success. Liability
profile, applicable regulations, and additional
targets and objectives in relation to climate
change and biodiversity are just a few
examples of matters that impact on clients’
investment objectives. Ashmore seeks to
partner with clients to guide them through
these changes, and to evolve its services to
meet these changing requirements. For
instance, Ashmore launched an EM impact
debt strategy to satisfy the demand from
certain clients for their investments to have
a measurable positive impact on social and
environmental metrics, next to attractive
financial returns.
Engagement and outcomes
Ashmore’s global distribution team works
closely with its dedicated portfolio
managers to service clients. Both senior
management and the distribution team
engage with current and prospective clients
to learn about their requirements and build
lasting relationships, including advising
36 Ashmore Annual Report and Accounts 2025
Shareholders
The support of Ashmore’s
shareholders, with an
appropriately long-term
investment horizon, isimportant
to enable Ashmore to fulfil its
strategic growth ambitions.
What matters to this group?
Shareholders require a clear and
consistent communication of Ashmore’s
purpose, strategy and business model,
and information on emerging markets,
toprovide context for Ashmore’s
development.
Shareholders appreciate the strong
alignment of interests with employees,
achieved through long-term
equityownership.
Ashmore’s growth strategy and resilient
business model underpin the delivery of
long-term value to shareholders over
market cycles.
c.38%
equity owned by employees,
giving strong alignment
ofinterests
What matters to this group?
Ashmore’s employees are a key asset
and critical to delivering long-term value
for clients and shareholders. Employees’
strong work ethic, commitment, tenure
and expertise are key factors enabling
Ashmore to meet the needs of other
stakeholders.
Ashmore’s diverse employee population
seek opportunities for career
development and training, and are
suitablymotivated and rewarded with
competitive pay and benefits. Employees
come from a wide range of cultures and
nationalities. Embracing diversity and
inclusion in attracting, retaining and
developing employees is central to
Ashmore’s culture.
Engagement and outcomes
Ashmore engages with its employees in
anumber of ways. The Board receives a
semi-annual Culture and Conduct report,
which provides the Directors with detailed
information across a range of employee-
related topics such as governance,
teamwork and people and remuneration,
together with human resources
information in the monthly management
reports as well as an update at each
scheduled meeting. TheBoard meets
groups of employees through its regular
‘meet the teams’ sessions, chaired by
Employees
Ashmore’s professional, diverse
and committed employees are
pivotal to the firm’s culture and
successful business model.
272
employees across 13 offices
Engagement and outcomes
Ashmore seeks to build direct
relationships with shareholders and
potential investors through a
comprehensive investor relations plan,
with a focus on managing roadshows
andother interactions in-house.
The Executive Directors meet regularly
with investors and the Board focuses on
accountability and constructive
shareholder engagement opportunities,
including being responsive to shareholder
requests for engagement.
Ashmore’s Executive Directors and senior
management held more than 120 investor
meetings during the year.
Ashmore’s Non-executive Director
responsible for workforce engagement,
who gathers feedback and encourages
the sharing of views. TheNon-executive
Director responsible for workforce
engagement also chairs Ashmore’s
Diversity Committee, which considers
and monitors developments with respect
to diversity and inclusion targets in line
with corporate governance and legislative
requirements and best practice, and
ensures that the Board and the Group’s
policies, practices and reporting
requirements in relation to diversity and
inclusion are being addressed. Further
details are provided on pages 40 to 43.
Ashmore continues to focus on offering
opportunities at all career stages. For
early careers, it runs a successful
graduate programme, bringing a diverse
group of graduates into the investment
management industry, as well as
participating in the 10,000 Black Interns
programme. Employees receive regular
newsletters on business developments
and opportunities, as well as briefing
sessions on business strategy and
results. Ashmore’s employees take part
in off-site team building exercises across
its offices, aswell as charity events and
fundraising events focused on supporting
The Ashmore Foundation and, in the UK,
other organisations such as a social
mobility charity that helps young people
from less-advantaged backgrounds gain
access to professionalcareers.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 37
Regulators
Regulatory oversight of
Ashmore’s investment
management operations and
funds and adherence to global
regulatory standards is a critical
part of Ashmore’s governance
framework.
What matters to this group?
As a global business, Ashmore works to
establish positive, collaborative
relationships with regulators in the
jurisdictions in which it operates.
Constructive and engaging regulatory
relationships enable Ashmore to meet the
growing regulatory requirements around
the world, ensuring it adheres to the rules
and standards within each jurisdiction to
protect clients and shareholders, as well
as providing insight into future regulatory
requirements where appropriate.
Ashmore manages its business to comply
with relevant international and local
requirements and to be able to meet the
needs of its clients and shareholders.
25
regulators overseeing
Ashmore’sactivities and
funds globally
What matters to this group?
Ashmore invests across emerging
markets, and consequently, sustainability
matters are relevant to its issuers.
Ashmore uses its ESG scorecard to
identify which considerations are material
to each issuer and engages with issuers
where relevant.
The Ashmore Foundation engages with
stakeholders to make a positive and
sustainable difference to social and
economic issues affecting women, young
people and disadvantaged communities in
emerging markets. Underpinning the
work of the Foundation is a focus on
environmental sustainability and
partnering with stakeholders to create
long-term impact, build gender equity and
encourage systemic change.
Society
Ashmore engages with its
corporate and sovereign issuers
to understand social and
economic issues relevant to
them and the societies in which
they operate. The Ashmore
Foundation focuses on
partnering with non-profit
organisations to promote
positive social, environmental
and economic impacts in
communities in which the Group
operates, and to compensate for
the Group’s operational GHG
emissions.
Engagement and outcomes
Ashmore is a signatory to several
responsible investment related industry
initiatives. Over FY2025, the majority of
the engagement activities with issuers
focused on climate change, such as
asking for increased disclosure of GHG
emissions and efforts to understand
issuers’ approach to climate action.
The Ashmore Foundation made over
US$415,000 of grants focused on
promoting social and economic
opportunities for women and
youngpeople.
The Group compensated for its FY2024
CO
2
e through The Ashmore Foundation’s
partnership with PYF, a charity which
delivers positive environmental outcomes
while simultaneously realising societal
and economic benefits for communities.
Engagement and outcomes
Regulatory engagement and
understanding, including assessing how
changes will impact Ashmore and its
clients, are regularly considered by the
Board and its governance bodies, and
Ashmore’s senior management and
global Compliance functions hold
meetings with regulators to foster
strongworking relationships and
discussparticular projects or
regulatoryrequirements.
Throughout the year Ashmore continued
to monitor and assess regulatory
expectations and industry feedback
including through the review and
consideration of consultation papers,
policy statements, guidance, enforcement
actions and rule changes as well as ‘Dear
CEO’ letters and other publications such
as the output of regulatory thematic
reviews. Regulatory engagement during
the year included responding to regulatory
questionnaires and surveys, engagement
meetings, and cyclical reviews and
examinations by regulators including the
FCA, the SEC and regulatory authorities
across the Group’s global footprint.
Section 172 statement continued
38 Ashmore Annual Report and Accounts 2025
Regulators
Regulatory oversight of
Ashmore’s investment
management operations and
funds and adherence to global
regulatory standards is a critical
part of Ashmore’s governance
framework.
What matters to this group?
As a global business, Ashmore works to
establish positive, collaborative
relationships with regulators in the
jurisdictions in which it operates.
Constructive and engaging regulatory
relationships enable Ashmore to meet the
growing regulatory requirements around
the world, ensuring it adheres to the rules
and standards within each jurisdiction to
protect clients and shareholders, as well
as providing insight into future regulatory
requirements where appropriate.
Ashmore manages its business to comply
with relevant international and local
requirements and to be able to meet the
needs of its clients and shareholders.
25
regulators overseeing
Ashmore’sactivities and
funds globally
What matters to this group?
Ashmore invests across emerging
markets, and consequently, sustainability
matters are relevant to its issuers.
Ashmore uses its ESG scorecard to
identify which considerations are material
to each issuer and engages with issuers
where relevant.
The Ashmore Foundation engages with
stakeholders to make a positive and
sustainable difference to social and
economic issues affecting women, young
people and disadvantaged communities in
emerging markets. Underpinning the
work of the Foundation is a focus on
environmental sustainability and
partnering with stakeholders to create
long-term impact, build gender equity and
encourage systemic change.
Society
Ashmore engages with its
corporate and sovereign issuers
to understand social and
economic issues relevant to
them and the societies in which
they operate. The Ashmore
Foundation focuses on
partnering with non-profit
organisations to promote
positive social, environmental
and economic impacts in
communities in which the Group
operates, and to compensate for
the Group’s operational GHG
emissions.
Engagement and outcomes
Ashmore is a signatory to several
responsible investment related industry
initiatives. Over FY2025, the majority of
the engagement activities with issuers
focused on climate change, such as
asking for increased disclosure of GHG
emissions and efforts to understand
issuers’ approach to climate action.
The Ashmore Foundation made over
US$415,000 of grants focused on
promoting social and economic
opportunities for women and
youngpeople.
The Group compensated for its FY2024
CO
2
e through The Ashmore Foundation’s
partnership with PYF, a charity which
delivers positive environmental outcomes
while simultaneously realising societal
and economic benefits for communities.
Engagement and outcomes
Regulatory engagement and
understanding, including assessing how
changes will impact Ashmore and its
clients, are regularly considered by the
Board and its governance bodies, and
Ashmore’s senior management and
global Compliance functions hold
meetings with regulators to foster
strongworking relationships and
discussparticular projects or
regulatoryrequirements.
Throughout the year Ashmore continued
to monitor and assess regulatory
expectations and industry feedback
including through the review and
consideration of consultation papers,
policy statements, guidance, enforcement
actions and rule changes as well as ‘Dear
CEO’ letters and other publications such
as the output of regulatory thematic
reviews. Regulatory engagement during
the year included responding to regulatory
questionnaires and surveys, engagement
meetings, and cyclical reviews and
examinations by regulators including the
FCA, the SEC and regulatory authorities
across the Group’s global footprint.
Section 172 statement continued
38 Ashmore Annual Report and Accounts 2025
What matters to this group?
Ashmore knows that its clients rely on
the services it offers and has, over the
long term, invested in systems, people
and processes to ensure operational
stability, using a global network of
external providers to complement its
ownresources and skills.
In addition to complying with its
operational resilience obligations,
Ashmore focuses on the sourcing,
selection, on-boarding, management,
oversight, and reporting of suppliers.
Engagement and outcomes
Ashmore conducts an annual business
impact analysis exercise, aligned to the
FCA’s requirement for operational
resilience.
As part of this exercise, Ashmore identifies
its important business services and maps
out the processes that support those
services. It then performs stress testing
against this network of dependencies to
determine impact tolerances.
Third-party
service
providers
Ashmore’s operating platform
relies in part on high-quality
service providers.
375+
suppliers to the Group
All annual self-assessments undertaken
todate have confirmed that its FCA
regulated entities, Ashmore Investment
Management Limited and Ashmore
Investment Advisors Limited, are able to
operate within the determined impact
tolerances, even in severe but plausible
scenarios.
Ashmore also carries out regular business
continuity planning testing and has
developed documentation to assist in
incident response. Ashmore is committed
to the fair treatment of its service
providers, who are key stakeholders.
During the year, the Board approved the
Group’s slavery and human trafficking
statement as well as reviewing the
supplier code ofconduct which
establishes clear standards regarding
ethics, labour and human rights, health
and safety, environmental compliance and
sustainability.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 39
People and culture
Distinctive culture
Ashmore’s team-based culture is evident across the firm and is instilled and maintained by factors
such as the Group’s performance-based remuneration philosophy with its emphasis on long-term
equity ownership, a robust compliance and risk management framework, and a clear ‘tone from the
top’ imparted by the Board of Directors and senior management.
18-24 6
25-34 19
35-44 37
45-54 27
55+ 11
Length of service (% Group employees)
Employee age range (% Group employees)
< 4 years 35
4-9 years 28
10-15 years 27
>15 years 10
Defining and maintaining culture
Culture is ultimately a reflection of common beliefs and
behaviours, and therefore is of utmost importance in a
firmwhose employees are one of its key assets and
wherethere is an unrelenting focus on delivering
performance for clients.
Ashmore’s culture is appropriate for a specialist, highly-
regulated asset management firm operating in distinctive
markets with significant long-term growth potential.
Importantly, the culture aligns the interests of employees,
clients, shareholders and other stakeholders over the longer
term; supports and reinforces the principal features of the
business model; and underpins the achievement of the
Group’s strategic objectives.
Ashmore’s consistent culture has persisted through
multiple market cycles and significant growth over time
inthe firm’s operations, including the establishment of
global operating hubs and distribution offices in New York,
Dublin, Singapore and Tokyo, and also the development
oflocal asset management operations in Colombia, Peru,
Mexico, Qatar, Saudi Arabia, the United Arab Emirates,
Indiaand Indonesia.
Importantly, while the local asset management businesses
operate independently, for example in terms of investment
decisions, they share a common team-based culture with
the Group’s global operations. The same remuneration
philosophy is followed by Ashmore’s local offices.
Efficient, team-based operations
Ashmore’s management structure is efficient, with a
relatively flat hierarchy that minimises bureaucracy and
supports effective decision-making with clear accountability.
The Group’s ICs oversee the management of client
portfolios by investment teams, which operate with
collective responsibility. There is a ’no star’ fund manager
culture, with no individual responsible for a discrete
strategy. This approach fosters appropriate behaviour
withcommittee oversight.
c.38%
of Ashmore’s shares are owned
by current employees
40 Ashmore Annual Report and Accounts 2025
People and culture
Distinctive culture
Ashmore’s team-based culture is evident across the firm and is instilled and maintained by factors
such as the Group’s performance-based remuneration philosophy with its emphasis on long-term
equity ownership, a robust compliance and risk management framework, and a clear ‘tone from the
top’ imparted by the Board of Directors and senior management.
18-24 6
25-34 19
35-44 37
45-54 27
55+ 11
Length of service (% Group employees)
Employee age range (% Group employees)
< 4 years 35
4-9 years 28
10-15 years 27
>15 years 10
Defining and maintaining culture
Culture is ultimately a reflection of common beliefs and
behaviours, and therefore is of utmost importance in a
firmwhose employees are one of its key assets and
wherethere is an unrelenting focus on delivering
performance for clients.
Ashmore’s culture is appropriate for a specialist, highly-
regulated asset management firm operating in distinctive
markets with significant long-term growth potential.
Importantly, the culture aligns the interests of employees,
clients, shareholders and other stakeholders over the longer
term; supports and reinforces the principal features of the
business model; and underpins the achievement of the
Group’s strategic objectives.
Ashmore’s consistent culture has persisted through
multiple market cycles and significant growth over time
inthe firm’s operations, including the establishment of
global operating hubs and distribution offices in New York,
Dublin, Singapore and Tokyo, and also the development
oflocal asset management operations in Colombia, Peru,
Mexico, Qatar, Saudi Arabia, the United Arab Emirates,
Indiaand Indonesia.
Importantly, while the local asset management businesses
operate independently, for example in terms of investment
decisions, they share a common team-based culture with
the Group’s global operations. The same remuneration
philosophy is followed by Ashmore’s local offices.
Efficient, team-based operations
Ashmore’s management structure is efficient, with a
relatively flat hierarchy that minimises bureaucracy and
supports effective decision-making with clear accountability.
The Group’s ICs oversee the management of client
portfolios by investment teams, which operate with
collective responsibility. There is a ’no star’ fund manager
culture, with no individual responsible for a discrete
strategy. This approach fosters appropriate behaviour
withcommittee oversight.
c.38%
of Ashmore’s shares are owned
by current employees
40 Ashmore Annual Report and Accounts 2025
The team-based approach is echoed across Ashmore’s
operations, including distribution and support functions, and
theoverseas offices. This results in a collaborative,
client-focused and mutually supportive culture across the
whole firm. The shared equity ownership for all Group
employees means that Ashmore’s employees have suitable
incentives to collaborate in order to achieve appropriate
outcomes for thebusiness as awhole.
High standards
Ashmore’s long-term strategic success is ultimately
dependent on its employees and it aims to attract, develop
and retain high-calibre people.
Recognising the diverse nature of its operations across
13countries, Ashmore’s policies and procedures reflect
best practice within each of these countries and the firm
requires its employees to act ethically and to uphold the
standards expected by the Group’s stakeholders including
its clients, regulators, shareholders and broader society. By
way of oversight, the Board receives periodic culture and
conduct reports as well as other culture and conduct
metrics through regular reporting to the Board and its
committees.
Long-term employee loyalty
The effectiveness of Ashmore’s commitment to, and
ongoing investment in, its employees is demonstrated by
their loyalty tothe firm. As a consequence of the team-
based culture andperformance-based and equity-focused
remuneration philosophy, Ashmore enjoys relatively low
levels of unplanned staff turnover (FY2025: 9%,
FY2024: 7%). Consequently, 65% of Ashmore’s staff have
been with the firm for four or more years, and more than
one-third of employees have worked for Ashmore for 10
years or more.
Diversity, equality and inclusion
Diversity means many things to Ashmore, but the unifying
thread is that the diverse characteristics of markets, clients,
investment strategies and employees are all positive factors
thathelp to underpin the Group’s long-term success.
Employee diversity can be considered through various
lenses, notjust gender and ethnicity, but also characteristics
such asexperience, skills, tenure, age, geographical
expertise, professional and socio-economic background,
disability, neuro-diversity and sexual orientation. Diversity
within a firm canhelp to reduce the risks of ‘groupthink’ and
promote an appropriate culture that supports the
achievement of strategicobjectives.
Ashmore’s focus on emerging markets and its network of
13offices with local employees mean that it is diverse from
ethnicity, gender and nationality perspectives: 69% of
Ashmore’s employees come from diverse backgrounds
(defined as being female or non-white male). In addition,
more than a third (35%) of the Group’s employees and 50%
of the Board of Directors are female. Recognising that the
financial services sector has historically been a male-
dominated industry, Ashmorecontinues to promote gender
diversity.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 41
However, Ashmore is a relatively small organisation of fewer
than 300 employees, with a long-standing remuneration
philosophy that rewards performance and engenders long-term
employee loyalty. It does not have large-scale recruitment
programmes. Therefore, any significant desired changes in
theprofile of the employee base must occur over time as
succession takes place, new roles arise, and replacements
arerecruited based on merit and objective criteria without any
quotas set. The Group’s Diversity Committee, which is chaired
by the Non-executive Director responsible for workforce
engagement, supports a diverse pipeline of employees at all
levels, acknowledging that improving employee diversity in
financial services drives better decision-making, deepens client
trust and supports sustainable growth in a global market.
Within this context, Ashmore seeks to ensure that candidate
pools are assembled wherever possible to include candidates
ofdifferent genders, ethnicity and social backgrounds.
Ashmore’s graduate recruitment programme supports the
development of a diverse workforce over the longer term.
Theprogramme’s focus is on front office roles, and there are
now graduates from the programme in permanent roles in the
frontier equity, external debt, local currency, corporate debt
andglobal macro researchteams. Ashmore will extend the
programme to support functions later in 2025.
To ensure diversity characteristics are understood and, where
necessary, acted upon, Ashmore maintains a comprehensive
view of the profile of its employees, based on self-identified
factual data. This ’diversity dashboard’ is reported periodically to
the Board, its Nominations and Remuneration Committees and
the RCC. In addition, all employees receive comprehensive
annual equality and diversity in the workplace training.
Nationality (%)
North America
6
South America
14
Europe
45
Asia Pacific
29
Middle East
5
Africa
1
Ethnicity (%)
Asian
35
Black
2
Hispanic
11
Middle Eastern/
NorthAfrican
5
Mixed race
2
Other
1
White
37
No response
7
Nationality and ethnicity
Ashmore is proud to have a diverse workforce with
employees from 34 different countries.
Year-end headcount
2025: 272
People and culture continued
197
213
118
102
197
2 11
113
99
194
210
122
106
184
182
99
101
177
170
95
102
Global
Local
Support
Investment professionals
2025
2024
2023
2022
2021
42 Ashmore Annual Report and Accounts 2025
However, Ashmore is a relatively small organisation of fewer
than 300 employees, with a long-standing remuneration
philosophy that rewards performance and engenders long-term
employee loyalty. It does not have large-scale recruitment
programmes. Therefore, any significant desired changes in
theprofile of the employee base must occur over time as
succession takes place, new roles arise, and replacements
arerecruited based on merit and objective criteria without any
quotas set. The Group’s Diversity Committee, which is chaired
by the Non-executive Director responsible for workforce
engagement, supports a diverse pipeline of employees at all
levels, acknowledging that improving employee diversity in
financial services drives better decision-making, deepens client
trust and supports sustainable growth in a global market.
Within this context, Ashmore seeks to ensure that candidate
pools are assembled wherever possible to include candidates
ofdifferent genders, ethnicity and social backgrounds.
Ashmore’s graduate recruitment programme supports the
development of a diverse workforce over the longer term.
Theprogramme’s focus is on front office roles, and there are
now graduates from the programme in permanent roles in the
frontier equity, external debt, local currency, corporate debt
andglobal macro researchteams. Ashmore will extend the
programme to support functions later in 2025.
To ensure diversity characteristics are understood and, where
necessary, acted upon, Ashmore maintains a comprehensive
view of the profile of its employees, based on self-identified
factual data. This ’diversity dashboard’ is reported periodically to
the Board, its Nominations and Remuneration Committees and
the RCC. In addition, all employees receive comprehensive
annual equality and diversity in the workplace training.
Nationality (%)
North America
6
South America
14
Europe
45
Asia Pacific
29
Middle East
5
Africa
1
Ethnicity (%)
Asian
35
Black
2
Hispanic
11
Middle Eastern/
NorthAfrican
5
Mixed race
2
Other
1
White
37
No response
7
Nationality and ethnicity
Ashmore is proud to have a diverse workforce with
employees from 34 different countries.
Year-end headcount
2025: 272
People and culture continued
197
213
118
102
197
2 11
113
99
194
210
122
106
184
182
99
101
177
170
95
102
Global
Local
Support
Investment professionals
2025
2024
2023
2022
2021
42 Ashmore Annual Report and Accounts 2025
Listing Rules disclosures
As shown in the tables below, Ashmore complies with the Listing Rules requirements for at least 40% of the Board of Directors to
be women; for at least one senior Board position to be held by a woman; and for at least one Director to have a minority
ethnicbackground.
Gender
Number
of board
members
Percentage
of the board
Number of senior
positions on the
board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
Men 3 50% 3 11 92%
Women 3 50% 1 1 8%
Not specified/prefer not to say 0 0% 0 0 0%
Ethnic background
Number
of board
members
Percentage
of the board
Number of senior
positions on the
board (CEO, CFO,
SID and Chair)
Number in
executive
management
Percentage of
executive
management
White British or other white
(including minority-white groups) 5 83% 4 9 75%
Mixed/multiple ethnic groups 0 0% 0 0 0%
Asian/Asian British 1 17% 0 1 8%
Black/African/Caribbean/Black British 0 0% 0 0 0%
Other ethnic group, including Arab 0 0% 0 2 17%
Not specified/prefer not to say 0 0% 0 0 0%
All data as at 30 June 2025. The diversity data is based on the ‘diversity dashboard’ described above, and the tables are based on
membership regardless of location.
FTSE Women Leaders Review
The Review sets three targets to be met by the end of 2025. Ashmore has made good progress, by meeting or exceeding two of
the targets with 50% of the Board, including the Senior Independent Director, being female. The third, and more challenging, target
is for women to represent 40% of the senior management team. Ashmore currently has 25% female membership of the senior
management team, being the executive management team and their direct reports, regardless of location, who are managers or
department heads. The Diversity Committee continues to review this so that steps can be taken to bridge this gap when attracting
and retaining female employees.
Parker Review
Ashmore complies with the recommendations of this Review. It has an ethnic minority Board member and, as described in the
Nominations Committee report, it has a revised target for 15% of the UK senior management team (being the UK-based members
of the executive management and their UK-based direct reports who are managers or department heads) to be from an ethnic
minority background by 2027. Currently, 15% of Ashmore’s UK senior management team is from an ethnic minority background.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 43
Sustainability
Sustainability at Ashmore
Ashmore’s long-term success is dependent on understanding sustainability in the markets in which
it operates and invests.
Board accountability is ensured through the Group’s specialised
ESGC, which oversees Ashmore’s sustainability and responsible
investing framework across its operational and investment
activities.
Areas that are particularly relevant to emerging markets include:
– Energy security: in emerging markets this is a complex issue,
influenced by economic and population growth, and increasing
demand more broadly. While emerging markets are investing
in renewable energy and diversifying their energy sources,
challenges remain, including meeting growing demand, the
need for substantial investment, and potential geopolitical
risks. Energy security for these economies is crucial for
sustainable economic development and climate goals.
– Deforestation: forests are a major asset for several emerging
countries and also represent one of the world’s most
important carbon sinks. Tropical forests are home to some of
the most biodiverse areas in the world. The need for land for
agriculture, mining and even housing needs to be balanced
with the preservation of natural ecosystems, particularly
forests, which are integral to the long-term success of many
emerging economies.
– Inequality and wealth disparity: this can present significant
challenges in developing markets, and the social investments
made by The Ashmore Foundation aim to empower
communities at the extreme end of these disparities.
Corporate responsibility
Ensure the Group is managed to the appropriate ESG
standards, in line with local expectations
Responsible investment
Ensure Ashmore’s investments are aligned with the
expectations of a ‘responsible investor’, and pay particular
attention to the risks stemming from ESG concerns and
sustainability impacts
The Ashmore Foundation
Philanthropic efforts to make a social and environmental
difference in the communities in which Ashmore invests
Ashmore’s commitment to act as a responsible investor extends
to support for and membership of global international and
industry-specific initiatives, including the UN PRI and being a
signatory to the UK Stewardship Code. Ashmore continues to
refine its approach in line with regulatory requirements and
insodoing contributes to evolving industry practice.
Ashmore’s broad and encompassing approach to sustainability
is centred on three pillars covering the breadth of its corporate
operations, investment activities and The Ashmore Foundation.
These pillars provide a framework enabling Ashmore to
define and pursue its sustainability objectives. More detailed
information can be found on the Group’s website in the
sustainability report and related documents, including Ashmore’s
TCFD investment management report.
Monumento a la Revolución – Mexico
44 Ashmore Annual Report and Accounts 2025
Sustainability
Sustainability at Ashmore
Ashmore’s long-term success is dependent on understanding sustainability in the markets in which
it operates and invests.
Board accountability is ensured through the Group’s specialised
ESGC, which oversees Ashmore’s sustainability and responsible
investing framework across its operational and investment
activities.
Areas that are particularly relevant to emerging markets include:
– Energy security: in emerging markets this is a complex issue,
influenced by economic and population growth, and increasing
demand more broadly. While emerging markets are investing
in renewable energy and diversifying their energy sources,
challenges remain, including meeting growing demand, the
need for substantial investment, and potential geopolitical
risks. Energy security for these economies is crucial for
sustainable economic development and climate goals.
– Deforestation: forests are a major asset for several emerging
countries and also represent one of the world’s most
important carbon sinks. Tropical forests are home to some of
the most biodiverse areas in the world. The need for land for
agriculture, mining and even housing needs to be balanced
with the preservation of natural ecosystems, particularly
forests, which are integral to the long-term success of many
emerging economies.
– Inequality and wealth disparity: this can present significant
challenges in developing markets, and the social investments
made by The Ashmore Foundation aim to empower
communities at the extreme end of these disparities.
Corporate responsibility
Ensure the Group is managed to the appropriate ESG
standards, in line with local expectations
Responsible investment
Ensure Ashmore’s investments are aligned with the
expectations of a ‘responsible investor’, and pay particular
attention to the risks stemming from ESG concerns and
sustainability impacts
The Ashmore Foundation
Philanthropic efforts to make a social and environmental
difference in the communities in which Ashmore invests
Ashmore’s commitment to act as a responsible investor extends
to support for and membership of global international and
industry-specific initiatives, including the UN PRI and being a
signatory to the UK Stewardship Code. Ashmore continues to
refine its approach in line with regulatory requirements and
insodoing contributes to evolving industry practice.
Ashmore’s broad and encompassing approach to sustainability
is centred on three pillars covering the breadth of its corporate
operations, investment activities and The Ashmore Foundation.
These pillars provide a framework enabling Ashmore to
define and pursue its sustainability objectives. More detailed
information can be found on the Group’s website in the
sustainability report and related documents, including Ashmore’s
TCFD investment management report.
Monumento a la Revolución – Mexico
44 Ashmore Annual Report and Accounts 2025
Corporate responsibility
Ashmore’s approach to corporate responsibility recognises the role the Group plays in wider society and is underpinned by values of
integrity, fairness, transparency and accountability across its worldwide operations.
The nature of Ashmore’s business as an investment manager and its consistent single operating platform mean that corporate
responsibility can be considered and understood with reference to a relatively small number of areas, listed in the table below.
1. Social
As a traditional asset management business, employees
are a critical asset to Ashmore. The Group’s responsibilities
to its employees are well understood and reflected in its
commitments to diversity, career development, health and
safety including workplace benefits, and a remuneration
philosophy that delivers a long-term alignment of interests
between employees, clients and shareholders.
References
– People and culture
– Section 172 statement
(employees/society)
– The Ashmore Foundation
2. Governance
The Board maintains a Group culture with a strong ‘tone from
the top’ that outlines clear expectations, standards and the
importance of accountability to employees. In addition to the
corporate governance arrangements described in the
Governance section and the Section 172 statement, corporate
responsibility is also underpinned by the following factors:
– A commitment to upholding high ethical standards across
the Group’s operations and to minimising the risks
associated with financial crime.
– The Board has ultimate responsibility for risk management
and control. This encompasses a wide range of principal
and emerging risks, as described in the Risk management
section.
– Ashmore has operations in multiple regulatory and tax
jurisdictions and manages its business in a responsible and
transparent manner.
References
– Risk management
– People and culture
(diversity/ethics)
– Business review (taxation)
3. Environment
Ashmore’s business is based primarily on intellectual
capital so its direct impact on the environment is limited.
However, the Group manages the environmental risks it
faces responsibly, and described below are specific
developments in the areas of GHG emissions and related
efforts to compensate for its operational emissions.
References
– Climate-related financial
disclosures
In recognition of its approach to corporate responsibility, Ashmore is a constituent of the FTSE4Good equity index. It has a AA ESG
rating from MSCI, and Sustainalytics places it in the ‘low exposure to ESG risk’ category.
Policy documents
Ashmore has policies and related documents that underpin its approach to corporate responsibility. These include documents that
are for employee use, that are made available to the Group’s clients, and that are publicly available on the Group’s website, such as
those listed below:
– ESG policy
– Supplier code of conduct
– Slavery and human trafficking statement
– Conflicts of interest statement
– Complaints handling procedure
– UK tax strategy statement
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 45
Environment
Ashmore’s business is based fundamentally on intellectual
capital, and it does not own its business premises. Therefore
itsdirect impact on the environment is limited and there are
fewenvironmental risks associated with the Group’s activities.
Nevertheless, Ashmore has a responsibility to manage these
risks as effectively as possible.
The Group continues to promote energy efficiency, the
avoidance of waste and the use of recycling programmes
throughout its operations. Ashmore’s largest occupancy is at its
headquarters at 61 Aldwych, London where it has a single floor
of approximately 19,000 square feet in a nine-storey multi-
tenanted building. Electricity usage in London is separately
monitored by floor and the building landlord allocates the
usageof other utilities based on occupied floor space.
Regenerating farms, restoring biodiversity and
protecting the climate in the Peruvian Amazon
Plant Your Future is a charity tackling some of the
mosturgent and interconnected challenges of our time
such as climate change, biodiversity loss, and rural poverty,
by working side-by-side with smallholder farmers in the
western Amazon of Peru. Its mission is to support
farmingfamilies to regenerate their land, restore native
biodiversity, and build resilient, sustainable livelihoods in
order to empower communities to thrive while
protectingthe climate.
Thanks to a transformative multi-year social impact grant
from The Ashmore Foundation, PYF has accelerated its
impact in the field by supporting farming families to adopt
regenerative practices and to forge a new path forward.
Through this partnership with PYF, the Foundation is
creating a scalable, community-led model for land
restoration and economic renewal.
Over the past 50 years, large areas of rainforest around
Amazonian cities have been cleared by smallholder farmers
and ranchers striving to eke out a living. With limited
resources and few alternatives, many have relied on
slash-and-burn agriculture and unsustainable grazing
practices that offer short-term returns but rapidly degrade
the land. Once the forest is cleared, tropical rains strip away
the thin topsoil, leaving it infertile and exposed. Pastures are
quickly overtaken by invasive grasses that provide poor
grazing and can support only minimal livestock. Crops fail
tothrive, and families find themselves trapped in a vicious
cycle, forced to clear ever more forest to survive.
Sustainability continued
Mitigating the impact of GHG emissions
Ashmore donates 0.5% of its PBT to charities each year,
aproportion of which goes to The Ashmore Foundation. Within
the Foundation’s donation is a specific amount to support the
Group’s objective to mitigate the impact of its operational GHG
emissions, calculated by reference to the amount of emissions
and the Group’s internal carbon price. In this way, the initiative
not only has the desired environmental outcome but also
delivers social benefits in the emerging countries in which
Ashmore invests andoperates.
Ashmore sets its internal carbon price annually using the past
three months’ rolling average market price of the first carbon
futures contract traded on the European Energy Exchange.
For FY2025, the internal carbon price is €69.1 per tonne CO
2
e
(FY2024: €68.3). Ashmore will continue to review its internal
carbon price methodology as industry best practice evolves.
This cycle is being made worse by climate change. Soils
arebecoming hotter and drier, reducing both crop yields
and pasture quality. Smallholder farmers are increasingly
vulnerable to climate shocks, and the window of
opportunity to reverse degradation is narrowing.
Supported by partners such as The Ashmore Foundation,
PYF is working with these communities to break the cycle.
Its unique approach replaces extractive practices with
sustainable alternatives: agroforestry and silvopastoral
systems that regenerate soil, restore biodiversity, and
create long-term economic value. Farmers choose from
tailored planting designs that reflect their needs, whether
orchard-style systems with cocoa and lime, timber trees
with crops grown in the alleys, or integrated silvopasture
forsustainable cattle grazing where cows can browse
regenerated hedgerows and enjoy the welcome shade
provided by bringing back trees.
Restoring the land is, however, only part of the solution.
PYF also provides hands-on training, tools, and technical
support through the most critical phase of each farmer’s
journey which is the first three years after planting. This
includes everything from land preparation and pest control
to crop diversification and long-term maintenance, ensuring
trees and farmers have what they need to thrive.
“ This is an incredible opportunity for me, and
a meaningful way to help the environment.
I take great joy in watching the plants thrive
and in caring for them.”
Leydy Liliana Hernandez Flores
Leydy completed the nursery apprenticeship scheme in 2023
and is now PYF’s Nursery Specialist
46 Ashmore Annual Report and Accounts 2025
Environment
Ashmore’s business is based fundamentally on intellectual
capital, and it does not own its business premises. Therefore
itsdirect impact on the environment is limited and there are
fewenvironmental risks associated with the Group’s activities.
Nevertheless, Ashmore has a responsibility to manage these
risks as effectively as possible.
The Group continues to promote energy efficiency, the
avoidance of waste and the use of recycling programmes
throughout its operations. Ashmore’s largest occupancy is at its
headquarters at 61 Aldwych, London where it has a single floor
of approximately 19,000 square feet in a nine-storey multi-
tenanted building. Electricity usage in London is separately
monitored by floor and the building landlord allocates the
usageof other utilities based on occupied floor space.
Regenerating farms, restoring biodiversity and
protecting the climate in the Peruvian Amazon
Plant Your Future is a charity tackling some of the
mosturgent and interconnected challenges of our time
such as climate change, biodiversity loss, and rural poverty,
by working side-by-side with smallholder farmers in the
western Amazon of Peru. Its mission is to support
farmingfamilies to regenerate their land, restore native
biodiversity, and build resilient, sustainable livelihoods in
order to empower communities to thrive while
protectingthe climate.
Thanks to a transformative multi-year social impact grant
from The Ashmore Foundation, PYF has accelerated its
impact in the field by supporting farming families to adopt
regenerative practices and to forge a new path forward.
Through this partnership with PYF, the Foundation is
creating a scalable, community-led model for land
restoration and economic renewal.
Over the past 50 years, large areas of rainforest around
Amazonian cities have been cleared by smallholder farmers
and ranchers striving to eke out a living. With limited
resources and few alternatives, many have relied on
slash-and-burn agriculture and unsustainable grazing
practices that offer short-term returns but rapidly degrade
the land. Once the forest is cleared, tropical rains strip away
the thin topsoil, leaving it infertile and exposed. Pastures are
quickly overtaken by invasive grasses that provide poor
grazing and can support only minimal livestock. Crops fail
tothrive, and families find themselves trapped in a vicious
cycle, forced to clear ever more forest to survive.
Sustainability continued
Mitigating the impact of GHG emissions
Ashmore donates 0.5% of its PBT to charities each year,
aproportion of which goes to The Ashmore Foundation. Within
the Foundation’s donation is a specific amount to support the
Group’s objective to mitigate the impact of its operational GHG
emissions, calculated by reference to the amount of emissions
and the Group’s internal carbon price. In this way, the initiative
not only has the desired environmental outcome but also
delivers social benefits in the emerging countries in which
Ashmore invests andoperates.
Ashmore sets its internal carbon price annually using the past
three months’ rolling average market price of the first carbon
futures contract traded on the European Energy Exchange.
For FY2025, the internal carbon price is €69.1 per tonne CO
2
e
(FY2024: €68.3). Ashmore will continue to review its internal
carbon price methodology as industry best practice evolves.
This cycle is being made worse by climate change. Soils
arebecoming hotter and drier, reducing both crop yields
and pasture quality. Smallholder farmers are increasingly
vulnerable to climate shocks, and the window of
opportunity to reverse degradation is narrowing.
Supported by partners such as The Ashmore Foundation,
PYF is working with these communities to break the cycle.
Its unique approach replaces extractive practices with
sustainable alternatives: agroforestry and silvopastoral
systems that regenerate soil, restore biodiversity, and
create long-term economic value. Farmers choose from
tailored planting designs that reflect their needs, whether
orchard-style systems with cocoa and lime, timber trees
with crops grown in the alleys, or integrated silvopasture
forsustainable cattle grazing where cows can browse
regenerated hedgerows and enjoy the welcome shade
provided by bringing back trees.
Restoring the land is, however, only part of the solution.
PYF also provides hands-on training, tools, and technical
support through the most critical phase of each farmer’s
journey which is the first three years after planting. This
includes everything from land preparation and pest control
to crop diversification and long-term maintenance, ensuring
trees and farmers have what they need to thrive.
“ This is an incredible opportunity for me, and
a meaningful way to help the environment.
I take great joy in watching the plants thrive
and in caring for them.”
Leydy Liliana Hernandez Flores
Leydy completed the nursery apprenticeship scheme in 2023
and is now PYF’s Nursery Specialist
46 Ashmore Annual Report and Accounts 2025
Empowering women and youth to become leaders
in the green economy
PYF believes that inclusive, locally-driven development is
key to lasting resilience. That is why it places a strong focus
on engaging women and youth in the green economy
through programmes that provide the skills, confidence,
andexperience needed to take active roles in sustainable
agriculture and reforestation.
The grant from The Ashmore Foundation supports the
empowerment of women by providing access to education,
skill development, leadership roles, and equal employment
opportunities. This is achieved by emphasising the
employment of women in nurseries, supporting student
work placements, and working with female smallholder
farmers. The support from The Ashmore Foundation
promotes social inclusion for both youth and women,
ensuring gender equity as the green economy grows in
thePeruvian Amazon.
Women on the project participate in a nursery apprenticeship
scheme, which offers practical, month-long training in
nursery operations and leads to a formal certificate. Also
included are dedicated workshops on agroforestry, tree
nursery management, and green entrepreneurship, which
help women not just to participate, but to lead.
Creating opportunities for women in
the green economy
With support from The Ashmore Foundation, PYF continued
its nursery apprenticeship programme in 2024. A total of
137 women received hands-on technical training in nursery
care, seedling production, agroforestry practices and
entrepreneurship, gaining both new skills and paid work
experience. Fourteen women were given more intensive
training, resulting in them receiving nursery certification,
and offered seasonal employment.
Restoring forests and building resilience
Ashmore’s support also contributed to critical environmental
outcomes. PYF delivered 35 farmer ‘field school’ sessions
across 18 communities, with strong engagement from
women farmers. This community-based training focused
onregenerative techniques that improve soil health, restore
biodiversity, and strengthen resilience to climate shocks,
such as drought and degraded pasture conditions.
From tree planting to knowledge sharing, this partnership
isadvancing a model of community-led restoration that
removes carbon from the atmosphere while creating lasting
local benefits – economic, social, and ecological. Together,
The Ashmore Foundation and PYF are helping to restore
hope and opportunity in some of the Amazon’s most
vulnerable farming communities. As part of its broader
climate commitment, The Ashmore Foundation is also
working with PYF to mitigate Ashmore’s Scope 1, 2, and 3
operational emissions. The planting of trees on degraded
farmland represents real, measurable removal of CO
2
from
the atmosphere. As the trees grow, they absorb carbon
dioxide and, as a result of photosynthesis, the carbon is
locked away in the trunks, branches, and roots. Funding
from this project brings trees back to the land, and the soil
itself also begins to regenerate – restoring fertility and
structure – and it becomes a natural carbon store in its own
right. Together, these processes contribute to lasting carbon
removal, climate resilience, and ecosystem regeneration.
Women’s tree nursery workshop participants and
workshop leader Pablo
Restoring land and livelihoods:
How the PYF agroforestry model works
“ We are deeply grateful for The Ashmore Foundation’s support.
This partnership has helped us deepen our roots, expand our reach,
and empower communities to lead the way toward a greener, more
equitable future.”
PYF Chairman, Jenny Henman
Ashmore Annual Report and Accounts 2025 47
Governance
Strategic report
Financial statements
‘Comply or explain’ framework
In accordance with the Listing Rules, specifically LR 6.6.6R(8)
and LR 6.6.8G to LR 6.6.11G, Ashmore has made disclosures
consistent with the TCFD recommendations, including
SectionsC and D of the TCFD 2021 Annex. The Group is
compliant with 10 of the 11 recommendations, the exception
being recommendation five (scenario modelling), where the
Group continues to adopt a qualitative approach, but will
consider an appropriate quantitative approach to scenario
modelling as data and models evolve.
Investment management activities
The disclosures on the following pages are in respect of
Ashmore’s corporate operations. The disclosures required in
respect of its investment management activities are included
inthe separate TCFD investment management report,
availableon the Group’s website.
Introduction
As an emerging markets focused investment manager,
Ashmoreunderstands the importance of considering climate-
related risksand opportunities in its investment processes.
These markets have not historically contributed to human-made
climatechange to the same extent as developed markets, and
consequently do not bear as much of the responsibility of
globalwarming. Yet, as developed markets have outsourced
production to the developing world, emerging markets now
produce the majority of global emissions, and many developing
economies face some of the most serious physical
consequences of a changing climate.
Consequently, this lack of climate equity makes it important
toensure that these markets receive the investment and
technology transfers necessary to continue to raise living
standards and to support their populations, adapting to a
changing climate without adding to the mitigation challenge.
It is worth noting that several developing countries have
statedin their NDCs that they will need to rely on international
climate finance if they are to reach their climate targets.
Ashmore supports action to mitigate and adapt to climate
change. Transitioning to a lower-carbon economy will give
risetochallenges, such as ensuring a just transition, but
Ashmore believes that it will also be a source of opportunities.
Nowhere isthis more the case than in emerging markets
wherethe potential for sustainable economic growth, to
supportgrowing populations, and to develop renewable
sourcesof energy, is significant.
Ashmore supports efforts and ‘fair share’ frameworks that
consider the complexity and varying needs of countries to take
action on climate change. For some countries their current focus
might be on energy security and energy affordability, whilst for
others it may be on energy diversification and sustainability,
including strengthening governance or protecting natural
resources. For example, emerging markets countries are
oftenthe guardians of some of the world’s most vulnerable
ecosystems and carbon sinks. It is therefore important that the
world economy provides such markets with the incentives to
protect and restore these valuable natural resources.
Ashmore looks forward to continuing to work with its clients to
ensure capital is channelled to the emerging markets in a way
that supports this transition.
TCFD report
Climate-related risks
and opportunities
Ashmore recognises the responsibilities it has as a steward of clients’ capital. It considers
climate-related risks and opportunities in its corporate operations and investment processes,
as recommended by the TCFD framework.
Cartagena – Colombia
48 Ashmore Annual Report and Accounts 2025
‘Comply or explain’ framework
In accordance with the Listing Rules, specifically LR 6.6.6R(8)
and LR 6.6.8G to LR 6.6.11G, Ashmore has made disclosures
consistent with the TCFD recommendations, including
SectionsC and D of the TCFD 2021 Annex. The Group is
compliant with 10 of the 11 recommendations, the exception
being recommendation five (scenario modelling), where the
Group continues to adopt a qualitative approach, but will
consider an appropriate quantitative approach to scenario
modelling as data and models evolve.
Investment management activities
The disclosures on the following pages are in respect of
Ashmore’s corporate operations. The disclosures required in
respect of its investment management activities are included
inthe separate TCFD investment management report,
availableon the Group’s website.
Introduction
As an emerging markets focused investment manager,
Ashmoreunderstands the importance of considering climate-
related risksand opportunities in its investment processes.
These markets have not historically contributed to human-made
climatechange to the same extent as developed markets, and
consequently do not bear as much of the responsibility of
globalwarming. Yet, as developed markets have outsourced
production to the developing world, emerging markets now
produce the majority of global emissions, and many developing
economies face some of the most serious physical
consequences of a changing climate.
Consequently, this lack of climate equity makes it important
toensure that these markets receive the investment and
technology transfers necessary to continue to raise living
standards and to support their populations, adapting to a
changing climate without adding to the mitigation challenge.
It is worth noting that several developing countries have
statedin their NDCs that they will need to rely on international
climate finance if they are to reach their climate targets.
Ashmore supports action to mitigate and adapt to climate
change. Transitioning to a lower-carbon economy will give
risetochallenges, such as ensuring a just transition, but
Ashmore believes that it will also be a source of opportunities.
Nowhere isthis more the case than in emerging markets
wherethe potential for sustainable economic growth, to
supportgrowing populations, and to develop renewable
sourcesof energy, is significant.
Ashmore supports efforts and ‘fair share’ frameworks that
consider the complexity and varying needs of countries to take
action on climate change. For some countries their current focus
might be on energy security and energy affordability, whilst for
others it may be on energy diversification and sustainability,
including strengthening governance or protecting natural
resources. For example, emerging markets countries are
oftenthe guardians of some of the world’s most vulnerable
ecosystems and carbon sinks. It is therefore important that the
world economy provides such markets with the incentives to
protect and restore these valuable natural resources.
Ashmore looks forward to continuing to work with its clients to
ensure capital is channelled to the emerging markets in a way
that supports this transition.
TCFD report
Climate-related risks
and opportunities
Ashmore recognises the responsibilities it has as a steward of clients’ capital. It considers
climate-related risks and opportunities in its corporate operations and investment processes,
as recommended by the TCFD framework.
Cartagena – Colombia
48 Ashmore Annual Report and Accounts 2025
The Board has delegated certain authorities to the Executive
Directors who in turn have formed governance bodies to
carry out the functions delegated to them. One such body is
the ESGC, which is chaired by the CEO and has members
drawn from across Ashmore’s investment, distribution, risk,
legal, operations and other support functions. This ensures
that responsible investment topics are appropriately
understood by, assigned to and discussed across all
relevantareas of the firm.
The ESGC has oversight of relevant climate-related issues
and the Group’s Head of Responsible Investment and ESG
policy, or a delegate, provides updates to the Board. The
Board is informed about relevant climate-related goals and
targets, and these are subsequently reported on in the
periods that follow.
Additionally, ESGC members provide the Board, its Audit and
Risk Committee and the RCC with multiple formal points of
contact throughout the year. Furthermore, Ashmore’s Local
Office Responsible Investment Forum ensures the sharing
ofknowledge, expertise, processes and initiatives between
the ESGC and the Group’s local offices.
From an investment management perspective, Ashmore’s
ICs are ultimately responsible for the management of
clientportfolios. Through oversight by these committees,
theinvestment teams have integrated the assessment and
management of ESG risks and opportunities, including those
related to climate, into all the investment processes, including
both global and local investment platforms and all investment
themes. Reports presented at both the ESGC and the
relevant ICs ensure the effective monitoring of ESG-related
risks and opportunities.
The consideration of climate-related topics by Ashmore’s
investment teams is also a component of their performance
objectives. The oversight, monitoring and implementation of
a range of responsible investment activities also form part of
the performance objectives of senior management, with ESG
matters being one of the areas of performance considered by
the Remuneration Committee when determining the annual
variable remuneration for the Executive Directors.
The processes described in the Risk management section
on pages 30 to 35 incorporate how senior management
iskept informed about climate-related topics and their
assessment and management of such risks faced by
theGroup.
Governance
1. Describe the Board’s oversight of climate-related risks and opportunities. (Compliant)
Ashmore is listed on the London Stock Exchange. The
Board has ultimate responsibility for the Group’s strategy
and maintains full and effective control over appropriate
strategic, financial, operational and compliance matters,
including material climate-related matters, through its
corporate governance framework. This framework
provides for regular reporting and other updates to the
Board, through which it can oversee progress against the
Group’s targets, including those relating to climate.
While overall responsibility for climate-related risks and
opportunities lies with the Board, on a day-to-day basis the
authority is delegated to the Executive Directors and the
Group’s governance bodies, including the ESGC. The
Board’s annual review and challenge of Ashmore’s
strategy includes areas of focus relating to ESG and
responsible investment, and the Board receives a specific
ESG update annually.
It is important to note that from an operational
perspective, physical climate risk has limited impact on an
asset management business. Instead, climate risks are
predominantly transitional and may impact the Group’s
products, and costs of business travel and office use.
2. Describe management’s role in assessing and managing climate-related risks and opportunities. (Compliant)
PLC EXECUTIVE
DIRECTORS
LOCAL OFFICE RESPONSIBLE
INVESTMENT FORUM
ESG COMMITTEE
PLC BOARD OF
DIRECTORS
ESG in the context of Ashmore’s governance structure
The consideration of climate-related topics as they relate to
guiding strategy, business plans, operating model, annual
budgets and risk management policies is guided by the ESG
and responsible investment updates presented to the CEO,
the ESGC and the Board.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 49
Ashmore considers material climate-related risks and
opportunities over the short term (up to three years, which
isconsistent with the Group’s short-term financial planning
horizon), the medium term (up to 10 years, being an
appropriate timeframe for a reasonable long-term investor),
and the long term (beyond 10 years). The process to
determine the risks and opportunities that could have a
material financial impact on the Group is embedded in
Ashmore’s day-to-day operations and includes consideration
of climate-related risks and opportunities through the Group’s
internal control and risk management framework, the
activities of the ESGC including the Local Office Responsible
Investment Forum, the ICs, and the Group’s strategic and
financial planning.
Over each of the three timeframes, and to the extent
possible, Ashmore has identified limited direct exposure
tomaterial operational climate-related risks.
Over the short term, a prominent climate-related risk
thatcould have a material financial impact on Ashmore
istheevolving climate-related regulation and industry
developments, potentially leading to duplication, contradiction
and diminishing effectiveness of initiatives. Ashmore remains
focused on actions that support its purpose to deliver
long-term investment performance for clients and to generate
value for shareholders through market cycles. While evolving
regulation poses implementation risks, it also creates
opportunities for an active manager to develop new products
and strategies to fulfil clients’ investment objectives. In line
with client preferences, and through its Product Committee,
Ashmore continues to seek opportunities to manage capital
to deliver appropriate investment outcomes, including those
related to climate. Since Ashmore invests across fixed
income, equity and alternatives asset classes, and its
investment universe encompasses the full range of
diversified emerging markets, these opportunities are
assessed on a broad basis.
IEA estimates show that roughly US$4.6 trillion will be
needed annually by the early 2030s to achieve net zero
emissions by 2050. Ashmore’s emerging markets specialism
means it is well-placed to facilitate and to benefit from these
potential capital flows.
Over the medium term, there will be opportunities to
influence perceptions and methods of measuring some of
the factors commonly linked to climate change. For example,
investors typically view GHG emissions from a producer
perspective, which is to the detriment of developing
countries that serve as manufacturing bases, whereas a
consumer perspective would shift the emphasis to patterns
of behaviour in developed countries. Developing countries
will require investment capital to achieve domestic and
international ambitions related to climate change. The first
phase of Ashmore’s corporate strategy, which explicitly
targets higher allocations to emerging markets, and
thereforea greater focus by some investors on the impact
of,and action required to mitigate, climate-related risks,
means that more capital should continue to flow to
emergingmarkets over time.
Over the long term, the most prominent climate-related risk
that could have a material financial impact on Ashmore is a
failure to balance the physical and transition risks and
opportunities associated with climate change.
In FY2023, Ashmore conducted a review of the physical
climate-related risks faced by seven offices and concluded
that the impact in the short term is limited given its office-
based asset management model and mitigating factors, and
this remains the case.
Ashmore’s office network spans both developed and
emerging countries and therefore the Group faces a range
ofclimate-related physical risks against a backdrop of
differing national adaptation capabilities. For example,
whilethe UK may experience changing weather patterns,
ithas a high GDP per capita and is relatively well-prepared.
Incontrast, India is already experiencing the consequences
ofsevere weather events on its population, including
large-scale migration to urban areas, that are putting pressure
on commuting infrastructure. In Colombia, reliance on
services such as access to drinking water is expected to
beaffected. However, Ashmore’s offices are located in
largecities and benefit from the associated infrastructure;
additionally, the offices are leased, which provides
medium-term operational flexibility.
Strategy
3. Describe the climate-related risks and opportunities the organisation has identified over the short, medium and
long term. (Compliant)
Identified climate-related risks and opportunities for Ashmore
Risks Opportunities
Transition to lower-
carbon world
– Evolving regulatory landscape and
reporting requirements (S)
– Changes in consumer preferences (M)
– Market-wide climate-related shocks (S)
– Net zero delivery (L)
– Product development (S)
– Increased capital allocations to emerging
markets (M)
Physical impacts of
climate change
– Weather events (L)
– Higher temperatures (L)
Timeframes considered: S = short term; M = medium term; L = long term
TCFD report continued
50 Ashmore Annual Report and Accounts 2025
Ashmore considers material climate-related risks and
opportunities over the short term (up to three years, which
isconsistent with the Group’s short-term financial planning
horizon), the medium term (up to 10 years, being an
appropriate timeframe for a reasonable long-term investor),
and the long term (beyond 10 years). The process to
determine the risks and opportunities that could have a
material financial impact on the Group is embedded in
Ashmore’s day-to-day operations and includes consideration
of climate-related risks and opportunities through the Group’s
internal control and risk management framework, the
activities of the ESGC including the Local Office Responsible
Investment Forum, the ICs, and the Group’s strategic and
financial planning.
Over each of the three timeframes, and to the extent
possible, Ashmore has identified limited direct exposure
tomaterial operational climate-related risks.
Over the short term, a prominent climate-related risk
thatcould have a material financial impact on Ashmore
istheevolving climate-related regulation and industry
developments, potentially leading to duplication, contradiction
and diminishing effectiveness of initiatives. Ashmore remains
focused on actions that support its purpose to deliver
long-term investment performance for clients and to generate
value for shareholders through market cycles. While evolving
regulation poses implementation risks, it also creates
opportunities for an active manager to develop new products
and strategies to fulfil clients’ investment objectives. In line
with client preferences, and through its Product Committee,
Ashmore continues to seek opportunities to manage capital
to deliver appropriate investment outcomes, including those
related to climate. Since Ashmore invests across fixed
income, equity and alternatives asset classes, and its
investment universe encompasses the full range of
diversified emerging markets, these opportunities are
assessed on a broad basis.
IEA estimates show that roughly US$4.6 trillion will be
needed annually by the early 2030s to achieve net zero
emissions by 2050. Ashmore’s emerging markets specialism
means it is well-placed to facilitate and to benefit from these
potential capital flows.
Over the medium term, there will be opportunities to
influence perceptions and methods of measuring some of
the factors commonly linked to climate change. For example,
investors typically view GHG emissions from a producer
perspective, which is to the detriment of developing
countries that serve as manufacturing bases, whereas a
consumer perspective would shift the emphasis to patterns
of behaviour in developed countries. Developing countries
will require investment capital to achieve domestic and
international ambitions related to climate change. The first
phase of Ashmore’s corporate strategy, which explicitly
targets higher allocations to emerging markets, and
thereforea greater focus by some investors on the impact
of,and action required to mitigate, climate-related risks,
means that more capital should continue to flow to
emergingmarkets over time.
Over the long term, the most prominent climate-related risk
that could have a material financial impact on Ashmore is a
failure to balance the physical and transition risks and
opportunities associated with climate change.
In FY2023, Ashmore conducted a review of the physical
climate-related risks faced by seven offices and concluded
that the impact in the short term is limited given its office-
based asset management model and mitigating factors, and
this remains the case.
Ashmore’s office network spans both developed and
emerging countries and therefore the Group faces a range
ofclimate-related physical risks against a backdrop of
differing national adaptation capabilities. For example,
whilethe UK may experience changing weather patterns,
ithas a high GDP per capita and is relatively well-prepared.
Incontrast, India is already experiencing the consequences
ofsevere weather events on its population, including
large-scale migration to urban areas, that are putting pressure
on commuting infrastructure. In Colombia, reliance on
services such as access to drinking water is expected to
beaffected. However, Ashmore’s offices are located in
largecities and benefit from the associated infrastructure;
additionally, the offices are leased, which provides
medium-term operational flexibility.
Strategy
3. Describe the climate-related risks and opportunities the organisation has identified over the short, medium and
long term. (Compliant)
Identified climate-related risks and opportunities for Ashmore
Risks Opportunities
Transition to lower-
carbon world
– Evolving regulatory landscape and
reporting requirements (S)
– Changes in consumer preferences (M)
– Market-wide climate-related shocks (S)
– Net zero delivery (L)
– Product development (S)
– Increased capital allocations to emerging
markets (M)
Physical impacts of
climate change
– Weather events (L)
– Higher temperatures (L)
Timeframes considered: S = short term; M = medium term; L = long term
TCFD report continued
50 Ashmore Annual Report and Accounts 2025
The identified climate-related topics described above have
not significantly affected Ashmore’s business, strategy and
financial planning. Persistently higher energy prices could
pose a financial risk related to operational running costs, but
this is not considered a material risk at this time. The main
area of impact relates to the Group’s products and services,
with opportunities for its investment management activities.
Ashmore’s investment processes assess the impact of
climate-related risks and opportunities, with these factors
typically evaluated through the proprietary ESG scorecard for
each investment. In addition, Ashmore has launched an
impact debt fund and will also consider other products to
meet client needs.
Ashmore’s TCFD investment management and sustainability
reports on its website provide further information.
Ashmore will assess and act upon climate-related issues that
might affect its planning as appropriate, through the Group’s
established processes including the Operating Committee,
ICs, the ESGC, the Product Committee, and via the Board’s
regular strategy reviews. Thus far, no direct and material
impact of climate-related issues on Ashmore’s financial
performance has been identified. Furthermore, over the
medium to longer term, Ashmore’s business model provides
for significant mitigating factors, such as flexibility afforded
through being a leasehold tenant rather than landlord,
together with regional or national government commitments
to address climate-related challenges.
Qualitative and quantitative scenario analysis, subject to
appropriate data being available to support quantitative
models, can help to highlight the transformations required to
meet certain climate targets, warn about policy changes,
challenge conventional wisdom about the future, and
question business-as-usual assumptions.
Over the past year, in relation to its corporate activities,
Ashmore’s approach to scenario analysis has been largely
qualitative with the aim of exploring the range of potential
climate change implications for its business. Ashmore is also
assessing the range of scenario analysis techniques currently
available in relation to its corporate operations.
Transition risks are considered as part of the Group’s risk
management and internal control framework, and do not
currently pose an immediate threat to Ashmore’s overall
strategy. Similarly, from a Group perspective the 2023 review
of physical risks to offices concluded that the risks are
unlikely to have a material impact in the short term. Over
themedium to longer term, there are significant mitigating
factors, such as the flexibility afforded through being a
leasehold tenant rather than a landlord, and regional or
national government commitments to address climate-related
challenges.
Therefore, Ashmore concludes that its strategy will prove to
be resilient if faced with more severe effects of climate
change. However, the Group will keep its position under
review and, where appropriate, will also consider additional
scenario analysis tools to complement its reviews including,
as appropriate data and models permit, the consideration of a
transition to a lower-carbon economy consistent with a 2°C
or lower scenario.
4. Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy
and financial planning. (Compliant)
5. Describe the resilience of the organisation’s strategy, taking into consideration different climate-related
scenarios including a 2°C or lower scenario. (Partially compliant)
Major categories of potential financial impact
Financial performance Financial position
Revenues: The need for private capital to contribute to
addressing climate mitigation and adaptation can potentially
act as an opportunity for Ashmore.
Assets and liabilities: Ashmore is conscious of how
climate-related risks may impact its assets and liabilities and
includes this consideration in its assessments.
Expenditures: Ashmore’s flexible cost structure is well-
placed to accommodate its required response to climate-
related issues.
Capital and financing: Ashmore has no debt, and climate-
related risks are considered unlikely to affect Ashmore’s
capital materially.
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 51
Ashmore’s internal control framework, described in detail in
the Risk management section, provides a set of processes
for identifying, evaluating and managing the Group’s
emerging and principal risks, and identifies associated
controls and mitigants. The Board’s Audit and Risk
Committee regularly reviews the framework. Ashmore’s
principal risk matrix identifies climate-related risks and
ensures senior management is made aware of, and acts on,
such risks. For example, the relevant principal risk includes
the failure to understand and plan for the potential impact to
the business that investor or business sentiment, climate
change and ESG regulations may have on product
preferences and on underlying asset prices.
In addition, consideration of the regulatory requirements for
asset managers, including those relating to climate change
(and ESG more generally), is covered in the Group’s principal
risks. This is monitored through the ESGC’s standing agenda
item covering regulatory updates.
Further information relating to Ashmore’s investment
processes, including sovereign and corporate engagements,
is available in the Group’s sustainability, engagement,
UKStewardship Code and TCFD investment management
reports, available on its website.
Risks and opportunities
6. Describe the organisation’s processes for identifying and assessing climate-related risks. (Compliant)
8. Describe how processes for identifying, assessing and managing climate-related risks are integrated into the
organisation’s overall risk management. (Compliant)
7. Describe the organisation’s processes for managing climate-related risks. (Compliant)
As described in the Risk management section, Ashmore
reviews and prioritises climate-related risks and associated
controls and mitigants as part of its principal risk matrix and,
where appropriate, on a quarterly basis feedback is provided
by the RCC and the Audit and Risk Committee.
Climate-related risks and the possible failure to understand
and plan for the potential impact to the business that investor
sentiment, climate change and sustainability regulations may
have on product preferences and on underlying asset prices
are mitigated by a combination of policy setting and
governance by the ESGC. At the Group level, this risk is
managed in relation to Ashmore’s operational GHG
emissions, the impact of which is mitigated by projects
sourced and managed by The Ashmore Foundation.
Climate-related risks are considered in a similar manner to
other emerging or principal risks, since they may affect
various aspects of the Group’s strategy, business model,
clients and operational and financial performance. In this
context, the identification, assessment and management of
such risks are integrated into Ashmore’s robust risk
management culture and its internal control framework.
For example, within Ashmore’s principal risk matrix, the
different aspects of climate risks would impact distribution
and client oversight activities, integration within investment
management processes, regulatory requirements and the
Group’s overall reputation. These are considered both on a
standalone basis and in combination to ensure related risks
are assessed, managed and, where appropriate, mitigated
through the development of internal controls and processes.
The main climate-related metric used by Ashmore is its
operational GHG emissions, which are disclosed in
accordance with the Companies Act and SECR
requirements.The latest disclosures are referenced in
theMandatory GHG reporting and SECR requirements
section on pages 156 to 157.
TCFD report continued
52 Ashmore Annual Report and Accounts 2025
Ashmore’s internal control framework, described in detail in
the Risk management section, provides a set of processes
for identifying, evaluating and managing the Group’s
emerging and principal risks, and identifies associated
controls and mitigants. The Board’s Audit and Risk
Committee regularly reviews the framework. Ashmore’s
principal risk matrix identifies climate-related risks and
ensures senior management is made aware of, and acts on,
such risks. For example, the relevant principal risk includes
the failure to understand and plan for the potential impact to
the business that investor or business sentiment, climate
change and ESG regulations may have on product
preferences and on underlying asset prices.
In addition, consideration of the regulatory requirements for
asset managers, including those relating to climate change
(and ESG more generally), is covered in the Group’s principal
risks. This is monitored through the ESGC’s standing agenda
item covering regulatory updates.
Further information relating to Ashmore’s investment
processes, including sovereign and corporate engagements,
is available in the Group’s sustainability, engagement,
UKStewardship Code and TCFD investment management
reports, available on its website.
Risks and opportunities
6. Describe the organisation’s processes for identifying and assessing climate-related risks. (Compliant)
8. Describe how processes for identifying, assessing and managing climate-related risks are integrated into the
organisation’s overall risk management. (Compliant)
7. Describe the organisation’s processes for managing climate-related risks. (Compliant)
As described in the Risk management section, Ashmore
reviews and prioritises climate-related risks and associated
controls and mitigants as part of its principal risk matrix and,
where appropriate, on a quarterly basis feedback is provided
by the RCC and the Audit and Risk Committee.
Climate-related risks and the possible failure to understand
and plan for the potential impact to the business that investor
sentiment, climate change and sustainability regulations may
have on product preferences and on underlying asset prices
are mitigated by a combination of policy setting and
governance by the ESGC. At the Group level, this risk is
managed in relation to Ashmore’s operational GHG
emissions, the impact of which is mitigated by projects
sourced and managed by The Ashmore Foundation.
Climate-related risks are considered in a similar manner to
other emerging or principal risks, since they may affect
various aspects of the Group’s strategy, business model,
clients and operational and financial performance. In this
context, the identification, assessment and management of
such risks are integrated into Ashmore’s robust risk
management culture and its internal control framework.
For example, within Ashmore’s principal risk matrix, the
different aspects of climate risks would impact distribution
and client oversight activities, integration within investment
management processes, regulatory requirements and the
Group’s overall reputation. These are considered both on a
standalone basis and in combination to ensure related risks
are assessed, managed and, where appropriate, mitigated
through the development of internal controls and processes.
The main climate-related metric used by Ashmore is its
operational GHG emissions, which are disclosed in
accordance with the Companies Act and SECR
requirements.The latest disclosures are referenced in
theMandatory GHG reporting and SECR requirements
section on pages 156 to 157.
TCFD report continued
52 Ashmore Annual Report and Accounts 2025
As part of the process to mitigate the impact of its
operational GHG emissions, described on page 46, Ashmore
sets an internal carbon price based on the three-month rolling
average market price of the first carbon futures contract
traded on the European Energy Exchange.
This methodology is unchanged from the previous year and
for FY2025 resulted in a price of €69.1 per tonne CO
2
e
(30 June 2024: €68.3).
Ashmore’s Remuneration Committee takes into
consideration qualitative and quantitative ESG factors,
including those relating to climate issues, when determining
Executive Directors’ performance-related variable
remuneration, as described in the Remuneration report.
Metrics and targets
9. Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its
strategy and risk management process. (Compliant)
Ashmore reports its operational GHG emissions annually, as
required by the Companies Act.
Additionally, Ashmore discloses its financed emissions. The
calculation of a meaningful financed emissions figure is a
complex exercise and the Group will continue to consider
how to resolve the inherent challenges, which include the
availability and quality of consistent and reliable third-party
data from emerging markets issuers; the treatment of
different data from corporate and sovereign issuers; and the
choice of appropriate intensity measures.
Ashmore’s operational GHG emissions (tCO
2
e)
11. Describe the targets used by the organisation to manage climate-related risks and opportunities and
performance against targets. (Compliant)
10. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 GHG emissions and the related risks. (Compliant)
Operationally, Ashmore leases its offices, typically alongside
other tenants, meaning that in many cases it is allocated a
share of total building emissions based on leased footprint.
Therefore the ability to measure, and hence to directly
influence, changes in the Group’s gross operational GHG
emissions is severely limited.
Nonetheless, Ashmore seeks to mitigate the impact of these
emissions via The Ashmore Foundation, as described in the
Sustainability section.
Summary of climate-related metrics
Ashmore Group plc metric Investment management metric
1
GHG emissions Scope 1, 2 & 3 emissions WACI (tCO
2
e/US$ million revenue)
Total/absolute carbon emissions (tCO
2
e)
Carbon footprint (tCO
2
e/US$ million invested)
Transition risks Qualitative assessment Implied temperature rise, qualitative
assessment
Physical risks Qualitative review Climate value at risk, qualitative assessment
Climate-related
opportunities
Industry demand for dedicated
ESG-labelled products
Climate value at risk, qualitative assessment
Internal carbon price Carbon price calculated using average
price over three months
1. Refer to Ashmore’s TCFD investment management report for further information.
FY2025
FY2024
1,558
1,452
Governance
Strategic report
Financial statements
Ashmore Annual Report and Accounts 2025 53
Board of Directors
Ashmore Group plc’s Board
Mark Coombs
Chief Executive Officer
Appointed to the Board: December
1998
Skills, experience and contribution:
Mark Coombs founded the business
whichbecame Ashmore in 1992 and
hasoverseen its successful growth for
over 30years.
Other roles past and present:
Mark was appointed a Director on the
incorporation of the Company and has
served as its Chief Executive Officer
sincethen. He held a number of
positions at ANZand led Ashmore’s
buyout from ANZ in early 1999. He is
Co-Chair of EMTA, the trade
association for emerging
markets,having been on the Board
since 1993. Mark holds an MA in Law
from Cambridge University.
Clive Adamson
Non-executive Chair of the Board
Appointed to the Board: October
2015 and as Chair of the Board:
April2022 (independent
onappointment)
Skills, experience and contribution:
Clive Adamson has enjoyed a career in
financial services for over 40 years,
spanning executive roles in banking and
regulation and Non-executive Director
roles, including Board and Committee
Chair positions, across wholesale and
retail banking, insurance and asset
management.
Other roles past and present:
Clive spent 20 years in wholesale
banking, holding senior positions with
Citigroup and Bank of America. He
moved into regulation as an adviser
atthe Bank of England before joining
the newly formed Financial Services
Authority and then the FCA upon
formation, where he was Director of
Supervision and an Executive Member
of the Board. Clive was previously a
Non-executive Director of Virgin Money
plc, a Senior Adviser at McKinsey &
Company and a Non-executive Director
and Chair of the Risk Committee of
Prudential Assurance Company
Limited. He is currently Chair of J.P.
Morgan Europe Ltd and its Nominations
Committee and Audit Committee (the
Chase UK digital consumer bank), a
Non-executive Director and Chair of
theAudit Committee of J.P. Morgan
Securities plc, and Chair of Nutmeg
Saving and Investment Ltd. He is a
Non-executive Director and Chair of the
Risk Committee of M&G plc. Clive
holds an MA in Economics from
Cambridge University.
Committee membership:
N
R
Tom Shippey
Group Finance Director
Appointed to the Board: November
2013
Skills, experience and contribution:
Tom Shippey is a chartered accountant
with extensive experience in investment
management, mergers and acquisitions,
capital raising and financial and
regulatoryreporting.
Other roles past and present:
Tom was appointed to the Board as
GFDinNovember 2013. Prior to joining
Ashmore in 2007, he worked at UBS
Investment Bank, including advising on
theAshmore IPO in 2006. He is currently
aTrustee of the Resurgo Trust.
Tom qualified as a Chartered Accountant
with PricewaterhouseCoopers in 1999
and is a Fellow of the ICAEW. Tom holds
a BSc in International Business and
German from Aston University.
Board and committee attendance
The table below sets out members’ attendance at scheduled and additional
meetings of the Board and its committees.
Meeting attendance between
1 July 2024 and 30 June 2025
Board
Attended
N: Nominations
Committee
Attended
A: Audit and Risk
Committee
Attended
R: Remuneration
Committee
Attended
Mark Coombs 8/8 – – –
Tom Shippey 8/8 – – –
Clive Adamson 8/8 4/4 – 5/5
Jennifer Bingham 8/8 4/4 4/4 5/5
Thuy Dam
1
8/8 3/4 3/4 4/5
Shirley Garrood
2
7/8 3/4 4/4 5/5
Members of executive management are invited to attend scheduled Board committee meetings as
required but do not attend as members of thosecommittees.
1. Thuy Dam sent her apologies for one of each of the Nominations, Audit and Risk and
Remuneration Committees meetings due to an unforeseen matter.
2. Shirley Garrood sent her apologies for one Nominations Committee meeting and the related
Board meeting considering her succession. Effective from the end of her term of appointment on
31 July 2025 Shirley Garrood resigned from the Board. She stood down as Chair of the Audit and
Risk Committee on the same date.
54 Ashmore Annual Report and Accounts 2025
Board of Directors
Ashmore Group plc’s Board
Mark Coombs
Chief Executive Officer
Appointed to the Board: December
1998
Skills, experience and contribution:
Mark Coombs founded the business
whichbecame Ashmore in 1992 and
hasoverseen its successful growth for
over 30years.
Other roles past and present:
Mark was appointed a Director on the
incorporation of the Company and has
served as its Chief Executive Officer
sincethen. He held a number of
positions at ANZand led Ashmore’s
buyout from ANZ in early 1999. He is
Co-Chair of EMTA, the trade
association for emerging
markets,having been on the Board
since 1993. Mark holds an MA in Law
from Cambridge University.
Clive Adamson
Non-executive Chair of the Board
Appointed to the Board: October
2015 and as Chair of the Board:
April2022 (independent
onappointment)
Skills, experience and contribution:
Clive Adamson has enjoyed a career in
financial services for over 40 years,
spanning executive roles in banking and
regulation and Non-executive Director
roles, including Board and Committee
Chair positions, across wholesale and
retail banking, insurance and asset
management.
Other roles past and present:
Clive spent 20 years in wholesale
banking, holding senior positions with
Citigroup and Bank of America. He
moved into regulation as an adviser
atthe Bank of England before joining
the newly formed Financial Services
Authority and then the FCA upon
formation, where he was Director of
Supervision and an Executive Member
of the Board. Clive was previously a
Non-executive Director of Virgin Money
plc, a Senior Adviser at McKinsey &
Company and a Non-executive Director
and Chair of the Risk Committee of
Prudential Assurance Company
Limited. He is currently Chair of J.P.
Morgan Europe Ltd and its Nominations
Committee and Audit Committee (the
Chase UK digital consumer bank), a
Non-executive Director and Chair of
theAudit Committee of J.P. Morgan
Securities plc, and Chair of Nutmeg
Saving and Investment Ltd. He is a
Non-executive Director and Chair of the
Risk Committee of M&G plc. Clive
holds an MA in Economics from
Cambridge University.
Committee membership:
N
R
Tom Shippey
Group Finance Director
Appointed to the Board: November
2013
Skills, experience and contribution:
Tom Shippey is a chartered accountant
with extensive experience in investment
management, mergers and acquisitions,
capital raising and financial and
regulatoryreporting.
Other roles past and present:
Tom was appointed to the Board as
GFDinNovember 2013. Prior to joining
Ashmore in 2007, he worked at UBS
Investment Bank, including advising on
theAshmore IPO in 2006. He is currently
aTrustee of the Resurgo Trust.
Tom qualified as a Chartered Accountant
with PricewaterhouseCoopers in 1999
and is a Fellow of the ICAEW. Tom holds
a BSc in International Business and
German from Aston University.
Board and committee attendance
The table below sets out members’ attendance at scheduled and additional
meetings of the Board and its committees.
Meeting attendance between
1 July 2024 and 30 June 2025
Board
Attended
N: Nominations
Committee
Attended
A: Audit and Risk
Committee
Attended
R: Remuneration
Committee
Attended
Mark Coombs 8/8 – – –
Tom Shippey 8/8 – – –
Clive Adamson 8/8 4/4 – 5/5
Jennifer Bingham 8/8 4/4 4/4 5/5
Thuy Dam
1
8/8 3/4 3/4 4/5
Shirley Garrood
2
7/8 3/4 4/4 5/5
Members of executive management are invited to attend scheduled Board committee meetings as
required but do not attend as members of thosecommittees.
1. Thuy Dam sent her apologies for one of each of the Nominations, Audit and Risk and
Remuneration Committees meetings due to an unforeseen matter.
2. Shirley Garrood sent her apologies for one Nominations Committee meeting and the related
Board meeting considering her succession. Effective from the end of her term of appointment on
31 July 2025 Shirley Garrood resigned from the Board. She stood down as Chair of the Audit and
Risk Committee on the same date.
54 Ashmore Annual Report and Accounts 2025
Jennifer Bingham
Senior Independent Director
Appointed to the Board: June 2018
Skills, experience and contribution:
Jennifer Bingham has in-depth
experience in investment oversight of
the investment portfolios of family
offices and charitable foundations and,
in her previous executive role in the
emerging markets fund management
business.
Other roles past and present:
Jennifer is an accountant and between
1992 and 2003 she was a senior
executive of Brunswick Capital
Management Limited working as an
investment manager specialising in the
Russian equity market. During this
period she variously held the offices of
Chief Executive, Chief Operating
Officer and Chief Financial Officer.
Since 2003 Jennifer has held finance,
administration and investment
oversight roles with investment
company PCHB Limited (part of the
Cundill group of companies). She is
currently an Executive Director and
Treasurer of FPC Philanthropies Ltd
(The Peter Cundill Foundation) and sits
on the Investment Committee of PCHB
Limited. Jennifer is an Executive
Director of Valley Management (UK)
Limited, an Executive Director of
Stichting Pamina, a Dutch charitable
foundation, and was a Trustee of
TheAshmore Foundation from
2019to2024.
Committee membership:
A N R
Thuy Dam
Independent Non-executive Director
Appointed to the Board: June 2023
Skills, experience and contribution:
Thuy Dam has extensive investment and
banking knowledge and has a thorough
understanding of the complexity of
emerging markets, particularly in Asia.
Other roles past and present:
Thuy began her career as an
entrepreneur, co-founding Vietnam’s first
private foreign investment consultancy
firm. She then joined ANZ, helping to set
up ANZ’s banking business in Asia and
becoming the first Vietnamese citizen to
lead an international bank in Vietnam.
Thuy was ANZ’s Vice Chair for the
Greater Mekong region prior to joining
National Australia Bank as its Chief
Representative in Vietnam. She has
previously served as a Non-executive
Director and Chair of the Remuneration
Committee of VinaCapital Vietnam
Opportunity Fund Ltd, a Non-executive
Director of Thien Minh Group Limited
andas the President of the Fulbright
University Vietnam. Thuy is a Non-
executive Director of TASCO JSC,
EQuest Education Group, Levanta Holding
Pte. Ltd, NAB Innovation Centre Vietnam
and FWD Insurance. She is also an
adviser on the S.E.A. Advisory Committee
for British International Investment and is
a Trustee of The Ashmore Foundation.
Thuy holds a BA in English from the
University of Hanoi and an MBA in
Finance from the Wharton School of
Business at the University of
Pennsylvania.
Committee membership:
A N R
Anna Sweeney
Independent Non-executive Director
Appointed to the Board: August 2025
Skills, experience and contribution:
Anna Sweeney brings a wealth of
experience to the Board with her deep
understanding of risk management,
governance and business models
across financial services.
Other roles past and present:
Anna spent over 25 years working in
banking and insurance regulation,
andhas a deep understanding of
riskmanagement, governance and
business models across financial
services. From 1996 to 2022 Anna
worked at the Bank of England and
Financial Services Authority, holding
various roles across the banking and
insurance sectors. Her most recent role
there was Executive Director of Risk,
Operations and General Insurance at
the Bank of England, where she had
responsibility for the Risk and
Operations function of the PRA, which
included the Chief Operating Officer,
ownership of the PRA’s supervisory
approach and risk model, and support
for the PRA’s senior committees.
During this time, she led a strategic
review of the PRA’s approach. Anna is
currently a Non-executive Director and
Senior Independent Director of Convex
Insurance Limited, as well as a member
of its Risk Committee. She is also an
adviser to CYGNVS. Anna holds a
degree in Modern Languages and
European Studies from the
Universityof Bath.
Committee membership:
A
N R
Key to membership
of committees
A
Audit and Risk
N
Nominations
R
Remuneration
(A square denotes the Chair)
Member of the Board for FY2025
Shirley Garrood
Independent Non-executive Director
Term: 1 August 2022 to 31 July 2025
Committee membership:
A N R
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 55
Chair’s statement and introduction to Corporate governance report
Leading a diverse and
effective Board
Dear shareholder,
At the end of my third full year as Chair, I remain pleased
with the effectiveness and collaboration of the Board,
andbelieve its considerable and wide-ranging skills and
experience ensures that each Director makes an important
contribution to the deliberations of the Board and to the
Company’s long-term sustainable success. Throughout
theyear, the Board has continued to support the senior
management team by providing oversight and constructive
challenge. The focus of the Board and management
remains on delivering the long-term strategy of the
Group,and the Board is confident that the efficient
operating model, coupled with a strong and liquid
balancesheet, ensure that the Company is positioned
forlong-term success.
Emerging markets delivered positive returns over the past
year, but continued risk aversion by certain investors means
AuM is lower, with a consequent impact on the Group’s
revenues. Operating costs were reduced to deliver a
relatively high operating margin, and there were notable
gains on the Group’s seed capital investments. Profit before
tax and diluted EPS declined by 15% and 13%, respectively,
and the Board has recommended the payment of an
unchanged final ordinary dividend to shareholders.
Ashmore continues to have a knowledgeable, engaged
andeffective Board, whose work is supported by that of
itsAudit and Risk, Nominations and Remuneration
Committees. I would like to thank all of my fellow Directors
for their ongoing efforts and commitment to Ashmore.
I would also like to recognise Ashmore’s experienced
workforce for their strong work ethic during the year, which
is a key factor in Ashmore’s success, and thank them for
their continued dedication, engagement and camaraderie.
Governance and Company purpose
Ashmore’s governance structure remains appropriate to the
size and complexity of the business. It enables the Board to
oversee the execution of Ashmore’s purpose, as a specialist
emerging markets investment manager, to deliver long-
term investment outperformance for clients and generate
value for shareholders across market cycles. In fulfilling its
role, the Board is guided by the Group’s purpose in the
shaping of key decisions, culture and values. The Board
seeks to uphold the highest ethical and professional
standards in the business, supported by a strong culture
and the integrity of staff conduct, which drive appropriate
behaviour, embedded in the Company’s compliance, risk
management and employmentpolicies andpractices.
The Board’s work during the year is set out on page 63,
which shows the standing schedule of business as well
asspecialist presentations. The Company’s consistent
three-phase strategy remains tocapitalise on the substantial
growth opportunities available in emerging markets in order
to create value for clients and shareholders. More detail
canbe found in the strategy descriptionon page 4.
UK Corporate Governance Code
The Company has applied the principles of the 2018 Code
and complied with its provisions throughout the financial
year ended 30 June 2025, except for Provision 19 (tenure
ofthe Chair) for part of the year. The Board considered the
2024 Code changes which apply to us from 1 July 2025,
save for Provision 29 in respect of which planning work
forthe additional oversight duties that the Audit and Risk
Committee and Board will have around material controls is
underway. We will report on our compliance with the 2024
Code in our next Annual Report.
Board changes and time commitments
As we continue to uphold our commitment to robust
governance and strategic oversight, I am pleased that
AnnaSweeney joined the Board as Non-Executive Director
effective 1 August 2025. Given her extensive financial
services expertise, Anna has succeeded Shirley Garrood
asChair of the Audit and Risk Committee. Shirley, who
wasa valuable member of our Board, particularly for her
contributions as Chair of the Audit and Risk Committee,
stepped down from the Board at the end of her term on
31 July 2025. On behalf of the Board, I thank Shirley for her
service and leadership.
Anna brings a wealth of experience and expertise to help
guide the Group through the next phrase of our journey.
Herappointment underscores our dedication to maintaining
a diverse and highly skilled Board, ensuring we continue to
deliver the highest standards of governance and risk
management.
Each Director discloses all external appointments for
consideration by theBoard, and the Nominations
Committee reviews these in the context of the overall time
commitments of therelevant Director and whether such
commitments impinge ontheir duties to Ashmore. Whilst
there have been some minor changes to the Board’s
external commitments during the year, we remain satisfied
that each Director has sufficient time to ensure their duties
to Ashmore are carried out comprehensively. At the 2024
AGM all Directors were reappointed.
Details of the Directors’ external commitmentsare provided
in their biographies on pages 54 to 55. The Nominations
Committee report gives details of how it considered
applications by Non-executive Directors to take on new
external appointmentson page69.
Details of each Director’s profile can be found on pages 54
to 55 ofthis report, and the Board is recommending the
re-election (or election in the case of Anna Sweeney) of all
Directors at this year’s AGM.
56 Ashmore Annual Report and Accounts 2025
Chair’s statement and introduction to Corporate governance report
Leading a diverse and
effective Board
Dear shareholder,
At the end of my third full year as Chair, I remain pleased
with the effectiveness and collaboration of the Board,
andbelieve its considerable and wide-ranging skills and
experience ensures that each Director makes an important
contribution to the deliberations of the Board and to the
Company’s long-term sustainable success. Throughout
theyear, the Board has continued to support the senior
management team by providing oversight and constructive
challenge. The focus of the Board and management
remains on delivering the long-term strategy of the
Group,and the Board is confident that the efficient
operating model, coupled with a strong and liquid
balancesheet, ensure that the Company is positioned
forlong-term success.
Emerging markets delivered positive returns over the past
year, but continued risk aversion by certain investors means
AuM is lower, with a consequent impact on the Group’s
revenues. Operating costs were reduced to deliver a
relatively high operating margin, and there were notable
gains on the Group’s seed capital investments. Profit before
tax and diluted EPS declined by 15% and 13%, respectively,
and the Board has recommended the payment of an
unchanged final ordinary dividend to shareholders.
Ashmore continues to have a knowledgeable, engaged
andeffective Board, whose work is supported by that of
itsAudit and Risk, Nominations and Remuneration
Committees. I would like to thank all of my fellow Directors
for their ongoing efforts and commitment to Ashmore.
I would also like to recognise Ashmore’s experienced
workforce for their strong work ethic during the year, which
is a key factor in Ashmore’s success, and thank them for
their continued dedication, engagement and camaraderie.
Governance and Company purpose
Ashmore’s governance structure remains appropriate to the
size and complexity of the business. It enables the Board to
oversee the execution of Ashmore’s purpose, as a specialist
emerging markets investment manager, to deliver long-
term investment outperformance for clients and generate
value for shareholders across market cycles. In fulfilling its
role, the Board is guided by the Group’s purpose in the
shaping of key decisions, culture and values. The Board
seeks to uphold the highest ethical and professional
standards in the business, supported by a strong culture
and the integrity of staff conduct, which drive appropriate
behaviour, embedded in the Company’s compliance, risk
management and employmentpolicies andpractices.
The Board’s work during the year is set out on page 63,
which shows the standing schedule of business as well
asspecialist presentations. The Company’s consistent
three-phase strategy remains tocapitalise on the substantial
growth opportunities available in emerging markets in order
to create value for clients and shareholders. More detail
canbe found in the strategy descriptionon page 4.
UK Corporate Governance Code
The Company has applied the principles of the 2018 Code
and complied with its provisions throughout the financial
year ended 30 June 2025, except for Provision 19 (tenure
ofthe Chair) for part of the year. The Board considered the
2024 Code changes which apply to us from 1 July 2025,
save for Provision 29 in respect of which planning work
forthe additional oversight duties that the Audit and Risk
Committee and Board will have around material controls is
underway. We will report on our compliance with the 2024
Code in our next Annual Report.
Board changes and time commitments
As we continue to uphold our commitment to robust
governance and strategic oversight, I am pleased that
AnnaSweeney joined the Board as Non-Executive Director
effective 1 August 2025. Given her extensive financial
services expertise, Anna has succeeded Shirley Garrood
asChair of the Audit and Risk Committee. Shirley, who
wasa valuable member of our Board, particularly for her
contributions as Chair of the Audit and Risk Committee,
stepped down from the Board at the end of her term on
31 July 2025. On behalf of the Board, I thank Shirley for her
service and leadership.
Anna brings a wealth of experience and expertise to help
guide the Group through the next phrase of our journey.
Herappointment underscores our dedication to maintaining
a diverse and highly skilled Board, ensuring we continue to
deliver the highest standards of governance and risk
management.
Each Director discloses all external appointments for
consideration by theBoard, and the Nominations
Committee reviews these in the context of the overall time
commitments of therelevant Director and whether such
commitments impinge ontheir duties to Ashmore. Whilst
there have been some minor changes to the Board’s
external commitments during the year, we remain satisfied
that each Director has sufficient time to ensure their duties
to Ashmore are carried out comprehensively. At the 2024
AGM all Directors were reappointed.
Details of the Directors’ external commitmentsare provided
in their biographies on pages 54 to 55. The Nominations
Committee report gives details of how it considered
applications by Non-executive Directors to take on new
external appointmentson page69.
Details of each Director’s profile can be found on pages 54
to 55 ofthis report, and the Board is recommending the
re-election (or election in the case of Anna Sweeney) of all
Directors at this year’s AGM.
56 Ashmore Annual Report and Accounts 2025
Board performance review
This year I conducted an internal performance review of
theBoard, its committees and the Directors, which
involvedmeeting with all Directors individually. The Senior
Independent Director also reviewed my performance.
Following a written summary of the findings, they were
then discussed at the July Board meeting. The review
raised no major issues or concerns and reaffirmed that
Ashmore has a Board which is committed to the success
ofthe Company and its long-term strategy, and continues
tobe effective in carrying out its responsibilities. More
detailon the review and its findings is provided in the
Nominations Committee report on page 69.
Our people
The Directors have continued to engage directly with
Ashmore’s workforce in the course of the year,
predominantly by hosting informal meetings with
employees from different departments across Ashmore’s
offices. These ‘meet the teams’ sessions are chaired by
Jennifer Bingham, the Non-executive Director responsible
for workforce engagement, and she facilitates interaction
and discussion of employee views and culture to help the
Board assess and monitor the attitudes and views of our
workforce. This engagement can then inform our
discussions and decision-making. Asummary of the Board’s
engagement with employees and other stakeholders is
included in the Section 172 statement on pages36 to 39
and the Directors’ report on pages 90 to 93.
The Board has responsibility for oversight of the Group’s
whistleblowing arrangements, and the Chair of the Audit
and Risk Committee is the nominated Director with
responsibility for whistleblowing. An independent agency
provides a confidential whistleblowing reporting line through
which employees can raise concerns, ifthey do not wish to
bring these to the attention of management or to the
whistleblowing champion. All employees are made aware
of and have access to these arrangements.
The Remuneration report on pages 70 to 88 describes
howAshmore invests in and rewards its people. The
Boardcontinues to believe that the current remuneration
structure aligns the interests of Ashmore’s clients,
shareholders and employees.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 57Ashmore Annual Report and Accounts 2025 57
Chair’s statement and introduction to Corporate governance report continued
Diversity
In order to execute its strategy, the Group recognises the
importance of attracting, developing and retaining a diverse
andskilled workforce. In managing an organisation that spans
multiple cultures and ethnicities, the Board and Nominations
Committee understand the importance of continually improving
Ashmore’s gender and ethnic diversity. The Board regularly
discusses diversity, and the diversity policies of the Board and
the Group are reviewed at least annually. The Diversity
Committee, chaired by Jennifer Bingham, meets regularly during
the year to review progress and targets, and reports at least
annually to the Nominations Committee. Ashmore’s progress on
diversity is described further in the Nominations Committee
report on page 68 and the Directors’ report on page 91.
I am pleased to confirm that the Board continues to meet the
requirement to have a minimum of 40% of Board positions held
by women and that it has a female Senior Independent Director,
meaning that Ashmore was in compliance with the FTSE
Women Leaders Review and the Listing Rules throughout the
year. The Board also has at least one Director from an ethnic
minority background in line with the Parker Review and the
Listing Rules. The gender and ethnic diversity of the Board and
senior management is reported on page 43.
Our shareholders
Understanding the views of shareholders is essential to the
Group’s long-term success. The Board regularly considers
shareholder feedback at its meetings and factors these views
into its decision-making. We keep shareholders updated on
performance and news through annual and half-year results,
andquarterly AuM statements issued via the Regulatory
NewsService.
The Executive Directors hold regular meetings with a range of
shareholders, proxy advisers and potential investors, and report
to the Board on these meetings. Ashmore’s AGM provides an
opportunity for all shareholders to meet with the Board and raise
matters of interest. The Directors remain available to meet
shareholders when requested.
2018 UK Corporate Governance Code
ComplianceStatement:
Ashmore has complied with the 2018 Code during the year
ended 30 June 2025, save for Provision 19 (tenure of the
Chair) for part of the year. Please refer to pages 59 to 60 for
further information on how each of the principles of the
2018 Code have been applied and why there was a
departure from Provision 19.
Wider society
Ashmore continues to engage with investors, governments
and NGOs across a range of issues that are important to the
business and the wider world. Employees share insights and
feedback from these engagements with the Board where
relevant, helping us understand how Ashmore’s products
andservices can better serve its stakeholders.
Our Section 172 statement on pages 36 to 39 sets out how
Ashmore has taken account of our stakeholders, and the
Sustainability section on pages 44 to 47 describes the activities
of The Ashmore Foundation, including to mitigate the impact of
the Group’s GHG emissions. ESG is integrated into Ashmore’s
investment processes and we are committed to providing
transparent reporting to stakeholders on ESG outcomes. A more
extensive review of Ashmore’s ESG activities can be found in
the standalone sustainability report, which is available on the
Group’s website.
Clive Adamson
Chair
4 September 2025
Lima – Peru
58 Ashmore Annual Report and Accounts 2025
Chair’s statement and introduction to Corporate governance report continued
Diversity
In order to execute its strategy, the Group recognises the
importance of attracting, developing and retaining a diverse
andskilled workforce. In managing an organisation that spans
multiple cultures and ethnicities, the Board and Nominations
Committee understand the importance of continually improving
Ashmore’s gender and ethnic diversity. The Board regularly
discusses diversity, and the diversity policies of the Board and
the Group are reviewed at least annually. The Diversity
Committee, chaired by Jennifer Bingham, meets regularly during
the year to review progress and targets, and reports at least
annually to the Nominations Committee. Ashmore’s progress on
diversity is described further in the Nominations Committee
report on page 68 and the Directors’ report on page 91.
I am pleased to confirm that the Board continues to meet the
requirement to have a minimum of 40% of Board positions held
by women and that it has a female Senior Independent Director,
meaning that Ashmore was in compliance with the FTSE
Women Leaders Review and the Listing Rules throughout the
year. The Board also has at least one Director from an ethnic
minority background in line with the Parker Review and the
Listing Rules. The gender and ethnic diversity of the Board and
senior management is reported on page 43.
Our shareholders
Understanding the views of shareholders is essential to the
Group’s long-term success. The Board regularly considers
shareholder feedback at its meetings and factors these views
into its decision-making. We keep shareholders updated on
performance and news through annual and half-year results,
andquarterly AuM statements issued via the Regulatory
NewsService.
The Executive Directors hold regular meetings with a range of
shareholders, proxy advisers and potential investors, and report
to the Board on these meetings. Ashmore’s AGM provides an
opportunity for all shareholders to meet with the Board and raise
matters of interest. The Directors remain available to meet
shareholders when requested.
2018 UK Corporate Governance Code
ComplianceStatement:
Ashmore has complied with the 2018 Code during the year
ended 30 June 2025, save for Provision 19 (tenure of the
Chair) for part of the year. Please refer to pages 59 to 60 for
further information on how each of the principles of the
2018 Code have been applied and why there was a
departure from Provision 19.
Wider society
Ashmore continues to engage with investors, governments
and NGOs across a range of issues that are important to the
business and the wider world. Employees share insights and
feedback from these engagements with the Board where
relevant, helping us understand how Ashmore’s products
andservices can better serve its stakeholders.
Our Section 172 statement on pages 36 to 39 sets out how
Ashmore has taken account of our stakeholders, and the
Sustainability section on pages 44 to 47 describes the activities
of The Ashmore Foundation, including to mitigate the impact of
the Group’s GHG emissions. ESG is integrated into Ashmore’s
investment processes and we are committed to providing
transparent reporting to stakeholders on ESG outcomes. A more
extensive review of Ashmore’s ESG activities can be found in
the standalone sustainability report, which is available on the
Group’s website.
Clive Adamson
Chair
4 September 2025
Lima – Peru
58 Ashmore Annual Report and Accounts 2025
Complying with the 2018 Code
Board Leadership and Company Purpose
A. Board’s role. A formal schedule of matters reserved for
the Board is reviewed and approved by the Board on an
annual basis. It sets out the framework under which the
Board manages its responsibilities, discharges its authority
and plans its own activities. An annual calendar ensures
that key recurring topics and relevant presentations are
addressed throughout the year. A summary of the Board’s
principal activities during the year is provided on page 63.
B. Purpose and culture. The Company’s purpose, as a
specialist emerging markets investment manager, is to
deliver long-term investment outperformance for clients,
and to generate value for shareholders, over market cycles.
Its strategy for doing so is set out in the Strategic report
onpages 2 to 17 and includes how Ashmore ensures its
culture and working practices align with its purpose and
theinterests of its broader set of stakeholders through
effective and entrepreneurial leadership. The Board
receives regular reports on how Ashmore’s desired culture
is being embedded and employees’ conduct, including
compliance with regulatory and risk management
requirements. It also receives presentations and updates
from different departments and offices and meets
employees on an informal basis after each Board meeting.
These elements underpin Ashmore’s assessment of its
culture, which is also considered as part of formal biannual
reports to the Board, monthly metrics and internal audits.
C. Resources and controls. The Board is responsible for
ensuring that the Group has adequate resources to support
its long-term strategy. The use of these resources is
governed by a delegated authority framework, designed to
ensure that decisions are made at appropriate levels, with
accountability to the Board. The Risk management section
on pages 30 to 35 outlines Ashmore’s systems of internal
control and risk oversight.
D. Stakeholder engagement. The Section 172 statement
made on pages 36 to 39 sets out engagement with
shareholders and other stakeholders, including examples
ofmatters considered by the Board during the year. The
Board’s monitoring and response to any Director’s potential
conflict of interest is carried out by the Nominations
Committee. Any Director with concerns about the Board
ormanagement of the Company may have these recorded
in the minutes.
E. Workforce engagement. Jennifer Bingham, the Senior
Independent Director, serves as the designated Non-
executive Director responsible for workforce engagement
at Ashmore. An explanation as to how she undertook this
function during the year is set out on page 91. During the
reporting period, the Chair of the Audit and Risk
Committee, Shirley Garrood, was the whistleblowing
champion for the Group. A confidential whistleblowing
reporting line is available for any employees who wish to
raise concerns of wrongdoing in the workplace on an
anonymous basis. The Board receives regular updates
onthe operation of these independent arrangements.
Division of Responsibilities
F. Role of the Chair. Clive Adamson was independent upon
appointment as Chair of the Board and continues to
exercise objective judgement in his role as Chair. He is
responsible for the effectiveness of the Board, setting
meeting agendas and fostering an open and constructive
dialogue. He ensures that Board members receive
accurate, timely and clear information, including through
hisregular interactions with Executive Directors and the
Group Company Secretary.
For part of the year the Company did not comply with
Provision 19 of the Code, which states that the Chair
should not remain in post beyond nine years from the date
of their first appointment to the Board except in limited
circumstances, particularly in those cases where the Chair
was an existing Non-executive Director on appointment.
Clive Adamson, as Chair of the Company since April 2022,
exceeds this recommended period because at the point
Clive became Chair, he had already served on the Board
since 2015. The Nominations Committee report provides a
detailed explanation for this departure from the Code and
of the succession planning steps that are being taken to
ensure effective succession and the continued diversity of
the Board. It also confirms that the Board considers that
Clive is still independent in accordance with Provision 10
ofthe Code.
G. Composition of the Board. The Board is composed of
two Executive Directors, three Non-executive Directors,
allof whom are considered to be independent, and an
Independent Non-executive Chair. Their responsibilities are
set out in writing and agreed by the Board and are available
on the Group’s website. Their roles and responsibilities are
also further described on page 62, which shows the
division between the Board responsibilities and the
executive leadership of the Company. These roles and
responsibilities are reviewed annually. Jennifer Bingham is
the Senior Independent Director.
H. Role of the Non-executive Directors. The Non-executive
Directors’ engagement with management, and their
constructive challenge and contribution to Board
discussions, are assessed as part of the Board’s annual
effectiveness review. Their expected minimum time
commitment is set out in their appointment letters and
they are required to seek approval for any new external
appointments in advance, as set out in the Nominations
Committee report on page 68. All Directors’ other
appointments are listed on pages 54 to 55, and their
attendance at Board and Committee meetings is set out
onpage 54.
The 2018 UK Corporate Governance Code applied to the Company for the year ended 30 June 2025.
The Company confirms that it applied the principles and complied with all the provisions of the
2018 Code except for Provision 19 (tenure of the Chair) for part of the year. Using the alphabetical
references to the principles of the 2018 Code, the Company explains below how it has applied them.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 59
I. Role of the Company Secretary. All Directors have
access to the advice and support of the Group Company
Secretary. Directors can request additional briefings on
thebusiness, or external developments, and may take
professional advice independent of the Company, at the
Company’s expense. The appointment or removal of the
Company Secretary is a matter reserved for the Board.
Composition, Succession and Evaluation
J. Appointments to the Board and succession planning.
TheNominations Committee report on pages 68 to 69 sets
out its activities and areas of focus during the year,
including succession planning, Board and committee
composition and progress on diversity and inclusion. All
independent Non-executive Directors are members of the
Nominations Committee, and the Chair of the Board is also
Chair of the Committee, save where it considers the role of
Chair of the Board. All Directors are subject to shareholder
election or re-election at each AGM, unless retiring at the
conclusion of the meeting. One new Non-executive
Director was identified and appointed with specific skills
relevant to the role, broadening experience on the Board,
and an orderly handover to the new Chair of the Audit and
Risk Committee was effected, supported by the GFD and
Group Company Secretary.
K. Skills, experience and knowledge of the Board. In
reviewing the composition and tenure of the Board, the
Nominations Committee considers the skills, experience
and knowledge of any candidate by comparison to those of
the existing Board members, taking account of the need to
replace the skills of any Director leaving the Board. In
addition, there is a programme of ongoing training for all
Board members as well as the regular programme of
presentations at Board meetings.
L. Board evaluation. The internal performance review of the
Board and its committees, which took place during the
year, is described in the Nominations Committee report on
page 69, together with its outcomes.
Audit, Risk and Internal Control
M. Internal and external audit. The Audit and Risk
Committee currently comprises three independent
Non-executive Directors. The Chair of the Board is not a
Committee member but is invited to attend to observe its
workings and presentations to the Audit and Risk
Committee from external parties. The Board delegates a
number of responsibilities to the Audit and Risk
Committee, including oversight of the Group’s financial
reporting processes, as well as its internal control and risk
management systems and the work undertaken by the
external and internal auditors. The Committee also
supports the Board’s consideration of the Company’s
viability statement, which is on page 34, and its ability to
operate as a going concern. The Audit and Risk Committee
report on pages 64 to 67 describes the work of the
Committee during the year and how it discharged its
dutiesand responsibilities.
N. Fair, balanced and understandable assessment. When
taken as a whole, the Directors consider the Annual Report
is fair, balanced and understandable and provides the
information necessary for shareholders to assess the
Group’s performance, business model and strategy.
Adescription of how the Audit and Risk Committee
ensures that a robust process is in place for ensuring this
isprovided on page 64.
O. Risk management and internal control framework.
TheBoard is responsible for setting the Company’s risk
appetite in line with its long-term strategic objectives, and
annually reviews the effectiveness of the Company’s risk
management and internal control systems described on
pages 30 to 35. The Audit and Risk Committee has
oversight of the effectiveness of internal controls and is
responsible for developing proposals in respect of overall
risk appetite and tolerance, as well as metrics to monitor
the Group’s risk management performance. Furtherdetails
are set out in the Audit and Risk Committee report on page
66, and a description of the principal risks facing the
Company is set out on pages 34 to 35.
Remuneration
P. Remuneration policies and practices. The Remuneration
Committee comprises all the independent Non-executive
Directors and is chaired by Jennifer Bingham, who had
served as a member of the Remuneration Committee for
more than 12 months prior to her appointment as Chair.
The Chair of the Board, who was independent on
appointment, is also a member of the Committee. The
Remuneration report provides details of the Group’s
approach to remuneration on pages 70 to 88.
Q. Executive remuneration. The Remuneration Committee
has responsibility for determining the policy for executive
remuneration and for setting the remuneration for the Chair
of the Board, Executive Directors and senior management.
Italso reviews workforce remuneration and related policies
and their alignment with Ashmore’s culture. No Director is
involved in deciding their own remuneration. The
remuneration of the Chair of the Board and the Non-
executive Directors is designed to reflect their time
commitment and responsibilities and is limited by the
Company’s Articles. Further details are set out in the
Remuneration report on pages 70 to 88.
R. Remuneration outcomes and independent judgement.
Details of the remuneration outcomes for the year and the
work of the Remuneration Committee are set out in the
Remuneration report on pages 70 to 88.
Corporate governance report continued
Complying with the 2024 Code
Following the 2024 Code release, the Board and Company Secretary undertook a detailed review to evaluate its impact on the
Group’s governance and risk management arrangements. The 2024 Code applies to the Company for the financial year beginning on
1 July 2025, with the exception of the changes to Provision 29 (which relate to the effectiveness of the risk management and
internal control framework and require companies to make a declaration of the effectiveness of material controls as at the balance
sheet date in the annual report), which will apply for the financial year beginning on 1 July 2026.
60 Ashmore Annual Report and Accounts 2025
I. Role of the Company Secretary. All Directors have
access to the advice and support of the Group Company
Secretary. Directors can request additional briefings on
thebusiness, or external developments, and may take
professional advice independent of the Company, at the
Company’s expense. The appointment or removal of the
Company Secretary is a matter reserved for the Board.
Composition, Succession and Evaluation
J. Appointments to the Board and succession planning.
TheNominations Committee report on pages 68 to 69 sets
out its activities and areas of focus during the year,
including succession planning, Board and committee
composition and progress on diversity and inclusion. All
independent Non-executive Directors are members of the
Nominations Committee, and the Chair of the Board is also
Chair of the Committee, save where it considers the role of
Chair of the Board. All Directors are subject to shareholder
election or re-election at each AGM, unless retiring at the
conclusion of the meeting. One new Non-executive
Director was identified and appointed with specific skills
relevant to the role, broadening experience on the Board,
and an orderly handover to the new Chair of the Audit and
Risk Committee was effected, supported by the GFD and
Group Company Secretary.
K. Skills, experience and knowledge of the Board. In
reviewing the composition and tenure of the Board, the
Nominations Committee considers the skills, experience
and knowledge of any candidate by comparison to those of
the existing Board members, taking account of the need to
replace the skills of any Director leaving the Board. In
addition, there is a programme of ongoing training for all
Board members as well as the regular programme of
presentations at Board meetings.
L. Board evaluation. The internal performance review of the
Board and its committees, which took place during the
year, is described in the Nominations Committee report on
page 69, together with its outcomes.
Audit, Risk and Internal Control
M. Internal and external audit. The Audit and Risk
Committee currently comprises three independent
Non-executive Directors. The Chair of the Board is not a
Committee member but is invited to attend to observe its
workings and presentations to the Audit and Risk
Committee from external parties. The Board delegates a
number of responsibilities to the Audit and Risk
Committee, including oversight of the Group’s financial
reporting processes, as well as its internal control and risk
management systems and the work undertaken by the
external and internal auditors. The Committee also
supports the Board’s consideration of the Company’s
viability statement, which is on page 34, and its ability to
operate as a going concern. The Audit and Risk Committee
report on pages 64 to 67 describes the work of the
Committee during the year and how it discharged its
dutiesand responsibilities.
N. Fair, balanced and understandable assessment. When
taken as a whole, the Directors consider the Annual Report
is fair, balanced and understandable and provides the
information necessary for shareholders to assess the
Group’s performance, business model and strategy.
Adescription of how the Audit and Risk Committee
ensures that a robust process is in place for ensuring this
isprovided on page 64.
O. Risk management and internal control framework.
TheBoard is responsible for setting the Company’s risk
appetite in line with its long-term strategic objectives, and
annually reviews the effectiveness of the Company’s risk
management and internal control systems described on
pages 30 to 35. The Audit and Risk Committee has
oversight of the effectiveness of internal controls and is
responsible for developing proposals in respect of overall
risk appetite and tolerance, as well as metrics to monitor
the Group’s risk management performance. Furtherdetails
are set out in the Audit and Risk Committee report on page
66, and a description of the principal risks facing the
Company is set out on pages 34 to 35.
Remuneration
P. Remuneration policies and practices. The Remuneration
Committee comprises all the independent Non-executive
Directors and is chaired by Jennifer Bingham, who had
served as a member of the Remuneration Committee for
more than 12 months prior to her appointment as Chair.
The Chair of the Board, who was independent on
appointment, is also a member of the Committee. The
Remuneration report provides details of the Group’s
approach to remuneration on pages 70 to 88.
Q. Executive remuneration. The Remuneration Committee
has responsibility for determining the policy for executive
remuneration and for setting the remuneration for the Chair
of the Board, Executive Directors and senior management.
Italso reviews workforce remuneration and related policies
and their alignment with Ashmore’s culture. No Director is
involved in deciding their own remuneration. The
remuneration of the Chair of the Board and the Non-
executive Directors is designed to reflect their time
commitment and responsibilities and is limited by the
Company’s Articles. Further details are set out in the
Remuneration report on pages 70 to 88.
R. Remuneration outcomes and independent judgement.
Details of the remuneration outcomes for the year and the
work of the Remuneration Committee are set out in the
Remuneration report on pages 70 to 88.
Corporate governance report continued
Complying with the 2024 Code
Following the 2024 Code release, the Board and Company Secretary undertook a detailed review to evaluate its impact on the
Group’s governance and risk management arrangements. The 2024 Code applies to the Company for the financial year beginning on
1 July 2025, with the exception of the changes to Provision 29 (which relate to the effectiveness of the risk management and
internal control framework and require companies to make a declaration of the effectiveness of material controls as at the balance
sheet date in the annual report), which will apply for the financial year beginning on 1 July 2026.
60 Ashmore Annual Report and Accounts 2025
Remuneration Committee
Determines compensation for
Executive Directors and Code Staff,
and reviews compensation for
Control Staff
Audit and Risk Committee
Oversees the Group’s financial
reporting processes, internal control
and risk management systems, and
auditors in line with corporate
governance bestpractice
Executive Directors
Responsible for a schedule of matters delegated by the Board
Senior management
Responsible for day-to-day management
Auditors
External:
Independent assurance via audit of
Group financial statements and audit
of internal control procedures under
ISAE 3402 and SSAE 18
Internally resourced:
Independent assurance via audit
directed at specific departmental
control procedures
Governance bodies
Responsible for overseeing business, investments and internal controls
Nominations Committee
Makes recommendations on Board
membership, diversity and governance
structure in line with corporate
governance best practice
Ashmore Group plc
Board of Directors
Responsible for overall strategy, management
and control
Schedule of matters reserved solely for its
decision
Corporate governance
framework
– Awards Committee
– Best Execution Committee
– Cyber Security Steering Group
– Disclosure Committee
– Diversity Committee
– ESG Committee
– Foreign Exchange and Liquidity
Management Committee
– Global Investment Performance
Standards Committee
– Investment Committees
– IT Steering Group
– Operating Committee
– Operational Resilience
SteeringGroup
– Pricing Methodology and
Valuation Committee
– Pricing Oversight Committee
– Product Committee
– Regulatory Developments
Steering Group
– Research Oversight Committee
– Risk and Compliance Committee
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 61
Chief Executive Officer
Responsible for managing and leading the business
andits employees
Chair of the fixed income, equities, healthcare
andspecial situations ICs
Developing an effective relationship with the
Chairandthe Board
Leading the business towards achievement
ofthestrategy
Maintaining an effective dialogue with shareholders
andstakeholders
Making business decisions (within the framework of
theBoard’s delegated authorities)
Group Finance Director
Managing the Group’s capital, cash flow andliquidity
Leading and overseeing the Finance, Middle Office and
IT functions, which are responsible for operational risk,
transaction processing, fund administration,
performance, data and client reporting and IT
development andinfrastructure
Responsible for the Group’s financial reporting and for
leading the annual budget process
Maintaining an effective dialogue with shareholders and
analysts on the performance of the Company
Responsible for investor relations and corporate
development, including mergers and acquisitions
Governance of the Group’s subsidiaries
The Group Company Secretary is responsible for advising the Board on all governance matters.
Chair of the Board
Responsible for leading the Board and its
overalleffectiveness
Building an effective and diverse Board, with
complementary skills, which is progressivelyrefreshed
Demonstrating objective judgement and promoting a
culture of openness and debate
Facilitating and encouraging an effective contribution
from all Board members
Ensuring the Board has clear, accurate and
timelyinformation
Fostering a constructive relationship between the
Non-executive Directors and the ExecutiveDirectors
Facilitating an annual evaluation of the Board,
itscommittees and individual Directors
Seeking engagement with shareholders and ensuring
that the Board is kept appraised of shareholders’ views
Independent Non-executive Directors
Providing constructive challenge and strategic
guidance,offering specialist advice, and holding
management to account
Providing constructive feedback on, and contributing
tothe development of, the strategy
Scrutinising the performance of executivemanagement
Monitoring the reporting performance
Satisfying themselves on the integrity of
financialinformation
Satisfying themselves that the relevant entities’
financialcontrols and systems of risk management
arerobust and defensible
Applying sound judgement to the business of theBoard
Executive roles Non-executive roles
Roles on the Board
Corporate governance report continued
62 Ashmore Annual Report and Accounts 2025
Chief Executive Officer
Responsible for managing and leading the business
andits employees
Chair of the fixed income, equities, healthcare
andspecial situations ICs
Developing an effective relationship with the
Chairandthe Board
Leading the business towards achievement
ofthestrategy
Maintaining an effective dialogue with shareholders
andstakeholders
Making business decisions (within the framework of
theBoard’s delegated authorities)
Group Finance Director
Managing the Group’s capital, cash flow andliquidity
Leading and overseeing the Finance, Middle Office and
IT functions, which are responsible for operational risk,
transaction processing, fund administration,
performance, data and client reporting and IT
development andinfrastructure
Responsible for the Group’s financial reporting and for
leading the annual budget process
Maintaining an effective dialogue with shareholders and
analysts on the performance of the Company
Responsible for investor relations and corporate
development, including mergers and acquisitions
Governance of the Group’s subsidiaries
The Group Company Secretary is responsible for advising the Board on all governance matters.
Chair of the Board
Responsible for leading the Board and its
overalleffectiveness
Building an effective and diverse Board, with
complementary skills, which is progressivelyrefreshed
Demonstrating objective judgement and promoting a
culture of openness and debate
Facilitating and encouraging an effective contribution
from all Board members
Ensuring the Board has clear, accurate and
timelyinformation
Fostering a constructive relationship between the
Non-executive Directors and the ExecutiveDirectors
Facilitating an annual evaluation of the Board,
itscommittees and individual Directors
Seeking engagement with shareholders and ensuring
that the Board is kept appraised of shareholders’ views
Independent Non-executive Directors
Providing constructive challenge and strategic
guidance,offering specialist advice, and holding
management to account
Providing constructive feedback on, and contributing
tothe development of, the strategy
Scrutinising the performance of executivemanagement
Monitoring the reporting performance
Satisfying themselves on the integrity of
financialinformation
Satisfying themselves that the relevant entities’
financialcontrols and systems of risk management
arerobust and defensible
Applying sound judgement to the business of theBoard
Executive roles Non-executive roles
Roles on the Board
Corporate governance report continued
62 Ashmore Annual Report and Accounts 2025
Standing agenda items:
– Declaration of Directors’ potential
conflicts of interest and any
significant additional time
commitments
– Reports from Chairs of Board
committees
– Monthly management report
– ICARA update
– Investor relations update
– Strategy update
– Company Secretary’s report
Additional meetings and
training:
– ‘Meet the teams’ sessions
– Non-executive Directors’ private
sessions
– Regulatory updates including the
new ‘failure to prevent fraud’
offence under the Economic
Crime and Corporate
Transparency Act 2023, and the
2024 Code changes, including
the new Provision 29
July 2024
– Annual performance review for the Board and its
committees
– Review of culture and conduct
– Review of Non-executive Directors’ fees
– Approval of FY2024 financial statements and Annual
Report
– Recommendation of final dividend for the year ended
30 June 2024
– Annual review of risk management and internal control
systems and reporting
– Distribution presentation
September 2024
November 2024
December 2024
– Operations and IT presentation
– Corporate debt presentation
– AGM arrangements, results of proxy voting and
governance agency reports
– Group strategy review
– Tax presentation
– Review of Group RAS
– ICARA review
– Chief risk officer review
– Ashmore Saudi Arabia presentation
– Approval of slavery and human trafficking statement
– Review of supplier code of conduct
– Annual review of delegated authorities, matters reserved
for the Board and committee terms of reference
February 2025
June 2025
April 2025
– Approval of interim results for the six months ended
31 December 2024
– Approval of interim dividend for the year ended 30 June
2025
– Review of seed capital policy
– Review of FX and liquidity management framework policy
– Review of culture and conduct
– Cyber security report
– Healthcare presentation
– Approval of budget for FY2026
– Responsible investment presentation
– The Ashmore Foundation presentation
– Group Compliance presentation
– Approval of Non-Executive Director appointment and Chair
of Audit and Risk Committee succession
– 2025 Annual Report and AGM matters
– Group and funds’ insurance renewals
– Operational resilience update
– Compliance reports (conflict of interest officer’s report,
whistleblowing report, financial crime report)
– Ashmore Colombia presentation
Board activity during the year
In addition to its regular business, specific topics considered by the Board at its meetings this
year included:
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 63
Providing oversight
and challenge
Audit and Risk Committee report
Meetings
During the year ended 30 June 2025, the Committee held four
scheduled meetings. Meetings are typically divided into two
sessions: the first to address risk management and compliance
reporting; and the second to address financial and audit
reporting. The GFD, Head of Risk Management and Control,
Head of Internal Audit, Group Head of Finance, Group Head of
Compliance and the external auditor are invited to attend the
relevant agenda sessions of each meeting. The Chair of the
Committee typically holds one-to-one meetings prior to the
Committee meetings with the key reporting functions, including
the external auditor. Atthe end of each meeting, the Committee
members hold a private meeting with the external auditor and
the Head of Internal Audit.
The Committee has adopted an integrated assurance approach
to assess the various key matters relative to its terms of
reference and to satisfy itself that the sources of assurance
andinformation the Committee has used to carry out its role
toreview, monitor and provide assurance or recommendations
to the Board are sufficient and objective. This approach relies on:
the work of the external auditor; on management assurances
received through reports from the GFD, the Group Head of
Compliance, the Head of Risk Management and Control, the
Head of Internal Audit and the Group Head of Finance; and on
the existing Ashmore governance framework through its
governance bodies. Other independent assurance is received
from the compliance monitoring programme, Internal Audit
andthe externally audited ISAE 3402 report on the control
environment.
The Committee considered a range of standing topics
throughout the year, including product governance, balance
sheet risks and risk appetite metrics, updates in line with the
IFPR requirements on capital and liquidity, and subsidiary and
funds reporting and governance. The Committee also received
reports on the annual review of risk management and internal
control systems and reporting, as well as recurring topics such
as cyber security and data protection. TheChair of the
Committee reports to the Board on the business of each
Committee meeting.
Financial statements
For each of the half-year and annual financial statements, a
review is undertaken by a panel comprising the GFD, the Head
of Investor Relations, the Group Company Secretary and the
Group Head of Finance to ensure that the reporting is ‘fair,
balanced and understandable’, and other members of senior
management attend as appropriate. This review is taken into
account by the Committee in advising the Board as to whether
these criteria have been met.
The Committee reviewed the 2025 Annual Report and Accounts,
the interim results, and reports from the external auditor, EY, on
the outcome of its reviews and audit in FY2025.
This report outlines the activities of
the Audit and Risk Committee for
the year ended 30 June 2025. The
Committee remains central to the
oversight of the Group’s financial
reporting, risk management,
control and assurance processes,
and internal and external audit.
Anna Sweeney
Chair
Committee membership
The following Directors served on the Committee
duringthe year and up to the date of this report:
– Shirley Garrood (Chair) (until 31 July 2025)
– Anna Sweeney (Chair) (from 1 August 2025)
– Jennifer Bingham
– Thuy Dam
The members of the Committee at the date of this
report are all independent Non-executive Directors.
The Code states that the Chair of the Board should
notbe a member of the Audit and Risk Committee.
Accordingly, Clive Adamson is not a member of the
Committee; however, he is invited to attend meetings.
The attendance record of Committee members is set
out in the table on page 54.
The Board is satisfied that, for the year under review
Shirley Garrood, and, for the period from 1 August 2025
Anna Sweeney, were the Committee members with
recent and relevant financial experience, and that the
Committee as a whole has competence relevant to the
sector in which the Company operates.
The terms of reference for the Committee can be
found on Ashmore’s website and are reviewed
annually.
64 Ashmore Annual Report and Accounts 2025
Providing oversight
and challenge
Audit and Risk Committee report
Meetings
During the year ended 30 June 2025, the Committee held four
scheduled meetings. Meetings are typically divided into two
sessions: the first to address risk management and compliance
reporting; and the second to address financial and audit
reporting. The GFD, Head of Risk Management and Control,
Head of Internal Audit, Group Head of Finance, Group Head of
Compliance and the external auditor are invited to attend the
relevant agenda sessions of each meeting. The Chair of the
Committee typically holds one-to-one meetings prior to the
Committee meetings with the key reporting functions, including
the external auditor. Atthe end of each meeting, the Committee
members hold a private meeting with the external auditor and
the Head of Internal Audit.
The Committee has adopted an integrated assurance approach
to assess the various key matters relative to its terms of
reference and to satisfy itself that the sources of assurance
andinformation the Committee has used to carry out its role
toreview, monitor and provide assurance or recommendations
to the Board are sufficient and objective. This approach relies on:
the work of the external auditor; on management assurances
received through reports from the GFD, the Group Head of
Compliance, the Head of Risk Management and Control, the
Head of Internal Audit and the Group Head of Finance; and on
the existing Ashmore governance framework through its
governance bodies. Other independent assurance is received
from the compliance monitoring programme, Internal Audit
andthe externally audited ISAE 3402 report on the control
environment.
The Committee considered a range of standing topics
throughout the year, including product governance, balance
sheet risks and risk appetite metrics, updates in line with the
IFPR requirements on capital and liquidity, and subsidiary and
funds reporting and governance. The Committee also received
reports on the annual review of risk management and internal
control systems and reporting, as well as recurring topics such
as cyber security and data protection. TheChair of the
Committee reports to the Board on the business of each
Committee meeting.
Financial statements
For each of the half-year and annual financial statements, a
review is undertaken by a panel comprising the GFD, the Head
of Investor Relations, the Group Company Secretary and the
Group Head of Finance to ensure that the reporting is ‘fair,
balanced and understandable’, and other members of senior
management attend as appropriate. This review is taken into
account by the Committee in advising the Board as to whether
these criteria have been met.
The Committee reviewed the 2025 Annual Report and Accounts,
the interim results, and reports from the external auditor, EY, on
the outcome of its reviews and audit in FY2025.
This report outlines the activities of
the Audit and Risk Committee for
the year ended 30 June 2025. The
Committee remains central to the
oversight of the Group’s financial
reporting, risk management,
control and assurance processes,
and internal and external audit.
Anna Sweeney
Chair
Committee membership
The following Directors served on the Committee
duringthe year and up to the date of this report:
– Shirley Garrood (Chair) (until 31 July 2025)
– Anna Sweeney (Chair) (from 1 August 2025)
– Jennifer Bingham
– Thuy Dam
The members of the Committee at the date of this
report are all independent Non-executive Directors.
The Code states that the Chair of the Board should
notbe a member of the Audit and Risk Committee.
Accordingly, Clive Adamson is not a member of the
Committee; however, he is invited to attend meetings.
The attendance record of Committee members is set
out in the table on page 54.
The Board is satisfied that, for the year under review
Shirley Garrood, and, for the period from 1 August 2025
Anna Sweeney, were the Committee members with
recent and relevant financial experience, and that the
Committee as a whole has competence relevant to the
sector in which the Company operates.
The terms of reference for the Committee can be
found on Ashmore’s website and are reviewed
annually.
64 Ashmore Annual Report and Accounts 2025
Significant accounting matters
The Committee reviewed key accounting policies and
disclosures in relation to the Group’s financial statements
duringthe year, including those relating to the principal areas of
estimation and judgements disclosed in note 2 to the financial
statements. The independent auditor’s report discloses two key
audit matters in its report on pages 97 to 99, which relate to
revenue recognition and the valuation of level 3 investments.
The Committee’s actions in relation to both are outlined below.
Revenue recognition
The primary revenue source for the Group is fee income
received or receivable for the provision of investment
management services. The Group’s policies in relation to
revenue recognition are summarised in note 4 to the financial
statements. Through frequent and regular management reports,
the Committee reviewed the Group’s revenues and associated
trends. EY’s audit report was considered and supported the
conclusion that revenue has been appropriately recognised in
the financial statements.
Valuation of level 3 investments
Ashmore holds seed capital investment positions at fair value
inthe form of investments in its own funds, with a portion
classified as level 3 in accordance with the IFRS 13 valuation
hierarchy. The Committee reviewed the conclusions of the
PMVC, considering the methods applied, available supporting
evidence, and specific risk factors identified. The Committee is
satisfied with the process in place and its outputs in respect
ofthe recorded valuations of level 3 investments and related
disclosures included in the financial statements. Further details
are in note 19 to the financial statements.
Other accounting matters
During the year, the Committee received communications
frommanagement and from the external auditor on audit and
accounting matters as part of their regular audit planning
andresults reporting. The Committee has also reviewed the
adoption of the going concern basis in preparing the interim
andyear-end consolidated accounts, and has considered the
longer-term viability statement for the Group, which is
describedin more detail on page 34.
External auditor
EY was appointed as external auditor by shareholders at the
2024 AGM for the audit of the financial statements for the year
ended 30 June 2025. There are no plans to undertake a tender
for the external audit as EY were first appointed at the 2023
AGM and the lead audit partner will rotate every five years to
ensure independence.
The external auditor provides reports at each Committee
meeting on topics such as the control environment, key
accounting matters and mandatory communications. An annual
audit plan for the full year and a review plan for the interim
statement are presented for the Committee’s approval each
year, covering key audit matters and scope. The Committee
hascomplied with the FRC’s Minimum Standard for Audit
Committees and the External Audit, published in May 2023,
forthe year ended 30 June 2025.
There were no new or amended Standards issued by the IASB
that became effective during FY2025 which had a material
impact on the Group’s consolidated financial statements. The
Committee will assess the impact of IFRS 18 Presentation and
Disclosures in Financial Statements, which will apply to it from
FY2028. The Group expects IFRS 18 to impact the presentation
and disclosure of its financial statements but does not anticipate
a material effect on recognition or measurement.
External auditor independence
It is the responsibility of the Committee to monitor the
performance, objectivity and independence of the external
auditor. A policy is in place for permitted non-audit services, to
ensure that these do not impede these requirements. In
compliance with the FRC’s Ethical Standard, all such services
provided to the Group by EY are closely related to providing
assurance to the Group’s operations and regulatory compliance
obligations. All contracts for non-audit services must be notified
to and approved by the Chair of the Committee.
In FY2025 the value of non-audit services provided by EY
amounted to £0.2 million (FY2024: £0.2 million for non-audit
services provided by EY). Non-audit services as a proportion of
total fees paid to EY were approximately 22% (FY2024: 20%).
The Committee considers this proportion acceptable. The
non-audit services provided related to: supplying mandatory
assurance reports in relation to client assets to the FCA (as the
regulator of Ashmore Investment Management Limited and
Ashmore Investment Advisors Limited); a review of Ashmore’s
half-year financial statements; assurance work on the regulatory
reporting requirements for local offices in the UK, US, Japan,
Indonesia and Singapore; assurance opinions on the Group’s
annual GIPS compliance; and controls reporting in accordance
with ISAE 3402. ISAE 3402 covers internal control systems and
is applicable to Ashmore’s offices in London and Dublin.
The assurance provided by EY on the items listed above is
considered by the Committee to be assurance related and
consistent with EY’s role as Group auditor and, by their nature,
these services could not as efficiently be provided by a separate
professional auditing firm. EY does not supply tax compliance or
advisory services to the Group. Taxation services to the Group
are provided by Deloitte LLP.
At the end of each meeting, Committee members meet with
the external and internal auditors without the Executive
Directors and management present to allow them to raise any
matters of concern in confidence.
The Committee is required to assess the quality and
effectiveness of the external audit process as well as the
controls and procedures in place to ensure auditor independence
and objectivity. Measures taken by the Committee included
detailed questions for both management and the external
auditor, and a review of the published audit quality statistics.
Based on its review, the Committee concurred with
management’s view that there had been appropriate focus and
challenge of the primary areas of audit risk and assessed the
quality of the audit to be satisfactory. The Committee was
satisfied with the work of EY and considered that it remained
objective and independent.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 65
Internal controls and risk management systems
The Head of Risk Management and Control attends each
regularly scheduled meeting of the Committee and provides
comprehensive reports. These reports cover various risk-related
topics and have demonstrated the effectiveness of discussions
at the RCC and PMVC in identifying, tracking and managing key
market, liquidity, credit, counterparty and operational risks. For
example, the Committee received updates on the effects of
macroeconomic factors including US interest rates and tariffs,
the impact of macroeconomic factors including the effects of
sanctions, as well as details of funds’ exposure to various
issuers and updates on the valuation of certain assets. In relation
to operational risk, the Committee continued to review and
discuss the Group’s principal risk matrix and associated metrics,
which functions as an effective tool to highlight and monitor the
principal risks facing the Group.
The Committee also received a report on, and conducted a
review and evaluation of, the system of internal controls and risk
management operated within the Group pursuant to the
Guidance, prior to final review by the Board.
During the year, the Committee received regular updates on the
Group’s consolidated capital and liquidity positions in line with
the IFPR requirements. The Committee also received a more
detailed report on the ICARA for Ashmore Investment
Management Limited prior to its publication in December 2024.
A detailed description of the risk management framework and
the manner in which risks are identified and managed is set out
on pages 30 to 35.
Internal Audit
The Internal Audit function derives its authority from the Board
and operates under its own mandate, which is reviewed each
year. The Board has delegated oversight of the function to the
Committee, which is responsible for ensuring that it has
adequate standing, is properly resourced and is free of
management or other restrictions.
The function has an organisation-wide remit. Its purpose is to
assist the Board in enhancing and protecting organisational
value, assets, reputation and sustainability by providing
independent risk-based, objective, relevant and timely
assurance, advice, insight and foresight reporting in accordance
with the principles set out in The Global Institute of Internal
Auditors’ International Professional Practices Framework and
theUK & Ireland’s Chartered Institute of Internal Auditors’
Internal Audit Code of Practice. Specifically, within the context
ofAshmore, the principal activities of Internal Audit are
conducting internal audits and delivering internal audit services,
in accordance with the function’s core objectives and the
approved internal audit strategy.
Further details can be found in the Internal Audit Charter,
whichis publicly available on the Group’s website.
The Head of Internal Audit has regular meetings with the
Chairof the Committee and attends all regularly scheduled
meetings of the Committee. The Committee continues to
monitor the internal audit plan on an ongoing basis to ensure
that it remains effective and relevant to the needs of the
business, and to ensure that it can be adapted or changed
ifaparticular focus area necessitates this.
Audit and Risk Committee report continued
Kellang – Singapore
66 Ashmore Annual Report and Accounts 2025
Internal controls and risk management systems
The Head of Risk Management and Control attends each
regularly scheduled meeting of the Committee and provides
comprehensive reports. These reports cover various risk-related
topics and have demonstrated the effectiveness of discussions
at the RCC and PMVC in identifying, tracking and managing key
market, liquidity, credit, counterparty and operational risks. For
example, the Committee received updates on the effects of
macroeconomic factors including US interest rates and tariffs,
the impact of macroeconomic factors including the effects of
sanctions, as well as details of funds’ exposure to various
issuers and updates on the valuation of certain assets. In relation
to operational risk, the Committee continued to review and
discuss the Group’s principal risk matrix and associated metrics,
which functions as an effective tool to highlight and monitor the
principal risks facing the Group.
The Committee also received a report on, and conducted a
review and evaluation of, the system of internal controls and risk
management operated within the Group pursuant to the
Guidance, prior to final review by the Board.
During the year, the Committee received regular updates on the
Group’s consolidated capital and liquidity positions in line with
the IFPR requirements. The Committee also received a more
detailed report on the ICARA for Ashmore Investment
Management Limited prior to its publication in December 2024.
A detailed description of the risk management framework and
the manner in which risks are identified and managed is set out
on pages 30 to 35.
Internal Audit
The Internal Audit function derives its authority from the Board
and operates under its own mandate, which is reviewed each
year. The Board has delegated oversight of the function to the
Committee, which is responsible for ensuring that it has
adequate standing, is properly resourced and is free of
management or other restrictions.
The function has an organisation-wide remit. Its purpose is to
assist the Board in enhancing and protecting organisational
value, assets, reputation and sustainability by providing
independent risk-based, objective, relevant and timely
assurance, advice, insight and foresight reporting in accordance
with the principles set out in The Global Institute of Internal
Auditors’ International Professional Practices Framework and
theUK & Ireland’s Chartered Institute of Internal Auditors’
Internal Audit Code of Practice. Specifically, within the context
ofAshmore, the principal activities of Internal Audit are
conducting internal audits and delivering internal audit services,
in accordance with the function’s core objectives and the
approved internal audit strategy.
Further details can be found in the Internal Audit Charter,
whichis publicly available on the Group’s website.
The Head of Internal Audit has regular meetings with the
Chairof the Committee and attends all regularly scheduled
meetings of the Committee. The Committee continues to
monitor the internal audit plan on an ongoing basis to ensure
that it remains effective and relevant to the needs of the
business, and to ensure that it can be adapted or changed
ifaparticular focus area necessitates this.
Audit and Risk Committee report continued
Kellang – Singapore
66 Ashmore Annual Report and Accounts 2025
During the year, the Committee received presentations from
Internal Audit on a number of topics, including the Internal
Auditplan for the year and the outcomes of the internal audits
conducted during the period under review. The Committee also
received presentations from the Head of Internal Audit on the
implementation of the assurance framework in the year and the
results of the assurance review over the effectiveness of the
controls and mitigants in place for the principal risks. Based on
the work described, and in accordance with the requirements
ofthe Internal Audit Code of Practice, Internal Audit has
provided the Committee with its overall opinion on the
effectiveness of Ashmore’s governance and risk and control
framework, and its overall opinion with regard to Ashmore’s
adherence to its risk appetite.
The Head of Internal Audit provides annual confirmations to
theCommittee on four areas: internal independence, Internal
Audit’s ongoing conformity with relevant professional standards,
any potential conflicts of interest, and the ongoing suitability of
the Internal Audit mandate. In addition, the InternalAudit Code
of Practice requires that the Committee andInternal Audit
assess the quality, performance, impact and effectiveness of
theInternal Audit function by means of a quality assurance and
improvement programme, including obtaining an independent
and objective quality assessment at appropriate intervals, and
that the Internal Audit function as a whole should be subject to a
review at least every five years, as set out in the Global Internal
Audit Standards. This external assessment should explicitly
include whether Internal Audit conforms to the Internal Audit
Financial Services Code of Practice. Such an assessment was
last carried out in the year ended 30 June 2023.
After due consideration, and in accordance with the Internal
Audit Code of Practice, the Committee remains satisfied that
thequality, experience and expertise of the Internal Audit
function is appropriate, that it is operating effectively for the
business and that it has adequate and appropriate resources to
fulfil its remit; and hence the Committee can conclude that the
Internal Audit function is impactful and effective.
Compliance
The Group Head of Compliance is invited toattend and present
to the Committee at its regularly scheduled meetings.
Compliance reports include details of the Group’s interactions
with regulators, updates on the compliance plan and compliance
monitoring programme, any material breaches, errorsand
complaints, potential conflicts of interest, financial crime
prevention including anti-bribery and corruption, anti-money
laundering, counter-terrorist and counter-proliferation financing
and financial sanctions. Additionally, the reports cover material
regulatory and legislative changes such as the new ‘failure to
prevent fraud’ offence under the Economic Crime and Corporate
Transparency Act 2023. The Committee also approvesthe
annual compliance plan and compliance monitoring programme.
Information security
Information security, including cyber security, is recognised as
aprincipal risk to the business and is subject to Ashmore’s
governance, policies and procedures and risk assessment.
TheCommittee receives an annual presentation from the
Group’s IT department on the Group’s cyber security posture,
recognising changes to the threat landscape, best practice and
regulatory expectation. In addition, the Committee received
updates on ethical testing conducted during FY2025, and noted
that no material issues had resulted from the various tests
performed. The Board also receives monthly updates on this
topic as part of the management reports.
Anna Sweeney
Chair of the Audit and Risk Committee
4 September 2025
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 67
Ensuring an effective and
balanced Board
Nominations Committee report
Meetings
During the year ended 30 June 2025, the Committee met four
times and was fully compliant with the Code in respect of its
own proceedings.
Only Committee members have the right to attend its meetings.
Other individuals such as the CEO, the Group Head of Human
Resources, senior management and external advisers may be
invited to attend meetings when appropriate.
Board changes
The Committee was responsible for identifying and
recommending candidates for the Board. After a thorough
selection process, the Committee recommended Anna
Sweeney, who joined the Board as a Non-executive Director
on1 August 2025. Anna succeeded Shirley Garrood as the
Chairof the Audit and Risk Committee, following the end
ofShirley’s term.
Board independence
The independence, effectiveness and commitment of each of
the Non-executive Directors and the Chair have been reviewed
and the Committee and Board were satisfied with the
independence, effectiveness and commitment of all the
Non-executive Directors and the Chair during the year.
Diversity
During the year, the Committee considered the composition of
the Board, particularly in the context of the requirements of the
Listing Rules, and the recommendations of the Parker Review
and the FTSE Women Leaders Review. As at 30 June 2025,
50% of the Board members are women, the Senior Independent
Director is a woman, and there is one ethnic minority member of
the Board. Following guidance issued to FTSE 350 companies
from the Department for Business and Trade, which advised
that only UK employees should be included in the ethnic
minority calculations for the senior management team, in
December 2024 the Committee agreed to revise its Parker
Review target to be achieved by the end of 2027 to 15% for
theethnic minority membership of the senior management
team. Ashmore currently meets its target for the UK senior
management team which includes 15% ethnic minority
members at 30 June 2025. The Committee also monitored
progress towards the target for the end of 2025 of 40% women
in the senior management team, as set by the FTSE Women
Leaders Review. Details of the gender and ethnicity balance
ofthe Board, the senior management and the workforce as
awhole are provided in the People and culture section on
pages40 to 43.
In order to assist with ensuring that the Group diversity
policiesremain in line with best practice and to monitor their
implementation, particularly in light of the various diversity
initiatives, the Diversity Committee continued to meet regularly
throughout the year. This committee is chaired by Jennifer
Bingham and reports to the Nominations Committee at
leastannually.
This report details the role of the
Nominations Committee and the
important work it has undertaken
during the year ended 30 June 2025.
The Committee’s focus has continued to
be on maintaining a strong, value-adding
and effective Board, with a broad range of
professional backgrounds, skills
and perspectives.
Clive Adamson
Chair
Committee membership
The following Directors served on the Committee
during the year and to the date of this report:
– Clive Adamson (Chair)
– Anna Sweeney (from 1 August 2025)
– Jennifer Bingham
– Shirley Garrood (to 31 July 2025)
– Thuy Dam
The Committee’s membership was fully compliant with
the Code. Clive Adamson was an independent
Non-executive Director prior to taking up his
appointment as Committee Chair. The other
Committee members are independent Non-executive
Directors.
The attendance record of the Committee members
forthe year under review is set out in the table on
page54.
The terms of reference for the Committee can be
found on Ashmore’s website and are reviewed
annually.
68 Ashmore Annual Report and Accounts 2025
Ensuring an effective and
balanced Board
Nominations Committee report
Meetings
During the year ended 30 June 2025, the Committee met four
times and was fully compliant with the Code in respect of its
own proceedings.
Only Committee members have the right to attend its meetings.
Other individuals such as the CEO, the Group Head of Human
Resources, senior management and external advisers may be
invited to attend meetings when appropriate.
Board changes
The Committee was responsible for identifying and
recommending candidates for the Board. After a thorough
selection process, the Committee recommended Anna
Sweeney, who joined the Board as a Non-executive Director
on1 August 2025. Anna succeeded Shirley Garrood as the
Chairof the Audit and Risk Committee, following the end
ofShirley’s term.
Board independence
The independence, effectiveness and commitment of each of
the Non-executive Directors and the Chair have been reviewed
and the Committee and Board were satisfied with the
independence, effectiveness and commitment of all the
Non-executive Directors and the Chair during the year.
Diversity
During the year, the Committee considered the composition of
the Board, particularly in the context of the requirements of the
Listing Rules, and the recommendations of the Parker Review
and the FTSE Women Leaders Review. As at 30 June 2025,
50% of the Board members are women, the Senior Independent
Director is a woman, and there is one ethnic minority member of
the Board. Following guidance issued to FTSE 350 companies
from the Department for Business and Trade, which advised
that only UK employees should be included in the ethnic
minority calculations for the senior management team, in
December 2024 the Committee agreed to revise its Parker
Review target to be achieved by the end of 2027 to 15% for
theethnic minority membership of the senior management
team. Ashmore currently meets its target for the UK senior
management team which includes 15% ethnic minority
members at 30 June 2025. The Committee also monitored
progress towards the target for the end of 2025 of 40% women
in the senior management team, as set by the FTSE Women
Leaders Review. Details of the gender and ethnicity balance
ofthe Board, the senior management and the workforce as
awhole are provided in the People and culture section on
pages40 to 43.
In order to assist with ensuring that the Group diversity
policiesremain in line with best practice and to monitor their
implementation, particularly in light of the various diversity
initiatives, the Diversity Committee continued to meet regularly
throughout the year. This committee is chaired by Jennifer
Bingham and reports to the Nominations Committee at
leastannually.
This report details the role of the
Nominations Committee and the
important work it has undertaken
during the year ended 30 June 2025.
The Committee’s focus has continued to
be on maintaining a strong, value-adding
and effective Board, with a broad range of
professional backgrounds, skills
and perspectives.
Clive Adamson
Chair
Committee membership
The following Directors served on the Committee
during the year and to the date of this report:
– Clive Adamson (Chair)
– Anna Sweeney (from 1 August 2025)
– Jennifer Bingham
– Shirley Garrood (to 31 July 2025)
– Thuy Dam
The Committee’s membership was fully compliant with
the Code. Clive Adamson was an independent
Non-executive Director prior to taking up his
appointment as Committee Chair. The other
Committee members are independent Non-executive
Directors.
The attendance record of the Committee members
forthe year under review is set out in the table on
page54.
The terms of reference for the Committee can be
found on Ashmore’s website and are reviewed
annually.
68 Ashmore Annual Report and Accounts 2025
Succession planning
The Committee’s terms of reference require it to note any
changes to Ashmore’s leadership with a view to ensuring the
Company’s continued ability to compete effectively in the
marketplace. During the year, any changes to the roles held by
senior management were noted and succession plans for the
leadership team were reviewed and agreed to be satisfactory.
The Committee remains focused on ensuring the Board retains
the appropriate balance of skills, experience and diversity to
support Ashmore’s long-term strategy. No new Non-executive
Directors were appointed during FY2025; however, following a
thorough search process, Anna Sweeney was identified as a
new Non-executive Director with a deep understanding of risk
management, governance and business models across financial
services. In considering her appropriateness, the Committee
also undertook a review of Anna’s skills, past experience, other
time commitments and any potential conflicts of interest. Prior
to her appointment taking effect on 1 August 2025, Anna
undertook a comprehensive induction programme to understand
the firm and its operations through meetings with senior
management and department heads, in addition to specific
sessions on finance and internal and external audit. Anna
alsohad a detailed handover with Shirley Garrood, including
discussing the activities of the Audit and Risk Committee
duringFY2025.
The Committee recognises that the Chair has served beyond
thenine-year limit recommended by the Code, but is
comfortable with the reasons for this given the need for
effective succession and to ensure the development of a diverse
Board. At the 2024 AGM shareholders approved the extension
of the Chair’s term for up to three years to support an orderly
succession plan over time. Cognisant of the Code’s
recommendations relating to the tenure of the Chair, the
Committee, led by Jennifer Bingham, Senior Independent
Director, is leading the recruitment process for the selection
ofthe successor to the Chair. Ashmore’s search will include
candidates who have served as a CEO of a financial services
business or as a Chair, Senior Independent Director or Chair of
acommittee, with a good understanding of the evolving
regulatory environment and strong financial acumen and
experience, alongside other suitable candidates. The Committee
has also liaised with an independent executive search firm.
Afurther update on progress will be made in due course.
External appointments held by members
of the Board
The Committee is tasked with considering significant new
appointments for Non-executive Directors to ensure that any
additional time commitment does not compromise their
commitment to their roles at Ashmore and, as part of this, the
Committee also notes when previous external roles come to
anend. During the year, the Committee considered proposals
for Non-executive Directors to take on other roles and noted
where Non-executive Directors were relinquishing existing roles.
Taking into account the proposed time commitments of each of
these new roles and the time already committed to existing
roles, it was decided that they would not impair the Directors’
commitment to Ashmore. Having confirmed that there were
noconflicts of interest, these proposed appointments were
considered andapproved.
Board performance review
During the year, the Chair facilitated an internal review of the
Board’s performance, including that of individual Directors and
the committees of the Board. The Senior Independent Director
also reviewed the Chair’s performance. The results from these
reviews were considered and discussed at a Board meeting
heldin July.
The review took the form of one-to-one meetings with each
Director, using an aide-memoire provided by the Group
Company Secretary to aid discussions, after which the findings
were reviewed and documented prior to discussion by the Board
as a whole. The review considered board size and succession
planning, meeting cadence and the Board’s understanding of
Ashmore’s local offices, in addition to other matters such as
diversity and culture within the workforce. The review raised no
major issues or concerns and concluded that Ashmore has a
Board which is committed to the success of the Company and
its long-term strategy, discharges its duties to a high standard
and, together with its committees, isoperating effectively.
Clive Adamson
Chair of the Nominations Committee
4 September 2025
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 69
Ensuring alignment between
employees and shareholders
Directors’ remuneration policy
The Directors’ remuneration policy, which was approved by
shareholders at the 2023 AGM with 88% of votes in favour,
isset out on pages 85 to 93 of the 2023 Annual Report and is
summarised on page 74 of thisreport.
Activities
During the year ended 30 June 2025, the Committee met five
times and was fully compliant with the Code in respect of its
own proceedings. Detail of the key areas of focus for the
Committee are shown on page 84.
Areas of significant focus for the Committee this year have
been: the establishment of a replacement employee benefit
trust, and, related to this, an extensive review of share plan
administration provisions; and the preparation of a new
employee share plan.
The current share plan, the Ashmore Group plc Executive
Omnibus Incentive Plan 2015, expires in October 2025, and
therefore a new plan is required to be put to shareholders at
the2025 AGM.
The Ashmore Group plc Incentive Plan 2025 has been drafted to
enable awards to be granted on the same terms as under the
Omnibus Plan, and for Executive Directors in accordance with
the Directors’ remuneration policy, but updated to reflect current
market practice.
Performance during FY2025
Emerging markets performed well over the 12 months and
Ashmore delivered alpha for clients, with a higher proportion of
AuM outperforming benchmarks over one, three and five years
compared with 30 June 2024.
Notwithstanding an improvement in redemptions over the
year,the Group experienced net outflows and, consequently,
lower average AuM, and a 24% decline in revenues compared
with FY2024.
Against this backdrop, operating costs were reduced by 14%,
meaning that the adjusted EBITDA margin was 36%. The
Groupalso delivered notable gains on its seed capital
investments, resulting in PBT of £108.6 million,15% lower
thanin the prior year.
The Committee has continued to provide transparency in its
disclosures in relation to annual performance on pages 75 to 80,
and there remains full disclosure of the performance measures
used to determine vesting for LTIP awards with additional
performance conditions attached, with the FY2020 vesting
outcome shown in figure 2 on page 79. This transparency will
becontinued for awards made under the LTIP approved by
shareholders at the 2023 AGM as part of the Directors’
remuneration policy. The performance conditions for awards
made in relation to FY2025 will be those detailed in figure 1
onpage 78.
This report outlines the activities of the
Remuneration Committee for the year
ended 30 June 2025. The Committee is
responsible for setting and overseeing the
operation of the remuneration policy for
both Executive Directors and the
wider workforce.
Jennifer Bingham
Chair
Committee membership
The following Directors served on the Committee
during the year and to the date of this report:
– Jennifer Bingham (Chair)
– Anna Sweeney (from 1 August 2025)
– Clive Adamson
– Shirley Garrood (to 31 July 2025)
– Thuy Dam
Clive Adamson was an independent Non-executive
Director within the meaning of the Code prior to taking
up his appointment as Chair of the Board. The other
Committee members are independent Non-executive
Directors of the Board. Only Committee members
have the right to attend its meetings. Other executives
may be invited to attend as the Committee requests.
The attendance record of Committee members is set
out in the table on page 54.
The terms of reference for the Committee can be
found on Ashmore’s website and are reviewed
annually.
Remuneration report
70 Ashmore Annual Report and Accounts 2025
Ensuring alignment between
employees and shareholders
Directors’ remuneration policy
The Directors’ remuneration policy, which was approved by
shareholders at the 2023 AGM with 88% of votes in favour,
isset out on pages 85 to 93 of the 2023 Annual Report and is
summarised on page 74 of thisreport.
Activities
During the year ended 30 June 2025, the Committee met five
times and was fully compliant with the Code in respect of its
own proceedings. Detail of the key areas of focus for the
Committee are shown on page 84.
Areas of significant focus for the Committee this year have
been: the establishment of a replacement employee benefit
trust, and, related to this, an extensive review of share plan
administration provisions; and the preparation of a new
employee share plan.
The current share plan, the Ashmore Group plc Executive
Omnibus Incentive Plan 2015, expires in October 2025, and
therefore a new plan is required to be put to shareholders at
the2025 AGM.
The Ashmore Group plc Incentive Plan 2025 has been drafted to
enable awards to be granted on the same terms as under the
Omnibus Plan, and for Executive Directors in accordance with
the Directors’ remuneration policy, but updated to reflect current
market practice.
Performance during FY2025
Emerging markets performed well over the 12 months and
Ashmore delivered alpha for clients, with a higher proportion of
AuM outperforming benchmarks over one, three and five years
compared with 30 June 2024.
Notwithstanding an improvement in redemptions over the
year,the Group experienced net outflows and, consequently,
lower average AuM, and a 24% decline in revenues compared
with FY2024.
Against this backdrop, operating costs were reduced by 14%,
meaning that the adjusted EBITDA margin was 36%. The
Groupalso delivered notable gains on its seed capital
investments, resulting in PBT of £108.6 million,15% lower
thanin the prior year.
The Committee has continued to provide transparency in its
disclosures in relation to annual performance on pages 75 to 80,
and there remains full disclosure of the performance measures
used to determine vesting for LTIP awards with additional
performance conditions attached, with the FY2020 vesting
outcome shown in figure 2 on page 79. This transparency will
becontinued for awards made under the LTIP approved by
shareholders at the 2023 AGM as part of the Directors’
remuneration policy. The performance conditions for awards
made in relation to FY2025 will be those detailed in figure 1
onpage 78.
This report outlines the activities of the
Remuneration Committee for the year
ended 30 June 2025. The Committee is
responsible for setting and overseeing the
operation of the remuneration policy for
both Executive Directors and the
wider workforce.
Jennifer Bingham
Chair
Committee membership
The following Directors served on the Committee
during the year and to the date of this report:
– Jennifer Bingham (Chair)
– Anna Sweeney (from 1 August 2025)
– Clive Adamson
– Shirley Garrood (to 31 July 2025)
– Thuy Dam
Clive Adamson was an independent Non-executive
Director within the meaning of the Code prior to taking
up his appointment as Chair of the Board. The other
Committee members are independent Non-executive
Directors of the Board. Only Committee members
have the right to attend its meetings. Other executives
may be invited to attend as the Committee requests.
The attendance record of Committee members is set
out in the table on page 54.
The terms of reference for the Committee can be
found on Ashmore’s website and are reviewed
annually.
Remuneration report
70 Ashmore Annual Report and Accounts 2025
Executive Directors’ performance assessment and
reward for FY2025
As detailed in the assessment of annual performance measures
on pages 75 to 77, given the Group’s operational and financial
performance, together with progress against strategic objectives
and other non-financial factors, the Committee has determined
that the CEO should not be awarded an annual bonus and that
the GFD should be awarded an annual bonus of £1,248,750.
In accordance with the Directors’ remuneration policy, at least
70% of this award will be delivered in Ashmore Group plc
restricted shares that vest after five years, subject to continued
service, and in accordance with the relevant share planrules.
Long-term incentive plan
Reflecting its assesment of performance over the year, the
Committee has determined that the CEO will not be made an
LTIP award for FY2025 and that the GFD should be made an
LTIP award with a value at grant of£416,250.
In accordance with the Directors’ remuneration policy, this
award will be delivered in Ashmore Group plc restricted shares
that vest after five years, subject to the application of the
stretching performance conditions detailed on page 78 being
applied to the total LTIP award.
LTIP awards made to the GFD in FY2020 are due to vest in
September 2025, based on the application of performance
conditions to the end of FY2025. The application of performance
conditions will result in 33.3% of the LTIP award vesting, as
shown on page 79. The Committee does not intend to apply its
discretion to vary this outcome. The CEO did not receive an LTIP
award in FY2020, reflecting business performance at the time.
Aggregate variable remuneration cap
The Directors’ remuneration policy caps the aggregate
maximum variable remuneration available for the Executive
Directors annually, currently at £20 million.
The total awards determined by the Committee for FY2025
reflect 8.3% of this cap, with 1.8% of the cap delivered in
cash and 6.5% being subject either to continued service or
performance conditions. The Committee believes this level of
aggregate award is appropriate for the performance of the
Executive Directors in FY2025.
Executive Directors’ salaries FY2025
The CEO and GFD’s base salaries will be increased to £150,000
effective from 1 November 2025.
All employee remuneration
The Committee has spent time this year considering the
remuneration levels for employees categorised as material
risktakers under the FCA’s remuneration codes, for whom
theCommittee has responsibility for determining remuneration
levels, and also for employees in control functions whose
remuneration is overseen by the Committee. Additionally, it
hasreviewed the Group’s approach to remuneration and
benefits for all other employees, to ensure that, whilst
maintaining Ashmore’s flexible remuneration structure,
consideration is given to salary and variable pay levels to
reflectindividual and business performance.
Variable compensation for all employees has been accrued at
35% of EBVCT resulting in a charge of £39.5 million.
As can been seen in figure 9 on page 86, relevant comparator
employee salaries were increased by 5% on average during the
period, compared with a 7% increase in FY2024. Taking into
account the performance achieved, the impact on relevant
comparator employees’ annual bonus payments in FY2025
wasa decrease of 34% relative to FY2024.
We look forward to the support of our shareholders in our
application of the Directors’ remuneration policy, and in the
approval of the new Ashmore Group plc Incentive Plan.
Jennifer Bingham
Chair of the Remuneration Committee
4 September 2025
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 71
Remuneration at a glance
Ashmore’s fundamental
remuneration principles
Alignment with stakeholders
Base salaries are capped and set at the lower end of market levels to ensure fixed costs are tightly controlled.
On an annual basis the bonus pool is calculated by reference to profits, ensuring predictability of overall remuneration
outcomes.
At least 70% of Executive Directors’ annual bonus and 100% of LTIP awards are delivered in Ashmore Group plc shares,
restricted and deferred for five years.
A significant proportion of Executive Directors’ variable remuneration will only vest subject to the achievement of stretching
performance targets, closely aligned with the Group’s KPIs.
Discretion and flexibility
Variable remuneration is not formulaic or capped at an individual level, albeit there is a cap at an aggregate level for Executive
Directors, and therefore the Remuneration Committee has discretion to ensure that awards reflect business and individual
performance in the round; thus the behavioural risk arising from target-based incentive plans is not present.
Malus and clawback may be applied by the Remuneration Committee to all elements of variable remuneration.
The Remuneration Committee is able to apply an ex-ante risk adjustment to the bonus pool to reflect any concerns arising.
Consistency across the Group
A clear and simple remuneration approach applies to all Ashmore Group employees, including Executive Directors, which is a
material factor in defining and shaping the remuneration policy and Ashmore’s culture.
The Executive Directors receive the same level of pension contributions and benefits as other employees.
Pay for long-term performance
The Remuneration Committee considers the performance of Executive Directors and senior managers, including material risk
takers, over the long term, taking account of progress over a multi-year period, annual performance in the context of the
business and progress made towards both its strategic objectives and its KPIs.
LTIP awards for Executive Directors are subject to performance conditions over a five-year performance period.
72 Ashmore Annual Report and Accounts 2025
Remuneration at a glance
Ashmore’s fundamental
remuneration principles
Alignment with stakeholders
Base salaries are capped and set at the lower end of market levels to ensure fixed costs are tightly controlled.
On an annual basis the bonus pool is calculated by reference to profits, ensuring predictability of overall remuneration
outcomes.
At least 70% of Executive Directors’ annual bonus and 100% of LTIP awards are delivered in Ashmore Group plc shares,
restricted and deferred for five years.
A significant proportion of Executive Directors’ variable remuneration will only vest subject to the achievement of stretching
performance targets, closely aligned with the Group’s KPIs.
Discretion and flexibility
Variable remuneration is not formulaic or capped at an individual level, albeit there is a cap at an aggregate level for Executive
Directors, and therefore the Remuneration Committee has discretion to ensure that awards reflect business and individual
performance in the round; thus the behavioural risk arising from target-based incentive plans is not present.
Malus and clawback may be applied by the Remuneration Committee to all elements of variable remuneration.
The Remuneration Committee is able to apply an ex-ante risk adjustment to the bonus pool to reflect any concerns arising.
Consistency across the Group
A clear and simple remuneration approach applies to all Ashmore Group employees, including Executive Directors, which is a
material factor in defining and shaping the remuneration policy and Ashmore’s culture.
The Executive Directors receive the same level of pension contributions and benefits as other employees.
Pay for long-term performance
The Remuneration Committee considers the performance of Executive Directors and senior managers, including material risk
takers, over the long term, taking account of progress over a multi-year period, annual performance in the context of the
business and progress made towards both its strategic objectives and its KPIs.
LTIP awards for Executive Directors are subject to performance conditions over a five-year performance period.
72 Ashmore Annual Report and Accounts 2025
Financial
measures
AuM
-3%
Adjusted
EBITDA margin
36%
AuM outperforming
benchmarks (3 years)
70%
Profit before tax
-15%
Net revenue
-24%
Diluted
EPS
-13%
Management of
non-VC operating
costs
-6%
Non-financial measures
Alignment with financial and non-financial
annual performance measures
Summary of CEO and GFD total remuneration
The Chief Executive Officer’s remuneration outcomes
The CEO has not been awarded a bonus or made an LTIP
award for FY2025 (FY2024 bonus: £1,875,000 and FY2024
LTIP: £625,000).
FY2020 LTIP vesting outcome in FY2025
33.3% of LTIP awards made to the GFD in 2020 are due to
vest in September 2025, after the application of performance
conditions. The CEO did not receive an LTIP award in 2020,
reflecting business performance at the time.
The Group Finance Director’s remuneration outcomes
The GFD’s annual bonus comprising cash and restricted
shares at grant value for FY2025 is £1,248,750
(FY2024: £1,478,750).
The GFD received an LTIP award with a grant value of
£416,250 (FY2024: £492,917), which will vest after five
years, subject to the application of performance conditions.
Strategic objectives (phases 1, 2, 3)
Sustainability
Employees
Compliance, culture and risk management
Salary 90.8%
Pensions 8.2%
Taxable benefits 1.0%
Annual cash bonus 0%
Annual bonus deferred
into equity 0%
Long-Term incentive plan 0%
Vesting 33%
Lapsing 67%
Salary 7.7%
Pensions 0.8%
Taxable benefits 0.2%
Annual cash bonus 20.0%
Annual bonus deferred
into equity 48.5%
Long-Term incentive plan 22.8%
Further details in relation to performance against financial and non-financial measures are on pages 75 to 77.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 73
Remuneration Policy summary
The table below summarises the operation and performance metrics for each of the elements of
remuneration set out in the Directors’ remuneration policy approved by shareholders at the 2023
AGM. The full policy can be found on pages 85 to 93 of the 2023 Annual Report.
Executive
Directors:
elements of
remuneration Operation and performance metrics
Base salary
Consistent with the approach taken throughout the Company, base salaries for all employees, including
Executive Directors, are currently capped at £150,000.
Benefits
Benefits are not subject to a specific cap but represent only a small percentage of total remuneration and
provide cost-effective benefits to support health and wellbeing. Benefits currently include (but are not limited
to) medical insurance and life insurance.
Pension
The Company contribution level for Executive Directors is currently aligned with that for UK employees. This
is 9% of base salary, with a further matching contribution of up to 1% of base salary, should the Executive
Director make a personal contribution of an equivalent amount. Only basic salary is pensionable.
Aggregate variable
remuneration cap
A cap is in place to provide shareholders with clarity on the maximum variable remuneration that may be
awarded to Executive Directors each year. The policy caps the aggregate annual variable remuneration for
Executive Directors, currently at £20 million.
Annual bonus
To incentivise and reward performance in the year, Executive Directors are considered for discretionary
variable remuneration awards each year based on performance assessed at the end of the financial year.
This year’s assessment of performance can be found on pages 75 to 77. Awards are delivered following the
end of the financial year as a combination of cash and deferred shares. At least 70% of the award will be
deferred into shares, which will normally vest after a period of five years, to enhance alignment of interests
with those of shareholders over the longer term.
Long-term
incentive plan
LTIP awards are share-based awards, typically granted to Executive Directors following the end of the
financial year to reward long-term performance and ensure the interests of Executive Directors are closely
aligned with those of other shareholders. The LTIP will typically be equivalent to no less than 25% of the
Executive Director’s total variable remuneration award for the year, and can be up to 100% of the total
variable remuneration awarded subject to overall performance and affordability. The performance conditions
for awards made in relation to FY2025 can be found on page 78. LTIP awards will vest after five years,
subject to achievement of the performance conditions.
Shareholding
requirements
Executive Directors are usually required to build up and maintain a shareholding equivalent to 300% of salary
during employment, and to maintain this level of shareholding for two years after the end of their
employment. Both the CEO and GFD exceed the shareholding requirement; details of their shareholdings
are shown in figure 8 on page 83.
Non-executive
Directors –
elements of
remuneration Operation
Fees
Non-executive Director fees are structured as a base fee with additional fees paid for additional
responsibilities. The Non-executive Director base fee is currently set at £60,000, with an additional fee
of £15,000 for the Senior Independent Director, Audit and Risk Committee Chair and Remuneration
Committee Chair. The Chair fee is £150,000, inclusive of chairing the Nominations Committee. The overall
fees payable to Non-executive Directors will remain within the limit stated in the Articles of Association,
currently £750,000.
Summary of Directors’
remuneration policy
74 Ashmore Annual Report and Accounts 2025
Remuneration Policy summary
The table below summarises the operation and performance metrics for each of the elements of
remuneration set out in the Directors’ remuneration policy approved by shareholders at the 2023
AGM. The full policy can be found on pages 85 to 93 of the 2023 Annual Report.
Executive
Directors:
elements of
remuneration Operation and performance metrics
Base salary
Consistent with the approach taken throughout the Company, base salaries for all employees, including
Executive Directors, are currently capped at £150,000.
Benefits
Benefits are not subject to a specific cap but represent only a small percentage of total remuneration and
provide cost-effective benefits to support health and wellbeing. Benefits currently include (but are not limited
to) medical insurance and life insurance.
Pension
The Company contribution level for Executive Directors is currently aligned with that for UK employees. This
is 9% of base salary, with a further matching contribution of up to 1% of base salary, should the Executive
Director make a personal contribution of an equivalent amount. Only basic salary is pensionable.
Aggregate variable
remuneration cap
A cap is in place to provide shareholders with clarity on the maximum variable remuneration that may be
awarded to Executive Directors each year. The policy caps the aggregate annual variable remuneration for
Executive Directors, currently at £20 million.
Annual bonus
To incentivise and reward performance in the year, Executive Directors are considered for discretionary
variable remuneration awards each year based on performance assessed at the end of the financial year.
This year’s assessment of performance can be found on pages 75 to 77. Awards are delivered following the
end of the financial year as a combination of cash and deferred shares. At least 70% of the award will be
deferred into shares, which will normally vest after a period of five years, to enhance alignment of interests
with those of shareholders over the longer term.
Long-term
incentive plan
LTIP awards are share-based awards, typically granted to Executive Directors following the end of the
financial year to reward long-term performance and ensure the interests of Executive Directors are closely
aligned with those of other shareholders. The LTIP will typically be equivalent to no less than 25% of the
Executive Director’s total variable remuneration award for the year, and can be up to 100% of the total
variable remuneration awarded subject to overall performance and affordability. The performance conditions
for awards made in relation to FY2025 can be found on page 78. LTIP awards will vest after five years,
subject to achievement of the performance conditions.
Shareholding
requirements
Executive Directors are usually required to build up and maintain a shareholding equivalent to 300% of salary
during employment, and to maintain this level of shareholding for two years after the end of their
employment. Both the CEO and GFD exceed the shareholding requirement; details of their shareholdings
are shown in figure 8 on page 83.
Non-executive
Directors –
elements of
remuneration Operation
Fees
Non-executive Director fees are structured as a base fee with additional fees paid for additional
responsibilities. The Non-executive Director base fee is currently set at £60,000, with an additional fee
of £15,000 for the Senior Independent Director, Audit and Risk Committee Chair and Remuneration
Committee Chair. The Chair fee is £150,000, inclusive of chairing the Nominations Committee. The overall
fees payable to Non-executive Directors will remain within the limit stated in the Articles of Association,
currently £750,000.
Summary of Directors’
remuneration policy
74 Ashmore Annual Report and Accounts 2025
Redemptions improved compared with FY2024, but certain
investors continued to exhibit some risk aversion and therefore
the Group experienced net outflows and, consequently, a lower
level of average AuM. When combined with a reduced
contribution from performance fees, net revenue fell by 24%.
Disciplined control of operating costs, which reduced by 14%,
resulted in an adjusted EBITDA margin of 36%. Seed capital
investments delivered a meaningful mark-to-market gain in the
period and, overall, PBT was 15% lower compared with FY2024.
The Committee discussed the performance of the Executive
Directors and the appropriate variable remuneration outcomes
for each of them in the context of performance delivered,
takinginto account the revenue headwinds faced by the
Company this year. A summary of performance against key
financial and non-financial measures is set out below and on
thefollowing pages.
Executive Director bonuses are funded from the Group bonus
pool and determined by the Committee using a balanced
scorecard of financial and non-financial measures, which
includes measures relating to personal performance. In the 2024
Annual Report, the Committee confirmed that it would apply
broadly similar weightings and metrics for annual variable
remuneration in FY2025 as in prior periods, chosen to align
withthe Group’s KPIs and strategy.
Through assessment of the Executive Directors’ annual
short-term performance measures, the Committee evaluated
the level of performance achieved against key financial and
non-financial measures.
As described below, in FY2025 the Executive Directors
continued to manage the business to create long-term value
forclients and shareholders, notwithstanding ongoing
macroeconomic challenges.
Ashmore’s investment teams are delivering alpha for clients
across most investment themes, which is reflected in a higher
proportion of AuM outperforming benchmarks over one, three
and five years compared with a year ago.
Assessment of the financial measures for the Executive Directors
Performance measure Year Performance relative to the prior period Outcome
Committee
assessment
AuM FY2025 $47.6bn
FY2024
$49.3bn
(see page 24 for more information)
Adjusted EBITDA margin FY2025
36%
FY2024 41%
(see page 28 for more information)
AuM outperforming
benchmarks (1, 3 & 5 years)
FY2025
1yr 57%, 3yr 70%, 5yr 81%
FY2024 1yr 40%, 3yr 59%, 5yr 62%
(see page 26 for more information)
Net revenue FY2025
£144.1m
FY2024 £189.3m
(see page 27 for more information)
Management of non-VC
operating costs
FY2025
£56.8m
FY2024 £60.6m
(see page 27 for more information)
Profit before tax FY2025
£108.6m
FY2024 £128.1m
(see page 28 for more information)
Diluted EPS FY2025
11.8p
FY2024 13.6p
(see page 28 for more information)
Assessment of
annual performance measures
Achieved
Not achieved
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 75
Remuneration report continued
Assessment of the non-financial measures for the Executive Directors
Non-financial measures Performance in FY2025
Committee
assessment
Strategic objectives (see page 4 for more information)
Phase 1 Net inflows improved through lower redemptions, but against a backdrop of
continued risk aversion from certain investors.
Phase 2 Diversification continues. In FY2025, equities AuM increased through net
inflows and is now 16% of Group AuM; there is ongoing demand for IG
strategies, which increased to 12% of AuM; strong growth (+20%) in
alternatives AuM, with initiatives underway to add scale in healthcare,
infrastructure and education; and new products launched including frontier
blended debt, impact debt and EM equity ex-China.
Phase 3 Local asset management AuM increased by 5% to US$7.8 billion; Ashmore
established a new office in Qatar, and is adding Mexico to the network.
Indonesia and Saudi Arabia are developing digital distribution channels.
Sustainability (see pages 44 to 47 for more information)
Based on FY2025 profits, Ashmore will make a payment of £0.4 million (FY2024: £0.6 million) to The Ashmore
Foundation and other charitable activities. The Ashmore Foundation continues to work with PYF, which also offers
Ashmore an opportunity to mitigate its operational GHG emissions, while generating income for farming
communities through cash crops, and providing training for women and youth working in seed nurseries in the
Peruvian Amazon.
Ashmore launched an EM impact debt strategy to satisfy demand from certain clients for their investments to have
a measurable positive impact on social and environmental metrics, next to attractive financial returns.
Ashmore has maintained its ‘low’ ESG risk category with Sustainalytics, has maintained a AA ESG rating from
MSCI, and remains a member of the FTSE4Good equity index.
Employees (see pages 40 to 43 for more information)
The Group’s average headcount decreased during FY2025 to 275 employees (FY2024: 305), in part as a result of
the disposal of the Group’s Colombian real estate business and in part due to continued low levels of staff turnover
and fewer new hires being made, leading to an overall reduction. This also underpinned cost control in the period.
Unplanned employee turnover remained low during FY2025, with the London head office at 8% (FY2024: 6%) and
at 9% for the Group as a whole (FY2024: 7%). This reflects positively on the Group’s distinctive remuneration
philosophy, which has a significant bias to long-dated equity awards, encouraging retention through market cycles.
This is evidenced further with average employee tenure in the London head office increasing to nine and a half
years and being over eight years across the Group as a whole, providing clients and investors with continuity of
employees and demonstrating retained institutional knowledge through market cycles.
During the period a succession plan was implemented for one senior management role, with a smooth transition
between individuals taking place.
The Diversity Committee, established in FY2023 to oversee Ashmore’s diversity and inclusion strategies and
chaired by the Non-executive Director responsible for workforce engagement, continued to develop initiatives to
support the development of the pipeline of under-represented groups in the workplace, including through focused
internship programmes and collaboration with dedicated charitable organisations supporting entry to the workforce
for under-represented groups.
Compliance, culture and risk management (see pages 30 to 35 for more information)
The CEO and GFD have ensured that through the Group’s over-arching corporate governance and internal control
frameworks, a strong control culture has been embedded across the Group, with clear management responsibility
and accountability for individual controls.
During the period the CEO and GFD ensured that culture, purpose and direction were maintained and embedded
through the delivery of in-depth and timely townhall meetings, strategy events and presentations to employees to
inform and direct them on the Company’s strategy, objectives and performance.
The Board reviews a dashboard of indicators on a bi-annual basis which seek to measure and monitor aspects
of organisational culture. During FY2025 the indicators included the topics of ‘tone from the top’, incentive
structures and remuneration, effectiveness of management, and governance and individual accountability.
The Remuneration Committee is satisfied that all relevant regulatory and corporate governance requirements
have been met appropriately. There were no matters of concern arising during FY2025 that would warrant the
Remuneration Committee questioning the management of the Group, or which indicated poor organisational culture
or conduct risks.
76 Ashmore Annual Report and Accounts 2025
Remuneration report continued
Assessment of the non-financial measures for the Executive Directors
Non-financial measures Performance in FY2025
Committee
assessment
Strategic objectives (see page 4 for more information)
Phase 1 Net inflows improved through lower redemptions, but against a backdrop of
continued risk aversion from certain investors.
Phase 2 Diversification continues. In FY2025, equities AuM increased through net
inflows and is now 16% of Group AuM; there is ongoing demand for IG
strategies, which increased to 12% of AuM; strong growth (+20%) in
alternatives AuM, with initiatives underway to add scale in healthcare,
infrastructure and education; and new products launched including frontier
blended debt, impact debt and EM equity ex-China.
Phase 3 Local asset management AuM increased by 5% to US$7.8 billion; Ashmore
established a new office in Qatar, and is adding Mexico to the network.
Indonesia and Saudi Arabia are developing digital distribution channels.
Sustainability (see pages 44 to 47 for more information)
Based on FY2025 profits, Ashmore will make a payment of £0.4 million (FY2024: £0.6 million) to The Ashmore
Foundation and other charitable activities. The Ashmore Foundation continues to work with PYF, which also offers
Ashmore an opportunity to mitigate its operational GHG emissions, while generating income for farming
communities through cash crops, and providing training for women and youth working in seed nurseries in the
Peruvian Amazon.
Ashmore launched an EM impact debt strategy to satisfy demand from certain clients for their investments to have
a measurable positive impact on social and environmental metrics, next to attractive financial returns.
Ashmore has maintained its ‘low’ ESG risk category with Sustainalytics, has maintained a AA ESG rating from
MSCI, and remains a member of the FTSE4Good equity index.
Employees (see pages 40 to 43 for more information)
The Group’s average headcount decreased during FY2025 to 275 employees (FY2024: 305), in part as a result of
the disposal of the Group’s Colombian real estate business and in part due to continued low levels of staff turnover
and fewer new hires being made, leading to an overall reduction. This also underpinned cost control in the period.
Unplanned employee turnover remained low during FY2025, with the London head office at 8% (FY2024: 6%) and
at 9% for the Group as a whole (FY2024: 7%). This reflects positively on the Group’s distinctive remuneration
philosophy, which has a significant bias to long-dated equity awards, encouraging retention through market cycles.
This is evidenced further with average employee tenure in the London head office increasing to nine and a half
years and being over eight years across the Group as a whole, providing clients and investors with continuity of
employees and demonstrating retained institutional knowledge through market cycles.
During the period a succession plan was implemented for one senior management role, with a smooth transition
between individuals taking place.
The Diversity Committee, established in FY2023 to oversee Ashmore’s diversity and inclusion strategies and
chaired by the Non-executive Director responsible for workforce engagement, continued to develop initiatives to
support the development of the pipeline of under-represented groups in the workplace, including through focused
internship programmes and collaboration with dedicated charitable organisations supporting entry to the workforce
for under-represented groups.
Compliance, culture and risk management (see pages 30 to 35 for more information)
The CEO and GFD have ensured that through the Group’s over-arching corporate governance and internal control
frameworks, a strong control culture has been embedded across the Group, with clear management responsibility
and accountability for individual controls.
During the period the CEO and GFD ensured that culture, purpose and direction were maintained and embedded
through the delivery of in-depth and timely townhall meetings, strategy events and presentations to employees to
inform and direct them on the Company’s strategy, objectives and performance.
The Board reviews a dashboard of indicators on a bi-annual basis which seek to measure and monitor aspects
of organisational culture. During FY2025 the indicators included the topics of ‘tone from the top’, incentive
structures and remuneration, effectiveness of management, and governance and individual accountability.
The Remuneration Committee is satisfied that all relevant regulatory and corporate governance requirements
have been met appropriately. There were no matters of concern arising during FY2025 that would warrant the
Remuneration Committee questioning the management of the Group, or which indicated poor organisational culture
or conduct risks.
76 Ashmore Annual Report and Accounts 2025
Overall performance assessment
The Remuneration Committee considered the qualitative and quantitative inputs provided across the range of financial and non-
financial measures detailed above and, to assist shareholders in understanding its decision-making, summarises its assessment of
performance as follows:
Chief Executive Officer Group Finance Director
The CEO’s short-term performance is assessed:
75% on financial performance measures including: effectively
managing investment performance to deliver consistent growth
in each investment theme; maintaining and increasing AuM; and
maintaining and increasing EBIT; and
25% on non-financial management performance, including:
management of matters relating to ESG; strategy development
and implementation; recruitment; staff turnover and succession
planning; and regulatory and compliance adherence.
The GFD’s short-term performance is assessed:
85% on his management of the Finance, Middle Office
Operations, IT, Corporate Development and Investor Relations
departments and on his management of subsidiary business
activities outside the UK; and
15% on contribution to the development and implementation of
strategic goals and increasing value for shareholders, investor
relations and communication, broadening the shareholder base,
and communicating effectively with all relevant stakeholders.
Personal performance Personal performance
The financial measures represent the greater proportion of the
areas considered by the Remuneration Committee in
determining annual remuneration for the CEO, in order that
there is a clear alignment of annual incentives with the Group’s
KPIs and the delivery, over time, of value for shareholders.
As detailed elsewhere in this report, FY2025 has seen PBT
decline by 15% and diluted EPS fall by 13%. Investment
performance has improved, with 70% of AuM outperforming
over three years, but AuM continued to decline over the year,
albeit with a reduced rate ofredemptions.
The Committee also recognises positive developments in
respect of certain non-financial measures this year. However,
given the Group’s financial performance, and the desire to
ensure continued alignment of interests with shareholders,
thismeans it has concluded not to award a bonus in relation
toFY2025.
The GFD’s short-term performance is assessed, in the main, in
relation to his management and oversight of the business areas
he is responsible for, which have continued to be run effectively
through the review period.
The subsidiary businesses have continued to perform well,
increasing AuM and collectively becoming an ever more
important diversifier of investment performance and revenue,
with new subsidiary offices opening in Qatar and Mexico.
Effective treasury and FX management of the Group’s balance
sheet capital, including in relation to the management of seed
capital, has been a material contributor to profitability in
theperiod.
The Committee has concluded that during the period operating
costs have remained well managed by the GFD and his ongoing
contribution to business strategy, investor relations and
shareholder and third-party relationship management
remainseffective.
The GFD has continued to demonstrate effective management
of his areas of the Group, and through his management of costs
and the Company’s balance sheet assets has contributed to the
Group’s overall profitability in the period.
Executive Director annual bonus awards for the year ending 30 June 2025
The Remuneration Committee has considered these inputs and has determined that the Group’s operational and financial
performance in the period, together with progress against strategic objectives, should be recognised in this year’s award levels.
The Committee determined that the CEO should be awarded an annual bonus of £0 (FY2024: £1,875,000) and that the GFD should
be awarded an annual bonus of £1,248,750 (FY2024: £1,478,750). The Committee also determined to make an LTIP award to the
GFD, which is detailed in figure 4 on page 80.
Annual bonus award
Mark Coombs £0
Tom Shippey £1,248,750
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 77
Remuneration report continued
Performance conditions,
vesting outcomes and grants
The table below sets out the measures and targets for LTIP awards.
Figure 1
Performance conditions vesting scale for LTIP awards
Performance condition Performance % of award vesting
Investment outperformance Below 50% of assets outperforming the benchmarks
over three and five years Zero
50% of assets outperforming the benchmarks over
three and five years
25% – Threshold
performance
Between 50% and 75% of assets outperforming the
benchmarks over three and five years
Straight-line proportionate
vesting
75% or above of assets outperforming the benchmarks
over three and five years 100%
Growth in AuM Below 5% compound increase in AuM over the
five-year performance period Zero
5% compound increase in AuM over the five-year
performance period
25% – Threshold
performance
Between 5% and 10% compound increase in AuM
over the five-year performance period
Straight-line proportionate
vesting
10% or above compound increase in AuM over the
five-year performance period 100%
Profitability – Ashmore’s diluted EPS
performance relative to a combination of
emerging markets indices representative of the
markets in which Ashmore invests, determined
by the Remuneration Committee and based on
the underlying structure of the business
Below the benchmark return Zero
At the benchmark return 25% – Threshold
performance
Between the benchmark return and 10%
outperformance
Straight-line proportionate
vesting
At or above 10% outperformance relative to the
benchmark return 100%
Performance and vesting outcome for the GFD’s FY2020 LTIP awards
The FY2020 awards had performance conditions ending on 30 June 2025 and are due to vest on 17 September 2025. For these
awards the three performance conditions shown above were equally weighted at 33.3%. The performance outcomes, relative to the
performance conditions vesting scale shown in figure 1, are shown in figure 2.
For awards made in relation to years prior to FY2024, in lieu of a discrete LTIP, performance conditions were applied to half of the
restricted and half of the matching shares awarded. For ease of comparability the shares with performance conditions applied are
referred to as an LTIP. From FY2024 a separate LTIP has been established with performance conditions applied to the entire award.
The CEO did not receive an LTIP award in FY2020, reflecting business performance at the time.
78 Ashmore Annual Report and Accounts 2025
Remuneration report continued
Performance conditions,
vesting outcomes and grants
The table below sets out the measures and targets for LTIP awards.
Figure 1
Performance conditions vesting scale for LTIP awards
Performance condition Performance % of award vesting
Investment outperformance Below 50% of assets outperforming the benchmarks
over three and five years Zero
50% of assets outperforming the benchmarks over
three and five years
25% – Threshold
performance
Between 50% and 75% of assets outperforming the
benchmarks over three and five years
Straight-line proportionate
vesting
75% or above of assets outperforming the benchmarks
over three and five years 100%
Growth in AuM Below 5% compound increase in AuM over the
five-year performance period Zero
5% compound increase in AuM over the five-year
performance period
25% – Threshold
performance
Between 5% and 10% compound increase in AuM
over the five-year performance period
Straight-line proportionate
vesting
10% or above compound increase in AuM over the
five-year performance period 100%
Profitability – Ashmore’s diluted EPS
performance relative to a combination of
emerging markets indices representative of the
markets in which Ashmore invests, determined
by the Remuneration Committee and based on
the underlying structure of the business
Below the benchmark return Zero
At the benchmark return 25% – Threshold
performance
Between the benchmark return and 10%
outperformance
Straight-line proportionate
vesting
At or above 10% outperformance relative to the
benchmark return 100%
Performance and vesting outcome for the GFD’s FY2020 LTIP awards
The FY2020 awards had performance conditions ending on 30 June 2025 and are due to vest on 17 September 2025. For these
awards the three performance conditions shown above were equally weighted at 33.3%. The performance outcomes, relative to the
performance conditions vesting scale shown in figure 1, are shown in figure 2.
For awards made in relation to years prior to FY2024, in lieu of a discrete LTIP, performance conditions were applied to half of the
restricted and half of the matching shares awarded. For ease of comparability the shares with performance conditions applied are
referred to as an LTIP. From FY2024 a separate LTIP has been established with performance conditions applied to the entire award.
The CEO did not receive an LTIP award in FY2020, reflecting business performance at the time.
78 Ashmore Annual Report and Accounts 2025
Figure 2
Vesting outcome for GFD’s 2020 LTIP awards subject to performance conditions
GFD
Performance measure assessment
Vesting
percentage Type of share award
Restricted and matching
shares awarded subject
to performance
conditions
Shares
vesting
Shares
lapsing
Investment
performance
76% of assets were outperforming the
benchmarks over three and five years 100% Restricted shares 16,663 16,663 –
Matching shares 12,497 12,497 –
Increasing
AuM
AuM reduced over the five-year period from
US$83.6bn in 2020 to US$47.6bn in 2025 0% Restricted shares 16,663 – 16,663
Matching shares 12,497 – 12,497
Profitability On a compound basis, Ashmore’s diluted EPS
growth was below the benchmark return:
actual was -12.7% compared to the
benchmark index at 2.3%
0% Restricted shares 16,663 – 16,663
Matching shares 12,497 – 12,497
Totals 33.3% 87,480 29,160 58,320
The Remuneration Committee has discretion to adjust the vesting level of the awards if it considers that the vesting level does not
reflect the underlying financial or non-financial performance over the vesting period; or if it deems the vesting level is not appropriate
in the context of circumstances that were unexpected or unforeseen; or there exists any other reason why an adjustment is
appropriate, taking into account such factors as the Remuneration Committee considers relevant. The Remuneration Committee has
not applied its discretion to alter the number of awards due to vest on 17 September 2025.
Figure 3
LTIP awards made during the year ended 30 June 2025 – audited information
Figure 3 provides details of the LTIP awards that were made during FY2025 under the current Directors’ remuneration policy, and
will vest on the fifth anniversary of the award date, to the extent that the performance conditions are met.
The performance conditions for the most recent awards were a combination of:
– 33.3% investment outperformance, relative to the relevant benchmarks over three and five years;
– 33.3% growth in AuM, demonstrated through a compound increase in AuM over the five-year performance period; and
– 33.3% profitability, demonstrated through Ashmore’s diluted EPS performance relative to a comparator index over the five-year
performance period.
The performance conditions’ vesting scale remains unchanged in respect of these measures and is shown in figure 1.
Name Type of award
1
No. of shares Date of award
Share award price
2
(£)
Face value
(£)
Face value
(% of salary)
Performance
period end date
Tom Shippey LTIP 281,442 20 September 2024 £1.7514 £492,917 352% 19 September 2029
Mark Coombs LTIP 356,858 20 September 2024 £1.7514 £625,000 625% 19 September 2029
1. Executive Directors are required under the AIFMD rules to defer a portion of their cash bonus for six months. These awards are not subject to any
performance conditions and so are not included in figure 3; full details can be found in figure 6.
2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 79
Remuneration report continued
Figure 4
LTIP awards to be made during the year ended 30 June 2026
In line with the policy approved by shareholders in 2023, figure 4 shows the grant value of LTIP awards relating to FY2025, which
will be made during FY2026.
The performance conditions used for these awards are those detailed in figure 1.
Name Type of award No. of shares
1
Date of award
Share award price
2
(£)
Face value
(£)
Face value
(% of salary)
Performance
periodend date
Tom Shippey
Restricted
shares
19 September
2025 £416,250 297%
18 September
2030
1. The number of shares awarded will be reported in the 2026 Annual Report.
2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date; this will be reported in the 2026 AnnualReport.
Payments to past Directors – audited information
No payments were made to past Directors during FY2025.
Payments for loss of office – audited information
No payments were made for loss of office during FY2025.
Figure 5
Non-executive Director fees at 30 June 2025
Figure 5 shows Non-executive Director fees paid at 30 June 2025. Shirley Garrood stepped down from the Board effective from the
end of her term of appointment on 31 July 2025. The levels of remuneration for the Chair and Non-executive Directors reflect the
time commitment and responsibilities of their roles.
£ Fee
Clive Adamson 150,000
Jennifer Bingham 90,000
Thuy Dam 60,000
Shirley Garrood 75,000
80 Ashmore Annual Report and Accounts 2025
Remuneration report continued
Figure 4
LTIP awards to be made during the year ended 30 June 2026
In line with the policy approved by shareholders in 2023, figure 4 shows the grant value of LTIP awards relating to FY2025, which
will be made during FY2026.
The performance conditions used for these awards are those detailed in figure 1.
Name Type of award No. of shares
1
Date of award
Share award price
2
(£)
Face value
(£)
Face value
(% of salary)
Performance
periodend date
Tom Shippey
Restricted
shares
19 September
2025 £416,250 297%
18 September
2030
1. The number of shares awarded will be reported in the 2026 Annual Report.
2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date; this will be reported in the 2026 AnnualReport.
Payments to past Directors – audited information
No payments were made to past Directors during FY2025.
Payments for loss of office – audited information
No payments were made for loss of office during FY2025.
Figure 5
Non-executive Director fees at 30 June 2025
Figure 5 shows Non-executive Director fees paid at 30 June 2025. Shirley Garrood stepped down from the Board effective from the
end of her term of appointment on 31 July 2025. The levels of remuneration for the Chair and Non-executive Directors reflect the
time commitment and responsibilities of their roles.
£ Fee
Clive Adamson 150,000
Jennifer Bingham 90,000
Thuy Dam 60,000
Shirley Garrood 75,000
80 Ashmore Annual Report and Accounts 2025
Annual Report on
Remuneration
Figure 6
Remuneration for the year ending 30 June 2025 – audited information
The table below sets out the remuneration received by the Directors in the year ending 30 June 2025.
Executive Directors
£
Mark Coombs
1, 5, 6, 7.
Tom Shippey
1, 5, 6, 7,
Clive Adamson Jennifer Bingham Thuy Dam
10
Shirley Garrood
Fixed remuneration elements
Salary and fees
9
2025 100,000 140,000 150,000 90,000 60,000 75,000
2024 100,000 135,000 150,000 74,583 60,000 75,000
Taxable benefits 2025 1,149 3,764 – – 37 –
2024 2,330 5,826 – – 4,694 –
Pensions 2025 9,000 14,000 – – – –
2024 9,000 12,983 – – – –
Variable remuneration elements
Cash bonus 2025 – 374,625 – – – –
2024 548,438 389,025 – – – –
Mandatorily deferred share bonus
4
2025 – 874,125 – – – –
2024 1,326,563 1,089,725 – – – –
Total bonus 2025 – 1,248,750 – – – –
2024 1,875,001 1,478,750 – – – –
LTIP vesting
2, 3
2025 119,006 39,670 – – – –
2024 100,524 30,545 – – – –
Total remuneration
8
Total for year 2025 229,155 1,446,184 150,000 90,000 60,037 75,000
2024 2,086,855 1,663,104 150,000 74,583 64,694 75,000
Total fixed remuneration 2025 110,149 157,764 150,000 90,000 60,037 75,000
2024 111,330 153,809 150,000 74,583 64,694 75,000
Total variable remuneration 2025 119,006 1,288,420 – – – –
2024 1,975,525 1,509,295 – – – –
1. Benefits for both Executive Directors include membership of the Company medical scheme.
2. LTIP vesting relates to share awards with performance conditions where the performance period has ended in the relevant financial year plus the value of
any dividend equivalents.
3. The figure of £119,006 shown as the value of Mark Coombs’ FY2019 LTIP award vesting during FY2025 reflects £116,861 of share price depreciation over
the period between grant and vest. The figure of £39,670 shown as the value of Tom Shippey’s FY2019 LTIP award vesting during FY2025 reflects £38,956
of share price depreciation over the period between grant and vest. No discretion has been exercised as a result of share price appreciation or depreciation.
4. The amounts shown in the row labelled Mandatorily deferred share bonus do not have additional performance conditions attached, and also include the
amounts detailed in note 5 below relating to compliance with the AIFMD. These amounts represent the cash value of shares awarded at grant, which will
vest after five years subject to continued employment and, in the case of shares related to AIFMD, after a retention period.
5. In order to comply with the AIFMD, Mark Coombs and Tom Shippey received a proportion of their bonus, which would have otherwise been delivered in
cash, as an additional award of restricted shares, which will vest after a retention period. In FY2025, the value of this award for Mark Coombs was £0
(FY2024: £14,063), and for Tom Shippey it was £9,366 (FY2024: £9,975).
6. Dividends or dividend equivalents were paid relating to mandatorily deferred share awards in the period.
7. Mark Coombs receives cash in lieu of a pension contribution. Tom Shippey’s pension contribution includes an employee contribution via salary sacrifice; in
FY2025 this was £700 (FY2024: £683).
8. Total short-term benefits for key management personnel, including salary and fees, taxable benefits and cash bonuses, as reported in note 28 to the financial
statements, is £994,538 in FY2025 (FY2024 £1,608,952). In addition, the total cost of equity-settled awards for the Executive Directors charged to the
statement of comprehensive income, as reported in note 28 to the financial statements, is £2,194,701 in FY2025 (FY2024: £1,940,791).
9. Non-executive Directors are paid fees rather than salaries.
10. Taxable benefits for Thuy Dam relate to travel and expenses associated with attending meetings.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 81
Remuneration report continued
Figure 7
Outstanding share awards
The tables below set out details of Executive Directors’ outstanding share awards.
Executive
Type of
share
award Date of award
Share
award
price
Number of
shares at
30 June 2024
Granted
during year
Vested
during year
Lapsed
during year
Number of
shares at
30 June 2025
Performance
period Vesting/release date
Mark
Coombs
RS
1
13 September 2019 £4.38 248,580 – 137,477 111,103 – 5 years 12 September 2024
RBS
1
13 September 2019 £4.38 186,435 – 186,435 – – 5 years 12 September 2024
RMS
1
13 September 2019 £4.38 186,435 – 103,108 83,327 – 5 years 12 September 2024
RS
1
16 September 2021 £3.75 144,915 – – – 144,915 5 years 15 September 2026
RBS
1
16 September 2021 £3.75 108,686 – – – 108,686 5 years 15 September 2026
RMS
1
16 September 2021 £3.75 108,686 – – – 108,686 5 years 15 September 2026
RS
2
20 September 2024 £1.75 – 8,030 8,030 – – 6 months 14 March 2025
RS 20 September 2024 £1.75 – 749,401 – – 749,401 5 years 19 September 2029
LTIP 20 September 2024 £1.75 – 356,858 – – 356,858 5 years 19 September 2029
Total 983,737 1,114, 289 435,050 194,430 1,468,546
Executive
Type of
share
award Date of award
Share
award
price
Number of
shares at
30 June 2024
Granted
during year
Vested
during year
Lapsed
during year
Number of
shares at
30 June 2025
Performance
period Vesting/release date
Tom RS 13 September 2019 £4.38 91,256 – 54,222 37,034 – 5 years 12 September 2024
Shippey RBS 13 September 2019 £4.38 68,442 – 68,442 – – 5 years 12 September 2024
RMS 13 September 2019 £4.38 68,442 – 40,666 27,776 – 5 years 12 September 2024
RS 18 September 2020 £3.60 99,976 – – – 99,976 5 years 17 September 2025
RBS 18 September 2020 £3.60 74,982 – – – 74,982 5 years 17 September 2025
RMS 18 September 2020 £3.60 74,982 – – – 74,982 5 years 17 September 2025
RS 16 September 2021 £3.75 90,638 – – – 90,638 5 years 15 September 2026
RBS 16 September 2021 £3.75 67,979 – – – 67,979 5 years 15 September 2026
RMS 16 September 2021 £3.75 67,979 – – – 67,979 5 years 15 September 2026
RS 21 September 2022 £2.14 149,254 – – – 149,254 5 years 20 September 2027
RBS 21 September 2022 £2.14 111,941 – – – 111,941 5 years 20 September 2027
RMS 21 September 2022 £2.14 111,941 – – – 111,941 5 years 20 September 2027
RS 19 September 2023 £1.91 263,626 – – – 263,626 5 years 20 September 2027
RS
2
20 September 2024 £1.75 – 5,696 5,696 – – 6 months 14 March 2025
RS 20 September 2024 £1.75 – 616,507 – – 616,507 5 years 19 September 2029
LTIP 20 September 2024 £1.75 – 281,442 – – 281,442 5 years 19 September 2029
Total 1,341,438 903,645 169,026 64,810 2,011,247
1. In respect of the years ending 30 June 2019 and 2021 Mark Coombs chose to donate 10% of his potential non-AIFMD-related variable remuneration award in
return for the Remuneration Committee considering and approving a contribution to a charity or charities nominated by him. The ‘Number of shares at
30 June 2024’, ‘Granted during year’ and ‘Number of shares at 30 June 2025’ figures are shown excluding the amounts to be donated on vesting. On the
vesting/release date, the value of any shares donated to charity will pass to them to the extent that any relevant performance conditions have beensatisfied.
2. In order to comply with the AIFMD remuneration principles in regard to the delivery of remuneration in retained instruments, a proportion of Tom Shippey’s
and Mark Coombs’ cash bonuses relating to the year ending 30 June 2024 were delivered in the form of restricted shares, subject to a six-month retention
period, rather than being delivered in cash. These shares vested in full on the date shown and were not subject to any additional performance conditions.
The Company’s obligations under its employee share plans can be met by newly issued shares in the Company, or shares purchased
in the market by the trustees of the EBT.
The overall limits on new issuance operated under the existing share plans were established on the listing of the Company in 2006.
Under these agreed limits, the number of shares which may be issued in aggregate under employee share plans of the Company
over any 10-year period following the date of the Company’s admission in 2006 is limited to 15% of the Company’s issued share
capital. It is expected that all of the awards made to date will be satisfied by the acquisition of shares in the market and thus none of
the Company’s obligations under its employee share plans have been met by newly issued shares. As at 30 June 2025, the EBT had
8.5% of the Company’s issued share capital outstanding under employee share plans to its staff.
Defined benefit pension entitlements
None of the Directors has any entitlements under Company defined benefit pension plans.
Key
RS – Restricted shares RBS – Restricted bonus shares RMS – Restricted matching shares
82 Ashmore Annual Report and Accounts 2025
Remuneration report continued
Figure 7
Outstanding share awards
The tables below set out details of Executive Directors’ outstanding share awards.
Executive
Type of
share
award Date of award
Share
award
price
Number of
shares at
30 June 2024
Granted
during year
Vested
during year
Lapsed
during year
Number of
shares at
30 June 2025
Performance
period Vesting/release date
Mark
Coombs
RS
1
13 September 2019 £4.38 248,580 – 137,477 111,103 – 5 years 12 September 2024
RBS
1
13 September 2019 £4.38 186,435 – 186,435 – – 5 years 12 September 2024
RMS
1
13 September 2019 £4.38 186,435 – 103,108 83,327 – 5 years 12 September 2024
RS
1
16 September 2021 £3.75 144,915 – – – 144,915 5 years 15 September 2026
RBS
1
16 September 2021 £3.75 108,686 – – – 108,686 5 years 15 September 2026
RMS
1
16 September 2021 £3.75 108,686 – – – 108,686 5 years 15 September 2026
RS
2
20 September 2024 £1.75 – 8,030 8,030 – – 6 months 14 March 2025
RS 20 September 2024 £1.75 – 749,401 – – 749,401 5 years 19 September 2029
LTIP 20 September 2024 £1.75 – 356,858 – – 356,858 5 years 19 September 2029
Total 983,737 1,114, 289 435,050 194,430 1,468,546
Executive
Type of
share
award Date of award
Share
award
price
Number of
shares at
30 June 2024
Granted
during year
Vested
during year
Lapsed
during year
Number of
shares at
30 June 2025
Performance
period Vesting/release date
Tom RS 13 September 2019 £4.38 91,256 – 54,222 37,034 – 5 years 12 September 2024
Shippey RBS 13 September 2019 £4.38 68,442 – 68,442 – – 5 years 12 September 2024
RMS 13 September 2019 £4.38 68,442 – 40,666 27,776 – 5 years 12 September 2024
RS 18 September 2020 £3.60 99,976 – – – 99,976 5 years 17 September 2025
RBS 18 September 2020 £3.60 74,982 – – – 74,982 5 years 17 September 2025
RMS 18 September 2020 £3.60 74,982 – – – 74,982 5 years 17 September 2025
RS 16 September 2021 £3.75 90,638 – – – 90,638 5 years 15 September 2026
RBS 16 September 2021 £3.75 67,979 – – – 67,979 5 years 15 September 2026
RMS 16 September 2021 £3.75 67,979 – – – 67,979 5 years 15 September 2026
RS 21 September 2022 £2.14 149,254 – – – 149,254 5 years 20 September 2027
RBS 21 September 2022 £2.14 111,941 – – – 111,941 5 years 20 September 2027
RMS 21 September 2022 £2.14 111,941 – – – 111,941 5 years 20 September 2027
RS 19 September 2023 £1.91 263,626 – – – 263,626 5 years 20 September 2027
RS
2
20 September 2024 £1.75 – 5,696 5,696 – – 6 months 14 March 2025
RS 20 September 2024 £1.75 – 616,507 – – 616,507 5 years 19 September 2029
LTIP 20 September 2024 £1.75 – 281,442 – – 281,442 5 years 19 September 2029
Total 1,341,438 903,645 169,026 64,810 2,011,247
1. In respect of the years ending 30 June 2019 and 2021 Mark Coombs chose to donate 10% of his potential non-AIFMD-related variable remuneration award in
return for the Remuneration Committee considering and approving a contribution to a charity or charities nominated by him. The ‘Number of shares at
30 June 2024’, ‘Granted during year’ and ‘Number of shares at 30 June 2025’ figures are shown excluding the amounts to be donated on vesting. On the
vesting/release date, the value of any shares donated to charity will pass to them to the extent that any relevant performance conditions have beensatisfied.
2. In order to comply with the AIFMD remuneration principles in regard to the delivery of remuneration in retained instruments, a proportion of Tom Shippey’s
and Mark Coombs’ cash bonuses relating to the year ending 30 June 2024 were delivered in the form of restricted shares, subject to a six-month retention
period, rather than being delivered in cash. These shares vested in full on the date shown and were not subject to any additional performance conditions.
The Company’s obligations under its employee share plans can be met by newly issued shares in the Company, or shares purchased
in the market by the trustees of the EBT.
The overall limits on new issuance operated under the existing share plans were established on the listing of the Company in 2006.
Under these agreed limits, the number of shares which may be issued in aggregate under employee share plans of the Company
over any 10-year period following the date of the Company’s admission in 2006 is limited to 15% of the Company’s issued share
capital. It is expected that all of the awards made to date will be satisfied by the acquisition of shares in the market and thus none of
the Company’s obligations under its employee share plans have been met by newly issued shares. As at 30 June 2025, the EBT had
8.5% of the Company’s issued share capital outstanding under employee share plans to its staff.
Defined benefit pension entitlements
None of the Directors has any entitlements under Company defined benefit pension plans.
Key
RS – Restricted shares RBS – Restricted bonus shares RMS – Restricted matching shares
82 Ashmore Annual Report and Accounts 2025
Figure 8
Share interests of Directors and connected persons at 30 June 2025 – audited information
Details of the Directors’ interests in shares are shown in the table below. The Directors’ remuneration policy includes a formal
requirement for Executive Directors to build a shareholding equivalent to 300% of salary. New Executive Directors would normally
be expected to achieve this within five years from appointment.
Both Mark Coombs and Tom Shippey have met the shareholding requirement.
Under the Directors’ remuneration policy, Executive Directors are usually required to maintain a shareholding of 300% of salary, or
the actual shareholding if lower, for two years post termination of their employment. The Committee retains discretion to waive this
guideline if it is not considered appropriate in the specific circumstances, e.g. for compassionate reasons.
Shares owned
Unvested shares
held that are not
subject to further
performance conditions
Unvested shares held
that are subject to
further performance
conditions Total interest in shares
1
Shareholding as a
percentage of salary
2
Executive Directors
Mark Coombs 209,870,585 971,732 496,814 211,339,131 329,253%
Tom Shippey 70,138 1,300,606 710,641 2,081,385 849%
Non-executive Directors
Clive Adamson 2,759 – – 2,759
Jennifer Bingham – – – –
Shirley Garrood – – – –
Thuy Dam – – – –
1. Save as described above, there have been no changes in the shareholdings of the Directors between 30 June and 4 September 2025. The Directors are
permitted to hold their shares as collateral for loans with the express permission of the Board.
2. Shareholding as a percentage of salary is calculated as the value of the Directors’ interests in shares which are either beneficially owned or not subject to
future performance conditions; and, where currently unvested on a net-of-tax basis, divided by the FY2025 year end share price of £1.565.
Statement on implementation of the remuneration policy in the year commencing 1 July 2026
The Remuneration Committee intends to continue to apply broadly the same metrics and weightings to the measures which
determine annual variable remuneration in FY2026 as have been applied in the current period. The Committee also intends to apply
the same three performance conditions and targets to any LTIP awards made with the same weightings as used in FY2025, i.e.
those relating to investment outperformance relative to benchmarks, growth in AuM and profitability set out in figure 1.
Salaries for the CEO, GFD and other executives will be kept under review during FY2026 in order to ensure that they remain set at
appropriate levels.
Membership of the Remuneration Committee
The members of the Remuneration Committee during the period are listed in the table below. All of these are independent
Non-executive Directors, as defined under the Code, with the exception of the Chair of the Board who was independent on his
appointment.
Remuneration Committee attendance
During the year, the Remuneration Committee comprised the following Non-executive Directors:
Number of meetings attended out of potential maximum
Clive Adamson 5/5
Jennifer Bingham 5/5
Shirley Garrood 5/5
Thuy Dam
1
4/5
The members of the Remuneration Committee have the appropriate balance of skills, experience, independence and knowledge of
the Company to enable them to discharge their respective duties and responsibilities effectively, and met five times during the year
on 23 July 2024, 4 September 2024, 3 December 2024, 6 February 2025 and 25 June 2025. The Directors’ attendance at the
Remuneration Committee meetings is set out in the table above.
The CEO attends the meetings by invitation and assists the Remuneration Committee in its decision-making, except when his
personal remuneration is discussed. No Directors are involved in deciding their own remuneration. The Company Secretary acts as
Secretary to the Remuneration Committee. Other executives may be invited to attend as the Remuneration Committee requests.
1. Thuy Dam sent her apologies for one Remuneration Committee meeting due to unforeseen circumstances.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 83
Remuneration report continued
Terms of reference
The terms of reference for the Remuneration Committee include:
– reviewing the ongoing appropriateness and relevance of the policy for the remuneration of the Company’s Chair, the Executive
Directors and employees categorised as material risk takers under the FCA’s remuneration codes;
– reviewing the design of all incentive and share incentive plans for approval by the Board and shareholders, and, on an annual basis,
approving the total annual payments made under any such schemes;
– reviewing workforce remuneration and related policies and ensuring the alignment of incentives and rewards with culture;
– responsibility for setting remuneration for executive management of the Company, including material risk takers, and ensuring that
executives are encouraged to deliver enhanced performance and that remuneration is compatible with the Company’s risk policies
and systems;
– making recommendations to the Board as to the Company’s framework or policy for the remuneration of the Chair, the Executive
Directors and the Company Secretary and to determine their total individual remuneration packages including bonuses, incentive
payments and share awards;
– ensuring that a significant proportion of Executive Directors’ remuneration is structured so as to link rewards to corporate and
individual performance, and that performance conditions are stretching and designed to promote the long-term success of the
Company; and
– ensuring that contractual terms on termination, and any payments made, are fair to the individual and the Company, that failure is
not rewarded and that the duty to mitigate loss is fully recognised.
External advisers
Deloitte LLP was appointed as an independent advisor to the Remuneration Committee in 2020 following a thorough selection
process. The Committee has maintained the ability to receive independent advice from Deloitte LLP throughout the period from
1 July 2024 to 30 June 2025. Deloitte LLP abides by the Remuneration Consultants’ code of conduct, which requires it to provide
objective and impartial advice. Deloitte LLP also provides other tax, employee mobility and share plan administration-related services
to the Company.
The key areas of focus during the year for the Remuneration Committee
The key focus of the Remuneration Committee in the first part of FY2025 was the implementation of the new Directors’
remuneration policy in relation to FY2024. The Remuneration Committee reviewed the performance assessments of the CEO, the
GFD and the material risk takers and determined or reviewed the incentive allocations as appropriate. Feedback from employees on
variable compensation for the FY2024 performance year was also reviewed.
Following the completion of the FY2024 variable remuneration processes, the focus of the Committee turned to the termination of
the existing EBT and the establishment of a new EBT, a change which was required in order to continue to deliver share awards to
all employees across the Group’s various locations. This change was successfully implemented in FY2025.
In parallel with work on the EBT the Committee commenced preparation of a new employee share plan. The current share plan, the
Ashmore Group plc Executive Omnibus Incentive Plan, expires in October 2025, and therefore a new plan is required to be put to
shareholders.
The Ashmore Group plc Incentive Plan has been drafted with assistance from Deloitte to enable awards to be granted on the same
terms as under the Omnibus Plan, and for Executive Directors in accordance with the Directors’ remuneration policy, but reflecting
current market practice, and will be put to shareholders at the 2025 AGM.
Regulatory considerations during FY2025
For remuneration relating to FY2025, the Remuneration Committee again ensured that remuneration will be delivered to Executive
Directors and other employees categorised by the FCA as material risk takers or Code Staff consistent with the requirements of the
MIFIDPRU remuneration regime and AIFMD. This means that Executive Directors and other relevant employees will receive a
proportion of their cash bonus delivered as an award of restricted shares, which are retained and restricted from sale for a six-month
period, rather than as cash. Further details of this in relation to the Executive Directors can be found on page 81. Throughout the
period, regular regulatory updates were provided to the Committee.
Ashmore’s UK employee headcount remains significantly under 250, and as a result of this, Ashmore is not required to include a
CEO pay ratio calculation as part of the Remuneration report.
84 Ashmore Annual Report and Accounts 2025
Remuneration report continued
Terms of reference
The terms of reference for the Remuneration Committee include:
– reviewing the ongoing appropriateness and relevance of the policy for the remuneration of the Company’s Chair, the Executive
Directors and employees categorised as material risk takers under the FCA’s remuneration codes;
– reviewing the design of all incentive and share incentive plans for approval by the Board and shareholders, and, on an annual basis,
approving the total annual payments made under any such schemes;
– reviewing workforce remuneration and related policies and ensuring the alignment of incentives and rewards with culture;
– responsibility for setting remuneration for executive management of the Company, including material risk takers, and ensuring that
executives are encouraged to deliver enhanced performance and that remuneration is compatible with the Company’s risk policies
and systems;
– making recommendations to the Board as to the Company’s framework or policy for the remuneration of the Chair, the Executive
Directors and the Company Secretary and to determine their total individual remuneration packages including bonuses, incentive
payments and share awards;
– ensuring that a significant proportion of Executive Directors’ remuneration is structured so as to link rewards to corporate and
individual performance, and that performance conditions are stretching and designed to promote the long-term success of the
Company; and
– ensuring that contractual terms on termination, and any payments made, are fair to the individual and the Company, that failure is
not rewarded and that the duty to mitigate loss is fully recognised.
External advisers
Deloitte LLP was appointed as an independent advisor to the Remuneration Committee in 2020 following a thorough selection
process. The Committee has maintained the ability to receive independent advice from Deloitte LLP throughout the period from
1 July 2024 to 30 June 2025. Deloitte LLP abides by the Remuneration Consultants’ code of conduct, which requires it to provide
objective and impartial advice. Deloitte LLP also provides other tax, employee mobility and share plan administration-related services
to the Company.
The key areas of focus during the year for the Remuneration Committee
The key focus of the Remuneration Committee in the first part of FY2025 was the implementation of the new Directors’
remuneration policy in relation to FY2024. The Remuneration Committee reviewed the performance assessments of the CEO, the
GFD and the material risk takers and determined or reviewed the incentive allocations as appropriate. Feedback from employees on
variable compensation for the FY2024 performance year was also reviewed.
Following the completion of the FY2024 variable remuneration processes, the focus of the Committee turned to the termination of
the existing EBT and the establishment of a new EBT, a change which was required in order to continue to deliver share awards to
all employees across the Group’s various locations. This change was successfully implemented in FY2025.
In parallel with work on the EBT the Committee commenced preparation of a new employee share plan. The current share plan, the
Ashmore Group plc Executive Omnibus Incentive Plan, expires in October 2025, and therefore a new plan is required to be put to
shareholders.
The Ashmore Group plc Incentive Plan has been drafted with assistance from Deloitte to enable awards to be granted on the same
terms as under the Omnibus Plan, and for Executive Directors in accordance with the Directors’ remuneration policy, but reflecting
current market practice, and will be put to shareholders at the 2025 AGM.
Regulatory considerations during FY2025
For remuneration relating to FY2025, the Remuneration Committee again ensured that remuneration will be delivered to Executive
Directors and other employees categorised by the FCA as material risk takers or Code Staff consistent with the requirements of the
MIFIDPRU remuneration regime and AIFMD. This means that Executive Directors and other relevant employees will receive a
proportion of their cash bonus delivered as an award of restricted shares, which are retained and restricted from sale for a six-month
period, rather than as cash. Further details of this in relation to the Executive Directors can be found on page 81. Throughout the
period, regular regulatory updates were provided to the Committee.
Ashmore’s UK employee headcount remains significantly under 250, and as a result of this, Ashmore is not required to include a
CEO pay ratio calculation as part of the Remuneration report.
84 Ashmore Annual Report and Accounts 2025
Consideration of malus and clawback for FY2025
In addition to the performance conditions described above, a malus and clawback principle applies to variable remuneration awarded
to senior staff, including Executive Directors and material risk takers, enabling the Remuneration Committee to recoup variable
remuneration under certain circumstances. The Remuneration Committee has the discretion to apply malus and clawback provisions
to all elements of variable remuneration, including to unvested equity awards made in prior periods in the period up to six years from
the date of grant or such longer period as the Remuneration Committee determines is required by any applicable law or regulation.
The Remuneration Committee may choose to exercise this discretion for a number of reasons, for example:
– a material misstatement of the financial results;
– an error in a calculation;
– a material failure of risk management;
– serious reputational damage;
– misconduct, misbehaviour or material error on the part of the participant, or failure of the participant to meet appropriate standards
of fitness and propriety;
– a material downturn in financial performance;
– the participant having committed an act of fraud or other conduct with intent or severe negligence which led to significant losses;
or
– any other circumstances which the Remuneration Committee in its discretion considers to be similar in their nature or effect.
Where malus or clawback applies, the Remuneration Committee may, in its discretion, take a number of actions including
(but not limited to) reducing the number of shares to which an award relates, imposing further conditions on an award, or
requiring a participant to make a cash payment to the Company in respect of some or all of the shares or cash delivered to the
ExecutiveDirector.
The Remuneration Committee considered there were no events or circumstances that would have made it appropriate to recoup
remuneration from the Executive Directors or material risk takers during FY2025.
Compliance with the Code
The Code requires a description of how the Remuneration Committee has addressed the following factors during FY2025:
Code requirements How the Committee has addressed the requirement
Clarity – remuneration arrangements should
be transparent and promote effective
engagement with shareholders and
theworkforce
Remuneration arrangements for Executive Directors and the workforce are
substantially the same, and are described in detail within the Directors’
remuneration policy, which is set out on pages 85 to 93 of the 2023 Annual Report.
A significant proportion of variable remuneration is deferred for five years into
Company shares, creating a direct alignment with the interests of external
shareholders.
Simplicity – remuneration structures should
avoid complexity and their rationale and
operation should be easy to understand
Remuneration is simple for Executive Directors and the workforce, comprising a capped
basic salary and an annual bonus, delivered partly in cash and partly in Company shares
which are deferred for five years. Executive Directors may also receive an LTIP award
delivered in Company shares, subject to performance conditions.
Risk – remuneration arrangements should
ensure reputational and other risks from
excessive rewards, and behavioural risks that
can arise from target-based incentive plans,
are identified and mitigated
The Remuneration Committee has discretion to vary the bonus pool, to vary
individual annual award levels and to apply malus or clawback to existing awards.
There is no formulaic or target-based incentive plan which could risk driving negative
behaviours. The Remuneration Committee will determine the appropriate outcomes
based solely on individual and Company performance.
Predictability – the range of possible values of
rewards to individual directors and any other
limits or discretions should be identified and
explained at the time of approving the policy
Aggregate annual awards for Executive Directors are capped at £20 million and the
Committee does not apply its discretion to deliver excessive rewards, as evidenced by
outcomes over previous performance years which are fully aligned with
performance.
Proportionality – the link between individual
awards, the delivery of strategy and the
long-term performance of the company should
be clear. Outcomes should not reward poor
performance
The Remuneration Committee strictly applies its discretion to reward performance,
and to recognise periods of underperformance, as has been demonstrated on more
than one occasion where senior management and risk takers have had very material
reductions in annual variable remuneration and the CEO has not been awarded an
annual bonus, reflecting business performance at the time.
Alignment to culture – incentive schemes
should drive behaviours consistent with
company purpose, values and strategy
Ashmore’s purpose is to deliver long-term investment growth for clients and
generate value for shareholders through market cycles. The Committee has ensured
the remuneration policies of the Company support this, building employee retention
through cycles and delivering significant equity alignment between employee
shareholders and external shareholders.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 85
Remuneration report continued
Figure 9
Percentage changes in the remuneration of the Executive Directors and the fees of Non-executive
Directors relative to the remuneration of a relevant comparator employee group
2024 to 2025 % change 2023 to 2024 % change 2022 to 2023 % change 2021 to 2022 % change 2020 to 2021 % change
Mark Coombs base salary 0% 0% 0% 0% 0%
Tom Shippey base salary 0% 16% 20% 0% 0%
Clive Adamson fees
1, 2
0% 0% 54% 15% 0%
Jennifer Bingham fees
1, 3
21% 7% 13% 3% 0%
Shirley Garrood fees
1, 4
0% 14% 0% – –
Thuy Dam fees
1, 5
0% 0% – – –
Relevant comparator employees’
base salary 5% 7% 11% 2% 1%
Mark Coombs taxable benefits
6
(51%) 41% 47% 25% (87%)
Tom Shippey taxable benefits
6
(35%) 41% 47% 25% (0%)
Thuy Dam taxable benefits
8
(99%) – – – –
Relevant comparator employees’
taxable benefits
6
106% 41% 47% 25% 0%
Mark Coombs annual bonus
7
(100%) N/A 0% (100%) N/A
Tom Shippey annual bonus (16% ) 105% (10%) (6%) (6%)
Relevant comparator employees’
annual bonus (34%) 17% (8%) (16%) 4%
1. Non-executive Directors do not receive a bonus.
2. Clive Adamson joined the Board on 22 October 2015 and chaired the Remuneration Committee from 31 December 2017 until 19 October 2018; he became
the Senior Independent Director and Audit and Risk Committee Chair on 19 October 2018; and became the Chair on 21 April 2022.
3. Jennifer Bingham became the Senior Independent Director on 21 April 2022 and Remuneration Committee Chair on 1 June 2024.
4. Shirley Garrood joined the Board on 1 August 2022, and became the Audit and Risk Committee Chair on 23 January 2023.
5. Thuy Dam joined the Board on 1 June 2023.
6. The increase in taxable benefits for comparator employees is a result of the cost increase of private medical coverage. The decrease in taxable benefits for
Tom Shippey and Mark Coombs is as a result of their leaving the private medical scheme.
7. Mark Coombs did not receive a bonus in 2020, 2022, 2023 or 2025.
8. Thuy Dam’s expenses reflect a reduction in costs claimed in relation to travel.
Figure 9 compares the year-on-year percentage change from 2020 to 2025 in remuneration elements for the CEO, the GFD and the
Non-executive Directors with the average year-on-year change across relevant comparator employees as a whole. Relevant
comparator employees are all full-time employees and part-time employees on an FTE basis of the Company, who have been
employed throughout the full performance year. Figures do not include amounts of cash waived to charity.
86 Ashmore Annual Report and Accounts 2025
Remuneration report continued
Figure 9
Percentage changes in the remuneration of the Executive Directors and the fees of Non-executive
Directors relative to the remuneration of a relevant comparator employee group
2024 to 2025 % change 2023 to 2024 % change 2022 to 2023 % change 2021 to 2022 % change 2020 to 2021 % change
Mark Coombs base salary 0% 0% 0% 0% 0%
Tom Shippey base salary 0% 16% 20% 0% 0%
Clive Adamson fees
1, 2
0% 0% 54% 15% 0%
Jennifer Bingham fees
1, 3
21% 7% 13% 3% 0%
Shirley Garrood fees
1, 4
0% 14% 0% – –
Thuy Dam fees
1, 5
0% 0% – – –
Relevant comparator employees’
base salary 5% 7% 11% 2% 1%
Mark Coombs taxable benefits
6
(51%) 41% 47% 25% (87%)
Tom Shippey taxable benefits
6
(35%) 41% 47% 25% (0%)
Thuy Dam taxable benefits
8
(99%) – – – –
Relevant comparator employees’
taxable benefits
6
106% 41% 47% 25% 0%
Mark Coombs annual bonus
7
(100%) N/A 0% (100%) N/A
Tom Shippey annual bonus (16% ) 105% (10%) (6%) (6%)
Relevant comparator employees’
annual bonus (34%) 17% (8%) (16%) 4%
1. Non-executive Directors do not receive a bonus.
2. Clive Adamson joined the Board on 22 October 2015 and chaired the Remuneration Committee from 31 December 2017 until 19 October 2018; he became
the Senior Independent Director and Audit and Risk Committee Chair on 19 October 2018; and became the Chair on 21 April 2022.
3. Jennifer Bingham became the Senior Independent Director on 21 April 2022 and Remuneration Committee Chair on 1 June 2024.
4. Shirley Garrood joined the Board on 1 August 2022, and became the Audit and Risk Committee Chair on 23 January 2023.
5. Thuy Dam joined the Board on 1 June 2023.
6. The increase in taxable benefits for comparator employees is a result of the cost increase of private medical coverage. The decrease in taxable benefits for
Tom Shippey and Mark Coombs is as a result of their leaving the private medical scheme.
7. Mark Coombs did not receive a bonus in 2020, 2022, 2023 or 2025.
8. Thuy Dam’s expenses reflect a reduction in costs claimed in relation to travel.
Figure 9 compares the year-on-year percentage change from 2020 to 2025 in remuneration elements for the CEO, the GFD and the
Non-executive Directors with the average year-on-year change across relevant comparator employees as a whole. Relevant
comparator employees are all full-time employees and part-time employees on an FTE basis of the Company, who have been
employed throughout the full performance year. Figures do not include amounts of cash waived to charity.
86 Ashmore Annual Report and Accounts 2025
Figure 10
TSR performance chart
The chart shows the Company’s TSR performance (with dividends reinvested) against the performance of the FTSE 250 for
the period since 30 June 2015 based on the value of a hypothetical £100 holding. This index has been chosen as it represents
companies of a broadly similar market capitalisation to Ashmore. Each point at a financial year end is calculated using an average
TSR value over the month of June (i.e. 1 June to 30 June inclusive). As the chart indicates, £100 invested in Ashmore on 30 June
2015 was worth £93 10 years later, compared with £157 for the same investment in the FTSE 250 Index.
Figure 11
Chief Executive Officer total remuneration
The table shows the total remuneration figure for the CEO during each of the financial years shown in the TSR chart. The total
remuneration figure includes the annual bonus and share awards, which vested based on performance in those years. As there is no
cap on the maximum individual bonus award, a percentage of maximum annual bonus is not shown.
Year ended 30 June Salary Benefits Pension Annual bonus
Performance-related
restricted and
matching or
phantom shares
vested
1
Percentage of
restricted and
matching phantom
shares vested Total
2025 £100,000 £1,149 £9,000 – £119,006 19% £229,155
2024 £100,000 £2,330 £9,000 £1,875,001 £100,524 17% £2,086,855
2023 £100,000 £1,653 £9,000 – – – £110,653
2022 £100,000 £1,123 £9,000 – £542,619 80% £652,742
2021 £100,000 £901 £9,000 £1,241,700 £1,108,587 57% £2,460,188
2020 £100,000 £7,203 £9,000 – – – £116,203
2019 £100,000 £7,627 £9,000 £2,491,200 £997,173 30% £3,605,000
2018 £100,000 £8,293 £9,000 £1,261,277 – – £1,378,570
2017 £100,000 £8,404 £9,000 £3,071,748 £95,574 – £3,284,726
2016 £100,000 £8,400 £9,000 £1,083,458 £284,932 – £1,485,790
1. Performance-related restricted and matching or phantom share equivalent awards vested during the years ending 30 June 2019, 2021, 2022 and 2024, plus
the value of any dividend equivalents.
£
0
50
100
150
200
30 June 15 30 June 16 30 June 17 30 June 18 30 June 19 30 June 20 30 June 21 30 June 22 30 June 23 30 June 2530 June 24
£157
£93
This graph shows the value, by 30 June 2025, of £100 invested in Ashmore Group on 30 June 2015, compared with the value of £100 invested in the FTSE 250 index on the same date.
Ashmore Group FTSE 250 Index
Value (£) (rebased)
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 87
Figure 12
Relative importance of spend on pay
Metric 2025 2024
2024 to 2025
% change
Remuneration paid to or receivable by all employees of the Group (i.e. accounting cost) £71.0m £85.1m (17)%
Average headcount 275 298 (8%)
Distributions to shareholders (dividends and/or share buybacks) £120.1m £119.9m –
Figure 13
Statement of shareholder voting
At the 2023 AGM, the Directors’ Remuneration policy for the years ending 30 June 2024, 2025 and 2026 received the following
votes from shareholders:
Remuneration Policy % of votes cast
Votes cast in favour 477,407,150 87.83%
Votes cast against 66,158,484 12.17%
Total votes cast 543,565,634 100.00%
Abstentions 37,289,667 N/A
At the 2024 AGM, the Directors’ remuneration report for the year ending 30 June 2024 received the following votes from
shareholders:
Remuneration report % of votes cast
Votes cast in favour 494,113,276 95.64%
Votes cast against 22,522,897 4.36%
Total votes cast 516,636,173 100.00%
Abstentions 52,019,160 N/A
Approval
This Directors’ Remuneration report including the Annual Report on Remuneration has been approved by the Board of Directors.
Signed on behalf of the Board of Directors.
Jennifer Bingham
Chair of the Remuneration Committee
4 September 2025
Remuneration report continued
88 Ashmore Annual Report and Accounts 2025
Figure 12
Relative importance of spend on pay
Metric 2025 2024
2024 to 2025
% change
Remuneration paid to or receivable by all employees of the Group (i.e. accounting cost) £71.0m £85.1m (17)%
Average headcount 275 298 (8%)
Distributions to shareholders (dividends and/or share buybacks) £120.1m £119.9m –
Figure 13
Statement of shareholder voting
At the 2023 AGM, the Directors’ Remuneration policy for the years ending 30 June 2024, 2025 and 2026 received the following
votes from shareholders:
Remuneration Policy % of votes cast
Votes cast in favour 477,407,150 87.83%
Votes cast against 66,158,484 12.17%
Total votes cast 543,565,634 100.00%
Abstentions 37,289,667 N/A
At the 2024 AGM, the Directors’ remuneration report for the year ending 30 June 2024 received the following votes from
shareholders:
Remuneration report % of votes cast
Votes cast in favour 494,113,276 95.64%
Votes cast against 22,522,897 4.36%
Total votes cast 516,636,173 100.00%
Abstentions 52,019,160 N/A
Approval
This Directors’ Remuneration report including the Annual Report on Remuneration has been approved by the Board of Directors.
Signed on behalf of the Board of Directors.
Jennifer Bingham
Chair of the Remuneration Committee
4 September 2025
Remuneration report continued
88 Ashmore Annual Report and Accounts 2025
Statement of Directors’
responsibilities
The Directors are responsible for preparing the Annual Report
and the Group and parent Company financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and
parent Company financial statements for each financial year.
Under that law they are required to prepare the Group financial
statements inaccordance with UK-adopted international
accounting standards and applicable law and have elected to
prepare the parent Company financial statements on the
samebasis.
Under company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and parent Company
andof the Group’s profit or loss for that period. In preparing
eachof theGroup and parent Company financial statements,
theDirectorsare required to:
– select suitable accounting policies and then apply
themconsistently;
– make judgements and estimates that are reasonable,
relevantand reliable;
– state whether they have been prepared in accordance with
UK-adopted international accounting standards;
– assess the Group and parent Company’s ability to continue as
agoing concern, disclosing, as applicable, matters related to
going concern; and
– use the going concern basis of accounting unless they either
intend to liquidate the Group or the parent Company or to
cease operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the parent
Company’s transactions and disclose with reasonable accuracy
at any time the financial position of the parent Company and
enable them to ensure that its financial statements comply with
the Companies Act. They are responsible for such internal
control as they determine is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error, and have general responsibility for
taking such steps as are reasonably open to them to safeguard
the assets of the Group and to prevent and detect fraud and
otherirregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic report, Directors’ report,
Remuneration report and Corporate governance statement
thatcomply with that law and those regulations.
The Directors are responsible for the maintenance and
integrityofthe corporate and financial information included
onthe Company’s website at https://ir.ashmoregroup.com/.
Legislation in the UK governing the preparation and
dissemination of financial statements may differfrom
legislationin other jurisdictions.
Responsibility statement of the Directors in
respect of the annual financial report
The Directors confirm that to the best of their
knowledge:
– the financial statements, prepared in accordance
with the applicable set of accounting standards, give
a true and fair view of the assets, liabilities, financial
position and profit or loss of theCompany and the
undertakings included in the consolidation taken as a
whole; and the Strategic report and Directors’ report
include a fair review ofthe development and
performance of the business and the position of the
issuer and the undertakings included in the
consolidation taken as a whole, together with a
description oftheprincipal risks and uncertainties
that they face.
The Directors consider the Annual Report and
Accounts, taken as awhole, is fair, balanced and
understandable and provides the information necessary
for shareholders to assess the Group’s position and
performance, business model and strategy.
Clive Adamson
Chair
4 September 2025
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 89
The Directors present their Annual Report and
Accounts for the year ended 30 June 2025
The financial statements have been prepared in accordance with
UK-adopted international accounting standards.
Principal activity and business review
The principal activity of the Group is the provision of investment
management services. The Company is required to set out in
this report a fair review of the business of the Group during the
financial year ended 30 June 2025 and of the position of the
Group at the end of that financial year and a description of the
principal risks and uncertainties facing the Group (referred to as
the Business review). The information that fulfils the
requirements of the Business review, along with an indication of
the likely future developments in the business, can be found in
the financial highlights on the inside front cover, the CEO review
on pages 18 to 19, the Business review on pages 24 to 29 and
the Corporate governance report on pages 59 to 63.
The Group’s approach to financial risk management and the
principal operating risks facing the business, including price risk,
credit risk, liquidity risk and cash flow risk, are detailed on
pages30 to 35.
Results and dividends
The results of the Group for the year are set out in the CSCI on
page 103.
The Directors are recommending a final dividend of 12.1 pence
per share (FY2024: 12.1 pence) which, together with the interim
dividend of 4.8 pence per share (FY2024: 4.8 pence) already
declared, makes a total for the year ended 30 June 2025 of
16.9 pence per share (FY2024: 16.9 pence). Further details
relating to dividends are set out in note 14 to the financial
statements.
Subject to approval at the AGM, the final dividend will be
paidon8 December 2025 to shareholders on the register
on7 November 2025 (the ex-dividend date being
6 November 2025).
Related party transactions
Details of related party transactions are set out in note 28 to the
financial statements.
Post-balance-sheet events
Details of post-balance sheet events are set out in note 32 to the
financial statements.
Going concern
The Company and Group have considerable financial resources
and the Directors believe that both are well placed to manage
their business risks successfully.
The Board has considered the resilience of the Group, taking
into account its current financial position, and the principal and
emerging risks facing the business in the context of the current
economic outlook, as set out in note 2 to the financial
statements. The Directors are satisfied that the Company and
the Group have adequate resources to continue to operate for
aperiod of at least 12 months from the date of this report and
confirm that the Company and Group are going concerns. For
this reason they continue to adopt the going concern basis in
preparing these financial statements.
Further information regarding the Group’s business activities,
together with the factors likely to affect its future development,
performance and position, are set out on pages 3 to 17.
Auditors and the disclosure of information
toauditors
The Directors who held office at the date of approval of this
Directors’ report confirm that, so far as they are each aware,
there is no relevant audit information of which the Group’s
auditors are unaware, and each Director has taken all the steps
that they ought to have taken as Directors to make himself or
herself aware of any relevant audit information and to establish
that the Group’s auditors are aware of that information.
Resolutions will be proposed at the AGM to reappoint EY as
auditor and to authorise the Audit and Risk Committee to agree
their remuneration. Note 11 to the financial statements sets out
details of the auditor’s remuneration.
Directors
The members of the Board together with their biographical
details are shown on pages 54 to 55.
Details of the service contracts of the current Directors are
described on page 92.
Under the Articles, the minimum number of Directors is two
andthe maximum is nine. Directors may be appointed by the
Company by ordinary resolution or by the Board. A Director
appointed by the Board must offer himself/herself for election
atthe next AGM following their appointment. That Director is
not taken into account in determining the Directors or the
number of Directors who are to retire by rotation at that
meeting. Notwithstanding these provisions, the Board has
adopted Provision 18 of the Code and all Directors will retire
andseek re-election at each AGM.
Directors’ report
90 Ashmore Annual Report and Accounts 2025
The Directors present their Annual Report and
Accounts for the year ended 30 June 2025
The financial statements have been prepared in accordance with
UK-adopted international accounting standards.
Principal activity and business review
The principal activity of the Group is the provision of investment
management services. The Company is required to set out in
this report a fair review of the business of the Group during the
financial year ended 30 June 2025 and of the position of the
Group at the end of that financial year and a description of the
principal risks and uncertainties facing the Group (referred to as
the Business review). The information that fulfils the
requirements of the Business review, along with an indication of
the likely future developments in the business, can be found in
the financial highlights on the inside front cover, the CEO review
on pages 18 to 19, the Business review on pages 24 to 29 and
the Corporate governance report on pages 59 to 63.
The Group’s approach to financial risk management and the
principal operating risks facing the business, including price risk,
credit risk, liquidity risk and cash flow risk, are detailed on
pages30 to 35.
Results and dividends
The results of the Group for the year are set out in the CSCI on
page 103.
The Directors are recommending a final dividend of 12.1 pence
per share (FY2024: 12.1 pence) which, together with the interim
dividend of 4.8 pence per share (FY2024: 4.8 pence) already
declared, makes a total for the year ended 30 June 2025 of
16.9 pence per share (FY2024: 16.9 pence). Further details
relating to dividends are set out in note 14 to the financial
statements.
Subject to approval at the AGM, the final dividend will be
paidon8 December 2025 to shareholders on the register
on7 November 2025 (the ex-dividend date being
6 November 2025).
Related party transactions
Details of related party transactions are set out in note 28 to the
financial statements.
Post-balance-sheet events
Details of post-balance sheet events are set out in note 32 to the
financial statements.
Going concern
The Company and Group have considerable financial resources
and the Directors believe that both are well placed to manage
their business risks successfully.
The Board has considered the resilience of the Group, taking
into account its current financial position, and the principal and
emerging risks facing the business in the context of the current
economic outlook, as set out in note 2 to the financial
statements. The Directors are satisfied that the Company and
the Group have adequate resources to continue to operate for
aperiod of at least 12 months from the date of this report and
confirm that the Company and Group are going concerns. For
this reason they continue to adopt the going concern basis in
preparing these financial statements.
Further information regarding the Group’s business activities,
together with the factors likely to affect its future development,
performance and position, are set out on pages 3 to 17.
Auditors and the disclosure of information
toauditors
The Directors who held office at the date of approval of this
Directors’ report confirm that, so far as they are each aware,
there is no relevant audit information of which the Group’s
auditors are unaware, and each Director has taken all the steps
that they ought to have taken as Directors to make himself or
herself aware of any relevant audit information and to establish
that the Group’s auditors are aware of that information.
Resolutions will be proposed at the AGM to reappoint EY as
auditor and to authorise the Audit and Risk Committee to agree
their remuneration. Note 11 to the financial statements sets out
details of the auditor’s remuneration.
Directors
The members of the Board together with their biographical
details are shown on pages 54 to 55.
Details of the service contracts of the current Directors are
described on page 92.
Under the Articles, the minimum number of Directors is two
andthe maximum is nine. Directors may be appointed by the
Company by ordinary resolution or by the Board. A Director
appointed by the Board must offer himself/herself for election
atthe next AGM following their appointment. That Director is
not taken into account in determining the Directors or the
number of Directors who are to retire by rotation at that
meeting. Notwithstanding these provisions, the Board has
adopted Provision 18 of the Code and all Directors will retire
andseek re-election at each AGM.
Directors’ report
90 Ashmore Annual Report and Accounts 2025
Insurance and indemnification ofDirectors
The Company maintains Directors’ and officers’ liability
insurance for all Directors. To the extent permissible by law, the
Articles of Association also permit the Company to indemnify
Directors and former Directors against any liability incurred
whilst serving in suchcapacity.
Directors’ conflicts of interest
The Companies Act imposes upon Directors a statutory duty
toavoid unauthorised conflicts of interest with the Company.
The Company’s Articles enable Directors to approve conflicts
ofinterest and also include other conflict of interest provisions.
Such conflicts are then, where appropriate, considered for
approval by the Board.
Save as disclosed on pages 54 to 55, the Executive Directors
donot presently hold any external directorships with any
non-Ashmore-related companies.
Directors’ share interests
The interests of Directors in the Company’s shares are shown
on page 83 within the Remuneration report.
Diversity
The Nominations Committee and the Board recognise the
importance of diversity, which is integral to the culture of the
Group, and of ensuring that candidates for Board appointments,
whilst being assembled on merit and objective criteria,
whereverpossible reflect different genders, ethnic and social
backgrounds. The Board’s diversity policy applies to
appointments to the Board as well as to the Audit and Risk,
Nominations and Remuneration Committees and reflects the
Board’s belief that diversity is integral to the Group’s long-term
success and will enable Ashmore to respond better to diverse
customer and stakeholder needs. The Board’s diversity policy
recognises that diversity encompasses, amongst other things,
experience, skills, tenure, age, geographical expertise,
professional and socio-economic background, gender, ethnicity,
disability, neuro-diversity and sexual orientation. In addition,
theNominations Committee, in assessing the suitability of a
prospective Non-Executive Director, will consider whether the
candidate is ‘over-boarded’ and has sufficient time available to
discharge their duties, as well as the overall balance of skills,
experience and knowledge on the Board.
It is Group policy to attract and retain a diverse workforce. Whilst
there are no quotas set in respect of gender, age, ethnicity,
disability, neuro-diversity, educational or professional background
for its employees, the Group is committed to providing equal
opportunities and seeks to ensure that its workforce reflects,
asfar as is practicable, the diversity of the many communities in
which it operates; and this is set out in the Group’s diversity
policy. Details of the gender and ethnicity balance across the
Group and in relation to the Board and senior management are
provided on pages 41 to 43.
It is the Group’s policy to give appropriate consideration to
applications from persons with disabilities, having regard to their
particular aptitudes and abilities. For the purposes of training,
career development and progression (including those who
become disabled during the course of their employment), all
aretreated on equal terms with other employees.
Employees
Details of the Company’s employment practices can be found in
the People and culture section on pages 40 to 43.
Zedra Trust Company (Guernsey) Limited, as trustee of the EBT,
has discretion as to the exercise of voting rights over shares
which it holds in respect of unallocated shares, namely those
shares in which no employee beneficial interests exist.
Engagement with employees and wider
stakeholders
The Board, at a series of ‘meet the teams’ sessions chaired by
Jennifer Bingham as the Non-executive Director responsible for
workforce engagement, listened to employees’ views on the
Group. These interactive sessions help shape the Group’s
culture, alongside other forms of employee engagement such
asregular employee newsletters and off-site team building
exercises across the Group’s offices. Ashmore’s engagement
with other stakeholders and its outcomes are detailed in the
Section 172 statement on pages 36 to 39.
Charitable and political contributions
During the year, the Group made charitable donations of
£0.4 million (FY2024: £0.6 million). The work of The Ashmore
Foundation is described in the Sustainability section of this
report on pages 44 to 47. It is the Group’s policy not to make
contributions for political purposes.
Creditor payment policy
The Group’s policy and practice in the UK are to follow its
suppliers’ terms of payment and to make payment in
accordance with those terms subject to receipt of satisfactory
invoicing. Unless otherwise agreed, payments to creditors are
made within 30 days of receipt of an invoice. At 30 June 2025,
the amount owed to the Group’s trade creditors in the UK
represented approximately 19 days’ average purchases from
suppliers (FY2024: 20 days).
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 91
Relations with shareholders
The Company places great importance on communication with
its investors and has regular communication with institutional
and retail shareholders, and sell-side analysts, throughout
theyear.
Annual and interim reports and quarterly AuM updates are
distributed to other parties who may have an interest in the
Group’s performance. These documents are also made available
on the Company’s website where formal regulatory information
service announcements are posted. The CEO and GFD report to
the Board on investor relations and on specific discussions with
major shareholders.
The Company will be issuing a separate circular and Notice of
Meeting in respect of this year’s AGM. The Group will announce
the number of votes cast on resolutions at the AGM via a
regulatory information service.
The Senior Independent Director is available to shareholders if
they have a concern where contact through the normal channels
of Chair of the Board, CEO or GFD has failed to resolve it or for
which such contact is inappropriate.
Significant agreements with provisions applicable
to a change in control of the Company
There are no agreements in place applicable to achange in
control of the Company.
Share capital
The Company has a single class of share capital, ordinary shares
of 0.01 pence, each of which rank pari passu in respect of
participation and voting rights. The shares are in registered form.
The issued share capital of the Company at 30 June 2025 was
712,740,804 shares. There were no shares held in Treasury.
Details of the structure of and changes in share capital are set
out in note 22 to the financial statements.
Restrictions on voting rights
A member shall not be entitled to vote at any general meeting or
class meeting in respect of any share held by him or her if any
call or other sum then payable by him or her in respect of that
share remains unpaid or if a member has been served with a
restriction notice (asdefined in the Articles) after failure to
provide the Company with information concerning interests in
those shares required to be provided under the Companies Act.
Votes may be exercised in person or by proxy. The Company’s
Articles currently provide a deadline for submission of proxy
forms of 48hours before themeeting.
Purchase of own shares
In the year under review, the Company did not purchase any of
its own shares for Treasury and the EBT purchased 19,849,209
shares worth £35.4 million. Until the date of the next AGM, the
Company is generally and unconditionally authorised to buy
backup to 35,637,040 of its own issued shares. The Company
isseeking a renewal of the share buyback authority at the
2025AGM.
Power to issue and allot shares
The Directors are generally and unconditionally authorised to
allot unissued shares in the Company up to a maximum nominal
amount of £23,758.03 (and £47,516.05 in connection with an
offer by way of a rights issue).
A further authority has been granted to the Directors to allot the
Company’s shares for cash, up to a maximum nominal amount
of £7,127.40, without regard to the pre-emption provisions of
the Companies Act. No such shares have been issued or allotted
under these authorities, nor is there any current intention to do
so, other than to satisfy outstanding obligations under the
employee share schemes where necessary.
These authorities are valid until the date of the 2025 AGM when
a resolution for such renewal will be proposed.
Directors’ service contracts
The summary below provides details of the Directors’ service agreements/letters of appointment:
Directors’ service contracts Date appointed Director Contract commencement date Notice period Expiry/review date
Executive Directors
Mark Coombs 3 December 1998 21 September 2006 1 year Rolling
Tom Shippey 25 November 2013 25 November 2013 1 year Rolling
Non-executive Directors
Clive Adamson 22 October 2015 22 October 2015 1 month 21 October 2027
Jennifer Bingham 29 June 2018 29 June 2018 1 month 28 June 2027
Thuy Dam 1 June 2023 1 June 2023 1 month 31 May 2026
Shirley Garrood 1 August 2022 1 August 2022 1 month 31 July 2025
Anna Sweeney 1 August 2025 1 August 2025 1 month 31 July 2028
Directors’ report continuned
92 Ashmore Annual Report and Accounts 2025
Relations with shareholders
The Company places great importance on communication with
its investors and has regular communication with institutional
and retail shareholders, and sell-side analysts, throughout
theyear.
Annual and interim reports and quarterly AuM updates are
distributed to other parties who may have an interest in the
Group’s performance. These documents are also made available
on the Company’s website where formal regulatory information
service announcements are posted. The CEO and GFD report to
the Board on investor relations and on specific discussions with
major shareholders.
The Company will be issuing a separate circular and Notice of
Meeting in respect of this year’s AGM. The Group will announce
the number of votes cast on resolutions at the AGM via a
regulatory information service.
The Senior Independent Director is available to shareholders if
they have a concern where contact through the normal channels
of Chair of the Board, CEO or GFD has failed to resolve it or for
which such contact is inappropriate.
Significant agreements with provisions applicable
to a change in control of the Company
There are no agreements in place applicable to achange in
control of the Company.
Share capital
The Company has a single class of share capital, ordinary shares
of 0.01 pence, each of which rank pari passu in respect of
participation and voting rights. The shares are in registered form.
The issued share capital of the Company at 30 June 2025 was
712,740,804 shares. There were no shares held in Treasury.
Details of the structure of and changes in share capital are set
out in note 22 to the financial statements.
Restrictions on voting rights
A member shall not be entitled to vote at any general meeting or
class meeting in respect of any share held by him or her if any
call or other sum then payable by him or her in respect of that
share remains unpaid or if a member has been served with a
restriction notice (asdefined in the Articles) after failure to
provide the Company with information concerning interests in
those shares required to be provided under the Companies Act.
Votes may be exercised in person or by proxy. The Company’s
Articles currently provide a deadline for submission of proxy
forms of 48hours before themeeting.
Purchase of own shares
In the year under review, the Company did not purchase any of
its own shares for Treasury and the EBT purchased 19,849,209
shares worth £35.4 million. Until the date of the next AGM, the
Company is generally and unconditionally authorised to buy
backup to 35,637,040 of its own issued shares. The Company
isseeking a renewal of the share buyback authority at the
2025AGM.
Power to issue and allot shares
The Directors are generally and unconditionally authorised to
allot unissued shares in the Company up to a maximum nominal
amount of £23,758.03 (and £47,516.05 in connection with an
offer by way of a rights issue).
A further authority has been granted to the Directors to allot the
Company’s shares for cash, up to a maximum nominal amount
of £7,127.40, without regard to the pre-emption provisions of
the Companies Act. No such shares have been issued or allotted
under these authorities, nor is there any current intention to do
so, other than to satisfy outstanding obligations under the
employee share schemes where necessary.
These authorities are valid until the date of the 2025 AGM when
a resolution for such renewal will be proposed.
Directors’ service contracts
The summary below provides details of the Directors’ service agreements/letters of appointment:
Directors’ service contracts Date appointed Director Contract commencement date Notice period Expiry/review date
Executive Directors
Mark Coombs 3 December 1998 21 September 2006 1 year Rolling
Tom Shippey 25 November 2013 25 November 2013 1 year Rolling
Non-executive Directors
Clive Adamson 22 October 2015 22 October 2015 1 month 21 October 2027
Jennifer Bingham 29 June 2018 29 June 2018 1 month 28 June 2027
Thuy Dam 1 June 2023 1 June 2023 1 month 31 May 2026
Shirley Garrood 1 August 2022 1 August 2022 1 month 31 July 2025
Anna Sweeney 1 August 2025 1 August 2025 1 month 31 July 2028
Directors’ report continuned
92 Ashmore Annual Report and Accounts 2025
2025 Annual General Meeting
Details of the AGM will be given in the separate circular and
Notice of Meeting.
Corporate governance
The Company is governed according to the applicable provisions
of company law and by the Company’s Articles. As a listed
company, the Company must also comply with the Listing Rules
and the DTRs. Listed companies are expected to comply as far
as possible with the provisions of the Code, and to state how its
principles have been applied. There is a report from the Chair on
corporate governance on page 56 and a description of how the
Company has applied each of the principles of the 2018 Code on
pages 59 to 60. The Company complied throughout the financial
period with all the relevant provisions set out in the 2018 Code.
Mandatory GHG reporting and SECR requirements
In line with the Companies Act (Strategic Report and Directors’
Report) Regulations 2013, all companies listed on the main
market of the London Stock Exchange are required to report
their GHG emissions within their annual report. In addition, as of
1 April 2019, the Group is required to meet the mandatory SECR
requirements. The disclosures in relation to these requirements
are set out on pages 156 to 157.
Companies Act
This Directors’ report on pages 90 to 93 inclusive has been
drawn up and presented in accordance with and in reliance on
English company law, and the liabilities of the Directors in
connection with that report shall be subject to the limitations and
restrictions provided by such law.
References in this Directors’ report to the Financial highlights,
the Business review, the Corporate governance report and the
Remuneration report are deemed to be included by reference in
this Directors’ report.
Approved by the Board and signed on its behalf by:
Alexandra Autrey
Group Company Secretary
4 September 2025
Substantial shareholdings
1
The Company has been notified of the following significant interests in accordance with DTR 5 (other than those of the Directors
which are disclosed separately on page 83) in the Company’s ordinary shares of 0.01pence each.
Number
of voting
rights disclosed as at
30 June 2025
Percentage
interests
3
Number
of voting
rights disclosed as at
4 September 2025
Percentage
interests
3
Ashmore Group plc 2024 Employee Benefit Trust
2
58,534,386 8.21 58,534,386 8.21
BlackRock, Inc. 38,691,175 4.99 42,120,058 5.28
Jupiter Fund Management plc 34,571,795 4.85 34,571,795 4.85
Azvalor Asset Management SGIIC SA 21,620,442 3.03 21,620,442 3.03
1. The shareholding of Mark Coombs, a Director and substantial shareholder, is disclosed separately on page 83.
2. In addition to the interests in the Company’s ordinary shares referred to above, each Executive Director and employee of the Group has an interest in the
Company’s ordinary shares held by Zedra Trust Company (Guernsey) Limited as trustee under the terms of the EBT. The voting rights disclosed for the EBT in
this table reflect the last notification made to the Company in accordance with DTR 5. The actual number of shares held by the EBT as at 30 June 2025 is
disclosed in note 23 to the financialstatements.
3. Percentage interests are based on 712,740,804 shares in issue (2024: 712,740,804).
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 93
Independent auditor’s report to the members of
Ashmore Group plc only
Year ended 30 June 2025
94 Ashmore Annual Report and Accounts 2025
Opinion
In our opinion, which is unmodified:
– Ashmore Group plc’s Group financial statements and
Parent Company financial statements (the Financial
Statements) give a true and fair view of the state of the
Group’s and of the Parent Company’s affairs as at 30 June
2025 and of the Group’s profit for the year then ended;
– the Group financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards;
– the Parent Company financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards as applied in accordance with section
408 of the Companies Act 2006; and
– the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements of Ashmore Group plc
(the Parent Company) and its subsidiaries (together the Group)
for the year ended 30 June 2025 which comprise:
Group
Parent Company
Consolidated statement of
comprehensive income for the
year ended 30 June 2025
Company balance sheet
as at 30 June 2025
Consolidated balance sheet as at
30 June 2025
Company statement of
changes in equity for the
year ended 30 June 2025
Consolidated statement of
changes in equity for the year
ended 30 June 2025
Company cash flow
statement for the year
ended 30 June 2025
Consolidated cash flow statement
for the year ended 30 June 2025
Related notes 1 to 33
to the Company
financial statements,
including material
accounting policy
information
Related notes 1 to 33 to the
consolidated financial statements,
including material accounting
policy information
The financial reporting framework that has been applied in their
preparation is applicable law and UK-adopted international
accounting standards and as regards the Parent Company
financial statements, as applied in accordance with section 408
of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described
in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the Group and Parent Company in
accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
Financial Reporting Council’s (FRC) Ethical Standard as applied
to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the Group or the Parent Company and we
remain independent of the Group and the Parent Company in
conducting the audit.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the
Directors’ use of the going concern basis of accounting in the
preparation of the Financial Statements is appropriate.
To evaluate the Directors’ assessment of the Group and Parent
Company’s ability to continue to adopt the going concern basis
of accounting, we have:
– Assessed the assumptions used in management’s three-year
forecast by comparing to internal management information
and external market sources. We determined that the
assumptions are appropriate to enable management to assess
the going concern of the Group and Parent Company for a
period of twelve months from the date the Annual Report and
Accounts are approved;
– Assessed the appropriateness of the stress test scenarios
determined by management by considering the key risks
identified by management, our understanding of the business
and the external market environment. We evaluated the
assumptions used in the scenarios by comparing them to
internal management information and external market
sources, tested the clerical accuracy and assessed the
conclusions reached in the stress and reverse stress
test scenarios;
– Evaluated the capital and liquidity position of the Group in base
case and in stressed scenarios, by reviewing the Group’s
Internal Capital Adequacy and Risk Assessment;
– Performed enquiries of management and those charged with
governance to identify risks or events that may impact the
Group and Parent Company’s ability to continue as a going
concern. We also reviewed management’s assessment of
going concern approved by the Audit and Risk Committee and
minutes of meetings of the Board; and
– Assessed the appropriateness of the going concern
disclosures by comparing them to management’s assessment
for consistency and for compliance with the relevant
reporting requirements.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group
and Parent Company’s ability to continue as a going concern for a
period of twelve months from the date the Annual Report and
Accounts are approved.
94 Ashmore Annual Report and Accounts 2025
Independent auditor’s report to the members of
Ashmore Group plc only
Year ended 30 June 2025
94 Ashmore Annual Report and Accounts 2025
Opinion
In our opinion, which is unmodified:
– Ashmore Group plc’s Group financial statements and
Parent Company financial statements (the Financial
Statements) give a true and fair view of the state of the
Group’s and of the Parent Company’s affairs as at 30 June
2025 and of the Group’s profit for the year then ended;
– the Group financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards;
– the Parent Company financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards as applied in accordance with section
408 of the Companies Act 2006; and
– the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements of Ashmore Group plc
(the Parent Company) and its subsidiaries (together the Group)
for the year ended 30 June 2025 which comprise:
Group
Parent Company
Consolidated statement of
comprehensive income for the
year ended 30 June 2025
Company balance sheet
as at 30 June 2025
Consolidated balance sheet as at
30 June 2025
Company statement of
changes in equity for the
year ended 30 June 2025
Consolidated statement of
changes in equity for the year
ended 30 June 2025
Company cash flow
statement for the year
ended 30 June 2025
Consolidated cash flow statement
for the year ended 30 June 2025
Related notes 1 to 33
to the Company
financial statements,
including material
accounting policy
information
Related notes 1 to 33 to the
consolidated financial statements,
including material accounting
policy information
The financial reporting framework that has been applied in their
preparation is applicable law and UK-adopted international
accounting standards and as regards the Parent Company
financial statements, as applied in accordance with section 408
of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described
in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the Group and Parent Company in
accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
Financial Reporting Council’s (FRC) Ethical Standard as applied
to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the Group or the Parent Company and we
remain independent of the Group and the Parent Company in
conducting the audit.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the
Directors’ use of the going concern basis of accounting in the
preparation of the Financial Statements is appropriate.
To evaluate the Directors’ assessment of the Group and Parent
Company’s ability to continue to adopt the going concern basis
of accounting, we have:
– Assessed the assumptions used in management’s three-year
forecast by comparing to internal management information
and external market sources. We determined that the
assumptions are appropriate to enable management to assess
the going concern of the Group and Parent Company for a
period of twelve months from the date the Annual Report and
Accounts are approved;
– Assessed the appropriateness of the stress test scenarios
determined by management by considering the key risks
identified by management, our understanding of the business
and the external market environment. We evaluated the
assumptions used in the scenarios by comparing them to
internal management information and external market
sources, tested the clerical accuracy and assessed the
conclusions reached in the stress and reverse stress
test scenarios;
– Evaluated the capital and liquidity position of the Group in base
case and in stressed scenarios, by reviewing the Group’s
Internal Capital Adequacy and Risk Assessment;
– Performed enquiries of management and those charged with
governance to identify risks or events that may impact the
Group and Parent Company’s ability to continue as a going
concern. We also reviewed management’s assessment of
going concern approved by the Audit and Risk Committee and
minutes of meetings of the Board; and
– Assessed the appropriateness of the going concern
disclosures by comparing them to management’s assessment
for consistency and for compliance with the relevant
reporting requirements.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group
and Parent Company’s ability to continue as a going concern for a
period of twelve months from the date the Annual Report and
Accounts are approved.
94 Ashmore Annual Report and Accounts 2025
Independent auditor’s report to the members of
Ashmore Group plc only
Year ended 30 June 2025
94 Ashmore Annual Report and Accounts 2025
Opinion
In our opinion, which is unmodified:
– Ashmore Group plc’s Group financial statements and
Parent Company financial statements (the Financial
Statements) give a true and fair view of the state of the
Group’s and of the Parent Company’s affairs as at 30 June
2025 and of the Group’s profit for the year then ended;
– the Group financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards;
– the Parent Company financial statements have been properly
prepared in accordance with UK-adopted international
accounting standards as applied in accordance with section
408 of the Companies Act 2006; and
– the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements of Ashmore Group plc
(the Parent Company) and its subsidiaries (together the Group)
for the year ended 30 June 2025 which comprise:
Group
Parent Company
Consolidated statement of
comprehensive income for the
year ended 30 June 2025
Company balance sheet
as at 30 June 2025
Consolidated balance sheet as at
30 June 2025
Company statement of
changes in equity for the
year ended 30 June 2025
Consolidated statement of
changes in equity for the year
ended 30 June 2025
Company cash flow
statement for the year
ended 30 June 2025
Consolidated cash flow statement
for the year ended 30 June 2025
Related notes 1 to 33
to the Company
financial statements,
including material
accounting policy
information
Related notes 1 to 33 to the
consolidated financial statements,
including material accounting
policy information
The financial reporting framework that has been applied in their
preparation is applicable law and UK-adopted international
accounting standards and as regards the Parent Company
financial statements, as applied in accordance with section 408
of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described
in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We are independent of the Group and Parent Company in
accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
Financial Reporting Council’s (FRC) Ethical Standard as applied
to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard
were not provided to the Group or the Parent Company and we
remain independent of the Group and the Parent Company in
conducting the audit.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the
Directors’ use of the going concern basis of accounting in the
preparation of the Financial Statements is appropriate.
To evaluate the Directors’ assessment of the Group and Parent
Company’s ability to continue to adopt the going concern basis
of accounting, we have:
– Assessed the assumptions used in management’s three-year
forecast by comparing to internal management information
and external market sources. We determined that the
assumptions are appropriate to enable management to assess
the going concern of the Group and Parent Company for a
period of twelve months from the date the Annual Report and
Accounts are approved;
– Assessed the appropriateness of the stress test scenarios
determined by management by considering the key risks
identified by management, our understanding of the business
and the external market environment. We evaluated the
assumptions used in the scenarios by comparing them to
internal management information and external market
sources, tested the clerical accuracy and assessed the
conclusions reached in the stress and reverse stress
test scenarios;
– Evaluated the capital and liquidity position of the Group in base
case and in stressed scenarios, by reviewing the Group’s
Internal Capital Adequacy and Risk Assessment;
– Performed enquiries of management and those charged with
governance to identify risks or events that may impact the
Group and Parent Company’s ability to continue as a going
concern. We also reviewed management’s assessment of
going concern approved by the Audit and Risk Committee and
minutes of meetings of the Board; and
– Assessed the appropriateness of the going concern
disclosures by comparing them to management’s assessment
for consistency and for compliance with the relevant
reporting requirements.
Based on the work we have performed, we have not identified any
material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group
and Parent Company’s ability to continue as a going concern for a
period of twelve months from the date the Annual Report and
Accounts are approved.
Ashmore Annual Report and Accounts 2025 95
In relation to the Group and Parent Company’s reporting on how
they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the
Directors’ statement in the financial statements about whether
the Directors considered it appropriate to adopt the going concern
basis of accounting.
Our responsibilities and the responsibilities of the Directors with
respect to going concern are described in the relevant sections of
this report. However, because not all future events or conditions can
be predicted, this statement is not a guarantee as to the Group and
Parent Company’s ability to continue as a going concern.
Overview of our audit approach
Audit scope
– The Group comprises 26 reporting entities
operating in 15 countries.
– We performed an audit of the complete financial
information of 3 legal entities (“Full Scope
components”) and audit procedures on specific
significant accounts for a further 3 legal entities
(“Specific Scope components”).
– We performed centralised audit procedures on
specific balances related to a further 4 legal
entities domiciled in overseas locations
(“Centralised Procedures”).
Key audit
matters
– Improper recognition of revenue from
management and performance fees.
– Incorrect valuation of investments classified as
level 3.
Materiality
– Overall Group materiality of £5.3 million, which
represents 5% of the average over three years
of Group profit before tax adjusted for
investment gains and losses.
An overview of the scope of the Parent Company and
Group audit
Tailoring the scope
In the current year our audit scoping has been updated to reflect
the new requirements of ISA (UK) 600 (Revised). We have
followed a risk-based approach when developing our audit
approach to obtain sufficient and appropriate audit evidence on
which to base our audit opinion. We performed risk assessment
procedures, with input from our component auditors, to identify
and assess risks of material misstatement of the Group financial
statements and identified significant accounts and disclosures.
When identifying entities at which audit work needed to be
performed to respond to the identified risks of material
misstatement of the Group financial statements, we considered
our understanding of the Group and its business environment,
the potential impact of climate change, the applicable financial
reporting framework, the Group’s system of internal control at
the entity level, the existence of centralised processes, IT
applications and any relevant internal audit results.
We determined that Centralised Procedures could be performed
for 4 legal entities, for one or more of the following significant
accounts: management fees, performance fees, cash balances,
seed capital investments and variable compensation.
We identified 10 legal entities as individually relevant to the
Group. This determination was based on one or more of the
following factors applying to each of the entities identified:
relevant events and conditions underlying the identified risks of
material misstatement of the Group financial statements;
pervasive risks of material misstatement of the Group financial
statements; significant risk or an area of higher assessed risk
of material misstatement of the Group financial statements;
or materiality or financial size of the component relative
to the Group.
For those individually relevant legal entities, we identified the
significant accounts where audit work needed to be performed
at these components by applying professional judgement, having
considered the Group significant accounts on which centralised
procedures will be performed, the reasons for identifying the
financial reporting component as an individually relevant
component and the size of the component’s account balance
relative to the Group’s significant financial statement
account balances.
We then considered whether the remaining Group significant
account balances not yet subject to audit procedures, in
aggregate, could give rise to a risk of material misstatement
of the Group financial statements. We did not identify any
additional components to be included in our audit scope. Having
identified the components for which work will be performed,
we determined the scope to assign to each component.
Of the 10 legal entities selected, we designed and performed
audit procedures on the entire financial information of 3 Full
Scope components in the UK. For 3 Specific Scope components
representing Ashmore’s operations based in Colombia,
Indonesia and the Kingdom of Saudi Arabia, audit procedures
on specific significant financial statement account balances were
performed. For the remaining 4 components, we designed
and performed Centralised Procedures for one or more
relevant accounts.
Our scoping to address the risk of material misstatement for
each key audit matter is set out in the Key audit matters section
of our report.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 95
Independent auditor’s report to the members of Ashmore Group plc only continued
Year ended 30 June 2025
96 Ashmore Annual Report and Accounts 2025
Together with the procedures performed centrally at a Group
level, this gave us appropriate testing coverage and evidence for
our opinion on the Group Financial Statements:
Involvement with overseas locations
The Group audit team has maintained oversight of EY global
network firms in overseas locations performing statutory audits
of Ashmore Group controlled legal entities through use of
remote collaboration platforms, virtual meetings and in-person
site visits by the Group team to the Ashmore Colombia office in
2025 and Singapore and Indonesia Ashmore offices during 2024.
This allowed the Group audit team to gain a greater
understanding of the business in these locations through
discussions with both the overseas Ashmore management and
local EY audit teams, as well as understanding any issues arising
from their work.
Climate change
The Group has determined that substantially all of its climate-
related risk lies in the assets it manages on behalf of its clients.
This is primarily explained on pages 50-52 in the Task Force for
Climate related Financial Disclosures and on pages 34-35 in the
Risk Management section of the Annual Report and Accounts.
They have also explained their climate commitments on page 47.
All of these disclosures form part of the ‘Other information’. Our
procedures on these unaudited disclosures therefore consisted
solely of considering whether they are materially inconsistent with
the financial statements, or our knowledge obtained in the course
of the audit, or otherwise appear to be materially misstated, in line
with our responsibilities on ‘Other information’.
In planning and performing our audit we assessed the potential
impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
As explained in the disclosure in note 2 on page 110, climate
risks have been considered in the preparation of the
consolidated financial statements, principally through the
valuation of financial assets and investments. The principal areas
of consideration by management included the fair value
measurement of financial assets and investments.
Our audit effort in considering the impact of climate change on the
financial statements was focused on assessing whether the
effects of potential climate risks have been appropriately reflected
by management in reaching their judgements. As part of this
evaluation, we performed our own risk assessment to determine
the risks of material misstatement in the financial statements from
climate change, which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and associated
disclosures.
Based on our work, we have not identified the impact of climate
change on the financial statements to be a key audit matter or as a
factor that impacts a key audit matter.
Full scope components 66%
Specific scope components 21%
Centralised procedures 13%
Total Revenue
Full scope components 20%
Specific scope components 15%
Centralised procedures 65%
Profit before tax
Full scope components 26%
Specific scope components 5%
Centralised procedures 69%
Total assets
96 Ashmore Annual Report and Accounts 2025
Independent auditor’s report to the members of Ashmore Group plc only continued
Year ended 30 June 2025
96 Ashmore Annual Report and Accounts 2025
Together with the procedures performed centrally at a Group
level, this gave us appropriate testing coverage and evidence for
our opinion on the Group Financial Statements:
Involvement with overseas locations
The Group audit team has maintained oversight of EY global
network firms in overseas locations performing statutory audits
of Ashmore Group controlled legal entities through use of
remote collaboration platforms, virtual meetings and in-person
site visits by the Group team to the Ashmore Colombia office in
2025 and Singapore and Indonesia Ashmore offices during 2024.
This allowed the Group audit team to gain a greater
understanding of the business in these locations through
discussions with both the overseas Ashmore management and
local EY audit teams, as well as understanding any issues arising
from their work.
Climate change
The Group has determined that substantially all of its climate-
related risk lies in the assets it manages on behalf of its clients.
This is primarily explained on pages 50-52 in the Task Force for
Climate related Financial Disclosures and on pages 34-35 in the
Risk Management section of the Annual Report and Accounts.
They have also explained their climate commitments on page 47.
All of these disclosures form part of the ‘Other information’. Our
procedures on these unaudited disclosures therefore consisted
solely of considering whether they are materially inconsistent with
the financial statements, or our knowledge obtained in the course
of the audit, or otherwise appear to be materially misstated, in line
with our responsibilities on ‘Other information’.
In planning and performing our audit we assessed the potential
impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
As explained in the disclosure in note 2 on page 110, climate
risks have been considered in the preparation of the
consolidated financial statements, principally through the
valuation of financial assets and investments. The principal areas
of consideration by management included the fair value
measurement of financial assets and investments.
Our audit effort in considering the impact of climate change on the
financial statements was focused on assessing whether the
effects of potential climate risks have been appropriately reflected
by management in reaching their judgements. As part of this
evaluation, we performed our own risk assessment to determine
the risks of material misstatement in the financial statements from
climate change, which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and associated
disclosures.
Based on our work, we have not identified the impact of climate
change on the financial statements to be a key audit matter or as a
factor that impacts a key audit matter.
Full scope components 66%
Specific scope components 21%
Centralised procedures 13%
Total Revenue
Full scope components 20%
Specific scope components 15%
Centralised procedures 65%
Profit before tax
Full scope components 26%
Specific scope components 5%
Centralised procedures 69%
Total assets
96 Ashmore Annual Report and Accounts 2025
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Year ended 30 June 2025
96 Ashmore Annual Report and Accounts 2025
Together with the procedures performed centrally at a Group
level, this gave us appropriate testing coverage and evidence for
our opinion on the Group Financial Statements:
Involvement with overseas locations
The Group audit team has maintained oversight of EY global
network firms in overseas locations performing statutory audits
of Ashmore Group controlled legal entities through use of
remote collaboration platforms, virtual meetings and in-person
site visits by the Group team to the Ashmore Colombia office in
2025 and Singapore and Indonesia Ashmore offices during 2024.
This allowed the Group audit team to gain a greater
understanding of the business in these locations through
discussions with both the overseas Ashmore management and
local EY audit teams, as well as understanding any issues arising
from their work.
Climate change
The Group has determined that substantially all of its climate-
related risk lies in the assets it manages on behalf of its clients.
This is primarily explained on pages 50-52 in the Task Force for
Climate related Financial Disclosures and on pages 34-35 in the
Risk Management section of the Annual Report and Accounts.
They have also explained their climate commitments on page 47.
All of these disclosures form part of the ‘Other information’. Our
procedures on these unaudited disclosures therefore consisted
solely of considering whether they are materially inconsistent with
the financial statements, or our knowledge obtained in the course
of the audit, or otherwise appear to be materially misstated, in line
with our responsibilities on ‘Other information’.
In planning and performing our audit we assessed the potential
impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
As explained in the disclosure in note 2 on page 110, climate
risks have been considered in the preparation of the
consolidated financial statements, principally through the
valuation of financial assets and investments. The principal areas
of consideration by management included the fair value
measurement of financial assets and investments.
Our audit effort in considering the impact of climate change on the
financial statements was focused on assessing whether the
effects of potential climate risks have been appropriately reflected
by management in reaching their judgements. As part of this
evaluation, we performed our own risk assessment to determine
the risks of material misstatement in the financial statements from
climate change, which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and associated
disclosures.
Based on our work, we have not identified the impact of climate
change on the financial statements to be a key audit matter or as a
factor that impacts a key audit matter.
Ashmore Annual Report and Accounts 2025 97
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit
of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk
Our response to risk
Improper recognition of revenue from management and
performance
fees (£141.9 million; 2024: £185.3 million)
Refer to the Audit and Risk Committee report (page
65) and
Note
4 of the Consolidated financial statements (page 117).
The Group (‘Ashmore’) manages a range of pooled funds and
segregated mandates in a number of domiciles. The inputs and
calculation methodologies that drive the fees vary across this
population. The revenue process has both manual and automated
elements. Re
venue is an area of focus for the users of the
financial statements and influences certain KPIs for the Group.
There is a potential incentive for management to misstate
revenue in order to meet market expectations. We therefore
deem there to be a higher li
kelihood of misstatement due to
fraud or error.
We deem the following to be the key risks in relation to revenue
recognition across each revenue stream:
Management fees (segregated mandates)
Management fees from segregated accounts are internally
administered by Ashmore. This poses the risks of incorrect input
of fee rates and static data into the fee calculation system,
incorrect assets under management (‘AuM’) used in fee
calculations, incorrect calculation and billing of management fees,
and incorrect posting of revenue to the general ledger
.
We have:
– Confirmed and updated our
understanding of the processes,
controls and systems in place throughout the revenue
process, both at Ashmore and Northern Trust, including IT
processes and supporting IT applications, through
walkthrough meetings and enquiries of management;
– Tested key controls covering the processes over the
calculation, valuation and recording of AuM for segregated
mandates, as well as controls over the calculation of
segregated management fees and rebates. Our testing
included controls over new and amended fee agreements
and covered relevant IT-dependent controls over internally
calculated fees;
– For Northern Trust-calculated pooled fund management fees,
we inspected their SOC1 internal controls report for the twelve
months period to 31 March 2025 to evaluate the design and
operating effectiveness of the controls over AuM production
and fee calculation during the year. In addition, we obtained
bridging letters from Northern Trust for the period from 1 April
2025 to 30 June 2025 which confirmed that there were no
changes to the design and operation of the relevant systems
and controls at Northern Trust during that period;
– Agreed a selection of management fee rates used in the
calculation of segregated mandate and pooled fund fees to
the original investment management agreements, fee
letters or fund prospectuses and agreed the AuM to third
party administrator and custodian reports;
– Independently recalculated a sample of pooled and segregated
management fees and rebates, agreeing the recalculated
amounts to supporting invoices and bank statements;
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 97
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Year ended 30 June 2025
98 Ashmore Annual Report and Accounts 2025
Risk
Our response to risk
Management fees (pooled funds)
Management fees for pooled funds are calculated by a third-
party
administrator, Northern Trust. The fees are calculated for each
fund by applying an agreed fee rate to the fund’s AuM. The fees
are then manually posted to the general ledger by Ashmore. This
poses the risks of incorrect use of fee rates and static data by
Northern Trust, incorrect AuM used in fee calculations, incorrect
calculation and billing of management fees, and incorrect posting
of revenue to the general ledger. The risk of fraud is partially
mitigated as management fees from pooled funds are calculated
by Northern Trust.
Performance fees
Performance fees are calculated as a percentage of the
appreciation in the net asset value of a fund or of the realised
investment value above a defined hurdle. The performance fee
calculations are bespoke and calculated manually, which poses a
higher risk of errors occurring. There is a risk that performance
fees are not calculated appropriately as per the terms in the
agreements, as well as the incorrect billing of fees and
posting of journals.
Rebates
Ashmore pays rebates to individual and institutional clients who
invest in pooled funds and has agreed rebate arrangements in
place. Where rebate agreements exist, management and
performance fees are presented on a net basis in the
consolidated statement o
f comprehensive income. There is a risk
that not all agreements in place have been identified and
accounted for, and that rebate terms have not been correctly
interpreted or applied in the rebate calculations.
There is also the risk that management may influence the timing
or recognition of revenue in order to meet market expectations
or revenue-based targets.
–
Independently recalculated 100% of performance fees,
comparing the calculation method to relevant agreements
and comparing input and static data to third-party sources,
underlying systems and agreements; as well as agreeing
the recalculated amounts to supporting invoices and
bank statements;
–
For a sample of rebates, reviewed the relevant fee
agreements to verify that these have been correctly
calculated and appropriately presented net of management
fees and performance fees;
–
Performed journal entry testing with a focus on revenue
transactions to cover the risk of incorrect postings into
Ashmore’s general ledger, as well as the risk of
management override;
–
Addressed the residual risk of management override by
making enquiries of management, reading minutes of board
and board governance committee meetings up to the date
of the issuance of the Group Financial Statements; and
–
Inspected the complaints register and operational incident
logs to identify errors in revenue or rebates or other
indications of control deficiencies.
Key observations communicated to the Audit and Risk Committee
Based on the procedures performed, we concluded that management fees, performance fees and rebates had been correctly
calculated in accordance with their agreements and revenue had been recorded in accordance with IFRS 15 – Revenue from
Contracts with Customers.
We had no matters to report to the Audit and Risk Committee in respect of revenue recognition.
How we scoped our audit to respond to the risk
We performed full and specific scope audit procedures over this risk area in 6 components, and for a further component the Group
audit team performed centralised procedures. The total coverage gained by the group audit team represents 97% of the total Group
revenue from management and performance fees.
98 Ashmore Annual Report and Accounts 2025
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Year ended 30 June 2025
98 Ashmore Annual Report and Accounts 2025
Risk
Our response to risk
Management fees (pooled funds)
Management fees for pooled funds are calculated by a third-
party
administrator, Northern Trust. The fees are calculated for each
fund by applying an agreed fee rate to the fund’s AuM. The fees
are then manually posted to the general ledger by Ashmore. This
poses the risks of incorrect use of fee rates and static data by
Northern Trust, incorrect AuM used in fee calculations, incorrect
calculation and billing of management fees, and incorrect posting
of revenue to the general ledger. The risk of fraud is partially
mitigated as management fees from pooled funds are calculated
by Northern Trust.
Performance fees
Performance fees are calculated as a percentage of the
appreciation in the net asset value of a fund or of the realised
investment value above a defined hurdle. The performance fee
calculations are bespoke and calculated manually, which poses a
higher risk of errors occurring. There is a risk that performance
fees are not calculated appropriately as per the terms in the
agreements, as well as the incorrect billing of fees and
posting of journals.
Rebates
Ashmore pays rebates to individual and institutional clients who
invest in pooled funds and has agreed rebate arrangements in
place. Where rebate agreements exist, management and
performance fees are presented on a net basis in the
consolidated statement o
f comprehensive income. There is a risk
that not all agreements in place have been identified and
accounted for, and that rebate terms have not been correctly
interpreted or applied in the rebate calculations.
There is also the risk that management may influence the timing
or recognition of revenue in order to meet market expectations
or revenue-based targets.
–
Independently recalculated 100% of performance fees,
comparing the calculation method to relevant agreements
and comparing input and static data to third-party sources,
underlying systems and agreements; as well as agreeing
the recalculated amounts to supporting invoices and
bank statements;
–
For a sample of rebates, reviewed the relevant fee
agreements to verify that these have been correctly
calculated and appropriately presented net of management
fees and performance fees;
–
Performed journal entry testing with a focus on revenue
transactions to cover the risk of incorrect postings into
Ashmore’s general ledger, as well as the risk of
management override;
–
Addressed the residual risk of management override by
making enquiries of management, reading minutes of board
and board governance committee meetings up to the date
of the issuance of the Group Financial Statements; and
–
Inspected the complaints register and operational incident
logs to identify errors in revenue or rebates or other
indications of control deficiencies.
Key observations communicated to the Audit and Risk Committee
Based on the procedures performed, we concluded that management fees, performance fees and rebates had been correctly
calculated in accordance with their agreements and revenue had been recorded in accordance with IFRS 15 – Revenue from
Contracts with Customers.
We had no matters to report to the Audit and Risk Committee in respect of revenue recognition.
How we scoped our audit to respond to the risk
We performed full and specific scope audit procedures over this risk area in 6 components, and for a further component the Group
audit team performed centralised procedures. The total coverage gained by the group audit team represents 97% of the total Group
revenue from management and performance fees.
98 Ashmore Annual Report and Accounts 2025
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Year ended 30 June 2025
98 Ashmore Annual Report and Accounts 2025
Risk
Our response to risk
Management fees (pooled funds)
Management fees for pooled funds are calculated by a third-party
administrator, Northern Trust. The fees are calculated for each
fund by applying an agreed fee rate to the fund’s AuM. The fees
are then manually posted to the general ledger by Ashmore. This
poses the risks of incorrect use of fee rates and static data by
Northern Trust, incorrect AuM used in fee calculations, incorrect
calculation and billing of management fees, and incorrect posting
of revenue to the general ledger. The risk of fraud is partially
mitigated as management fees from pooled funds are calculated
by Northern Trust.
Performance fees
Performance fees are calculated as a percentage of the
appreciation in the net asset value of a fund or of the realised
investment value above a defined hurdle. The performance fee
calculations are bespoke and calculated manually, which poses a
higher risk of errors occurring. There is a risk that performance
fees are not calculated appropriately as per the terms in the
agreements, as well as the incorrect billing of fees and
posting of journals.
Rebates
Ashmore pays rebates to individual and institutional clients who
invest in pooled funds and has agreed rebate arrangements in
place. Where rebate agreements exist, management and
performance fees are presented on a net basis in the
consolidated statement of comprehensive income. There is a risk
that not all agreements in place have been identified and
accounted for, and that rebate terms have not been correctly
interpreted or applied in the rebate calculations.
There is also the risk that management may influence the timing
or recognition of revenue in order to meet market expectations
or revenue-based targets.
– Independently recalculated 100% of performance fees,
comparing the calculation method to relevant agreements
and comparing input and static data to third-party sources,
underlying systems and agreements; as well as agreeing
the recalculated amounts to supporting invoices and
bank statements;
– For a sample of rebates, reviewed the relevant fee
agreements to verify that these have been correctly
calculated and appropriately presented net of management
fees and performance fees;
– Performed journal entry testing with a focus on revenue
transactions to cover the risk of incorrect postings into
Ashmore’s general ledger, as well as the risk of
management override;
– Addressed the residual risk of management override by
making enquiries of management, reading minutes of board
and board governance committee meetings up to the date
of the issuance of the Group Financial Statements; and
– Inspected the complaints register and operational incident
logs to identify errors in revenue or rebates or other
indications of control deficiencies.
Key observations communicated to the Audit and Risk Committee
Based on the procedures performed, we concluded that management fees, performance fees and rebates had been correctly
calculated in accordance with their agreements and revenue had been recorded in accordance with IFRS 15 – Revenue from
Contracts with Customers.
We had no matters to report to the Audit and Risk Committee in respect of revenue recognition.
How we scoped our audit to respond to the risk
We performed full and specific scope audit procedures over this risk area in 6 components, and for a further component the Group
audit team performed centralised procedures. The total coverage gained by the group audit team represents 97% of the total Group
revenue from management and performance fees.
Ashmore Annual Report and Accounts 2025 99
Risk
Our response to risk
Incorrect valuation of investments
classified as level 3 (£64.9
million,
2024: £57.0 million)
Refer to the Audit and Risk Committee report (
page 65) and
Note
19 of the Consolidated financial statements (pages 131-133).
Ashmore holds seed capital investment positions at fair value
in the form of investments in securities and its own funds.
A number of these fair valued unquoted investments are
classified as
level 3 in accordance with the IFRS 13
valuation
hierarchy.
These
level 3
fair value measurements are derived from valuation
techniques that involve estimation and include inputs not based
on observable market data. As such, there is use of judg
ement
and estimation when determining the fair value of such
investments. These techniques include a number of assumptions
relating to variables such as discount rates and the
composition
of peer group average price earnings multiples. Due
to the
sensitivity of certain assumptions, small changes can
result in
material movements in the fair valuations of these
investments.
Ashmore has
an established Pricing Methodology and Valuation
Committee (PMVC) to review and approve the fair valuations of
investments classified as
level 3, that are prepared and updated
by the business on a regular basis. For certain investments
classified as
level 3 carried at fair value at 30 June 2025, external
specialists are used to provide valuations where a higher degree
of estimation risk is considered to be present
.
We have:
– Confirmed and updated our understanding of the Group's
procedures and controls in place throughout the unquoted
investments fair valuation process by performing
walkthrough procedures and reviewing the minutes and
reporting packs of the PMVC;
– Inspected evidence of ownership, the associated rights and
obligations for a sample of unquoted investments classified
as level 3;
– Obtained an understanding of the work of Ashmore’s
external specialist, used in the valuation of a sample
of Ashmore’s level 3 investments and evaluated its
competence, capabilities, and objectivity;
– Developed independent reasonable ranges of key
assumptions to the valuation of the Group’s largest level 3
investment, including testing inputs to the valuation model
and reviewing the methodology and assumptions applied by
Ashmore using their external specialist;
– For a sample of the internally valued level 3
investments, we
inspected Ashmore’s internal appraisal of the fair value at 30
June 2025
, including evidence of review and approval by the
PMVC. We then corroborated key inputs of these valuations
to relevant internal and external supporting documentation,
compared their valuation methodologies for consistency
with fair value guidance under IFRS and, where available,
inspected the latest audited financial statements pertaining
to the investments as further supporting evidence of their
fair valuation;
– Reviewed the relevant disclosures in the Group Financial
Statements in relation to level 3 investments and concluded
that all applicable disclosures were made in accordance
with
IFRS 13.
Key observations communicated to the Audit and Risk Committee
Investments classified as
level 3 have been recorded at fair value and disclosed in accordance with IFRS 13 – Fair Value
Measurement.
Based on the procedures performed, we have no matters to report in respect of the fair value of unquoted investments
.
How we scoped our audit to respond to the risk
The Group audit team performed centralised procedures in this area across 3 components, which covered
99% of the total level
3
investments.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 99
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100 Ashmore Annual Report and Accounts 2025
Our application of materiality
We apply the concept of materiality in planning and performing
the audit, in evaluating the effect of identified misstatements on
the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually
or in the aggregate, could reasonably be expected to influence
the economic decisions of the users of the financial statements.
Materiality provides a basis for determining the nature and
extent of our audit procedures.
We determined materiality for the Group to be £5.3 million
(30 June 2024: £7.0 million), which is 5% of the average over
three years of Group profit before tax adjusted for gains and
losses attributable to seed capital investments.
We determined materiality for the Parent Company to be
£5 million, which is 1% of net assets (30 June 2024: £5.9
million). The Parent Company primarily holds investments in
Group entities and, therefore, net assets is considered to be the
key focus for users of the financial statements.
During the course of our audit, we reassessed initial materiality
based on 30 June 2025 financial statement amounts and
adjusted our audit procedures accordingly.
Performance materiality
The application of materiality at the individual account or balance
level. It is set at an amount to reduce to an appropriately low
level the probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our
assessment of the Group’s overall control environment, our
judgement was that performance materiality of the Group was
75% (30 June 2024: 50%) of our planning materiality, with a
value of £3.9 million (30 June 2024: £3.5 million). We have
increased the performance materiality percentage compared to
our first-year audit in 2024 based on our prior year audit
experience in relation to the level of misstatements and
performance of the control environment.
Audit work was undertaken at component locations for
the purpose of responding to the assessed risks of
material misstatement of the Group financial statements.
The performance materiality set for each entity is based on the
relative scale and risk of the entity to the Group as a whole and
our assessment of the risk of misstatement at that entity. In the
current year, the range of performance materiality allocated to
components was £0.3 million to £3.3 million (30 June 2024: £0.2
million to £3 million).
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit and Risk Committee that we would
report to them all uncorrected audit differences in excess of
£0.26 million, which is set at 5% of planning materiality, as well
as differences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both
the quantitative measures of materiality discussed above and
in light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included in the
Annual Report set out on pages 1 to 93, including the Strategic
Report and Governance sections, other than the financial
statements and our auditor’s report thereon. The Directors are
responsible for the other information in the Annual Report.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated
in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement
in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of the other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies
Act 2006
In our opinion, the part of the Directors’ Remuneration Report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course
of the audit:
– the information given in the Strategic Report and the
Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
– the Strategic Report and the Directors’ Report have been
prepared in accordance with applicable legal requirements.
100 Ashmore Annual Report and Accounts 2025
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100 Ashmore Annual Report and Accounts 2025
Our application of materiality
We apply the concept of materiality in planning and performing
the audit, in evaluating the effect of identified misstatements on
the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually
or in the aggregate, could reasonably be expected to influence
the economic decisions of the users of the financial statements.
Materiality provides a basis for determining the nature and
extent of our audit procedures.
We determined materiality for the Group to be £5.3 million
(30 June 2024: £7.0 million), which is 5% of the average over
three years of Group profit before tax adjusted for gains and
losses attributable to seed capital investments.
We determined materiality for the Parent Company to be
£5 million, which is 1% of net assets (30 June 2024: £5.9
million). The Parent Company primarily holds investments in
Group entities and, therefore, net assets is considered to be the
key focus for users of the financial statements.
During the course of our audit, we reassessed initial materiality
based on 30 June 2025 financial statement amounts and
adjusted our audit procedures accordingly.
Performance materiality
The application of materiality at the individual account or balance
level. It is set at an amount to reduce to an appropriately low
level the probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our
assessment of the Group’s overall control environment, our
judgement was that performance materiality of the Group was
75% (30 June 2024: 50%) of our planning materiality, with a
value of £3.9 million (30 June 2024: £3.5 million). We have
increased the performance materiality percentage compared to
our first-year audit in 2024 based on our prior year audit
experience in relation to the level of misstatements and
performance of the control environment.
Audit work was undertaken at component locations for
the purpose of responding to the assessed risks of
material misstatement of the Group financial statements.
The performance materiality set for each entity is based on the
relative scale and risk of the entity to the Group as a whole and
our assessment of the risk of misstatement at that entity. In the
current year, the range of performance materiality allocated to
components was £0.3 million to £3.3 million (30 June 2024: £0.2
million to £3 million).
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit and Risk Committee that we would
report to them all uncorrected audit differences in excess of
£0.26 million, which is set at 5% of planning materiality, as well
as differences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both
the quantitative measures of materiality discussed above and
in light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included in the
Annual Report set out on pages 1 to 93, including the Strategic
Report and Governance sections, other than the financial
statements and our auditor’s report thereon. The Directors are
responsible for the other information in the Annual Report.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated
in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement
in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of the other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies
Act 2006
In our opinion, the part of the Directors’ Remuneration Report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course
of the audit:
– the information given in the Strategic Report and the
Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
– the Strategic Report and the Directors’ Report have been
prepared in accordance with applicable legal requirements.
100 Ashmore Annual Report and Accounts 2025
Independent auditor’s report to the members of Ashmore Group plc only continued
Year ended 30 June 2025
100 Ashmore Annual Report and Accounts 2025
Our application of materiality
We apply the concept of materiality in planning and performing
the audit, in evaluating the effect of identified misstatements on
the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually
or in the aggregate, could reasonably be expected to influence
the economic decisions of the users of the financial statements.
Materiality provides a basis for determining the nature and
extent of our audit procedures.
We determined materiality for the Group to be £5.3 million
(30 June 2024: £7.0 million), which is 5% of the average over
three years of Group profit before tax adjusted for gains and
losses attributable to seed capital investments.
We determined materiality for the Parent Company to be
£5 million, which is 1% of net assets (30 June 2024: £5.9
million). The Parent Company primarily holds investments in
Group entities and, therefore, net assets is considered to be the
key focus for users of the financial statements.
During the course of our audit, we reassessed initial materiality
based on 30 June 2025 financial statement amounts and
adjusted our audit procedures accordingly.
Performance materiality
The application of materiality at the individual account or balance
level. It is set at an amount to reduce to an appropriately low
level the probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our
assessment of the Group’s overall control environment, our
judgement was that performance materiality of the Group was
75% (30 June 2024: 50%) of our planning materiality, with a
value of £3.9 million (30 June 2024: £3.5 million). We have
increased the performance materiality percentage compared to
our first-year audit in 2024 based on our prior year audit
experience in relation to the level of misstatements and
performance of the control environment.
Audit work was undertaken at component locations for
the purpose of responding to the assessed risks of
material misstatement of the Group financial statements.
The performance materiality set for each entity is based on the
relative scale and risk of the entity to the Group as a whole and
our assessment of the risk of misstatement at that entity. In the
current year, the range of performance materiality allocated to
components was £0.3 million to £3.3 million (30 June 2024: £0.2
million to £3 million).
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit and Risk Committee that we would
report to them all uncorrected audit differences in excess of
£0.26 million, which is set at 5% of planning materiality, as well
as differences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both
the quantitative measures of materiality discussed above and
in light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included in the
Annual Report set out on pages 1 to 93, including the Strategic
Report and Governance sections, other than the financial
statements and our auditor’s report thereon. The Directors are
responsible for the other information in the Annual Report.
Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated
in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be
materially misstated. If we identify such material inconsistencies
or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement
in the financial statements themselves. If, based on the work
we have performed, we conclude that there is a material
misstatement of the other information, we are required to
report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies
Act 2006
In our opinion, the part of the Directors’ Remuneration Report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course
of the audit:
– the information given in the Strategic Report and the
Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
– the Strategic Report and the Directors’ Report have been
prepared in accordance with applicable legal requirements.
Ashmore Annual Report and Accounts 2025 101
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Group and
the Parent Company and its environment obtained in the course
of the audit, we have not identified material misstatements in
the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in
relation to which the Companies Act 2006 requires us to report
to you if, in our opinion:
– adequate accounting records have not been kept by the parent
company, or returns adequate for our audit have not been
received from branches not visited by us; or
– the parent company financial statements and the part of the
Directors’ Remuneration Report to be audited are not in
agreement with the accounting records and returns; or
– certain disclosures of directors’ remuneration specified by law
are not made; or
– we have not received all the information and explanations we
require for our audit; or
– a Corporate Governance Statement has not been prepared by
the Parent Company.
Corporate Governance Statement
We have reviewed the Directors’ statement in relation to going
concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Parent
Company’s compliance with the provisions of the UK Corporate
Governance Code specified for our review by the UK
Listing Rules.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the Financial
Statements, or our knowledge obtained during the audit:
– Directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any
material uncertainties identified, set out on page 110;
– Directors’ explanation as to its assessment of the Group and
Parent Company’s prospects, the period this assessment
covers and why the period is appropriate, set out on page 110;
– Directors’ statement on whether it has a reasonable
expectation that the Group will be able to continue in
operation and meets its liabilities set out on page 110;
– Directors’ statement on fair, balanced and understandable, set
out on page 60;
– Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks, set out on
pages 34-35;
– The section of the annual report that describes the review of
effectiveness of risk management and internal control
systems, set out on page 66, and;
– The section describing the work of the Audit and Risk
Committee, set out on pages 64-67.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities
statement set out on page 89, the Directors are responsible for
the preparation of the Financial Statements and for being
satisfied that they give a true and fair view, and for such internal
control as the directors determine is necessary to enable the
preparation of Financial Statements that are free from material
misstatement, whether due to fraud or error.
In preparing the Financial Statements, the directors are
responsible for assessing the Group and Parent Company’s
ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate
the Group or the Parent Company or to cease operations, or
have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the Financial Statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will always
detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on
the basis of these financial statements.
Explanation as to what extent the audit was considered
capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including
fraud. The risk of not detecting a material misstatement due to
fraud is higher than the risk of not detecting one resulting from
error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through
collusion. The extent to which our procedures are capable of
detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and
detection of fraud rests with both those charged with
governance of the Group and Parent Company and
management.
– We obtained an understanding of the legal and regulatory
frameworks that are applicable to the Group and determined
that the most significant are those that relate to the reporting
framework (UK-adopted international accounting standards,
the Companies Act 2006 and UK Corporate Governance Code)
and relevant tax compliance regulations. In addition, we
concluded that there are certain significant laws and
regulations which may have an effect on the determination of
the amounts and disclosures in the financial statements being
the UK Listing Rules, relevant rules and regulations of the
Financial Conduct Authority (‘FCA’) and those of other
applicable regulators around the world.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 101
Independent auditor’s report to the members of Ashmore Group plc only continued
Year ended 30 June 2025
102 Ashmore Annual Report and Accounts 2025
– We understood how the Group is complying with those
frameworks through the operations of its subsidiaries by
making enquiries of senior management, including the Group
Finance Director, General Counsel, Company Secretary, Head
of Risk, Head of Compliance, Head of Internal Audit and the
Chair of the Audit and Risk Committee. We corroborated our
understanding through our review of Board minutes, papers
provided to the Audit and Risk Committee, and
correspondence received from the FCA and from other
applicable regulators around the world.
– We assessed the susceptibility of the Group and Parent
Company’s financial statements to material misstatement,
including how fraud might occur, by meeting with
management to understand where they considered there was
susceptibility to fraud. We also considered performance
targets and their potential influence on efforts made by
management to manage or influence the perceptions of
analysts. We considered the controls that the Group has
established to address risks identified, or that otherwise
prevent, deter and detect fraud; and how senior management
monitors these controls. Where the risk was considered to be
higher, we performed audit procedures to address each
identified fraud risk.
– Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations identified in the paragraphs above. Our procedures
involved: journal entry testing, with a focus on manual journals
and journals indicating large or unusual transactions based on
our understanding of the business; enquiries of senior
management, and focused testing, as referred to in the key
audit matters section above.
A further description of our responsibilities for the audit of the
financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
– Following the recommendation from the Audit and Risk
Committee, we were appointed by the Parent Company on 17
November 2023 to audit the Financial Statements for the year
ended 30 June 2024 and subsequent financial periods.
Our appointment as auditor was approved by the shareholders
at the Annual General Meeting on 18 October 2023.
– The period of total uninterrupted engagement including
previous renewals and reappointments is two years, covering
the years ended 30 June 2024 and 2025.
– The audit opinion is consistent with our Audit Results Report
to the Audit and Risk Committee.
Use of our report
This report is made solely to the Parent Company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the Parent Company’s members those
matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than
the Parent Company and the Parent Company’s members as a
body, for our audit work, for this report, or for the opinions we
have formed.
Matthew Price (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
25 Churchill Place
Canary Wharf
London
4 September 2025
102 Ashmore Annual Report and Accounts 2025
Independent auditor’s report to the members of Ashmore Group plc only continued
Year ended 30 June 2025
102 Ashmore Annual Report and Accounts 2025
– We understood how the Group is complying with those
frameworks through the operations of its subsidiaries by
making enquiries of senior management, including the Group
Finance Director, General Counsel, Company Secretary, Head
of Risk, Head of Compliance, Head of Internal Audit and the
Chair of the Audit and Risk Committee. We corroborated our
understanding through our review of Board minutes, papers
provided to the Audit and Risk Committee, and
correspondence received from the FCA and from other
applicable regulators around the world.
– We assessed the susceptibility of the Group and Parent
Company’s financial statements to material misstatement,
including how fraud might occur, by meeting with
management to understand where they considered there was
susceptibility to fraud. We also considered performance
targets and their potential influence on efforts made by
management to manage or influence the perceptions of
analysts. We considered the controls that the Group has
established to address risks identified, or that otherwise
prevent, deter and detect fraud; and how senior management
monitors these controls. Where the risk was considered to be
higher, we performed audit procedures to address each
identified fraud risk.
– Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations identified in the paragraphs above. Our procedures
involved: journal entry testing, with a focus on manual journals
and journals indicating large or unusual transactions based on
our understanding of the business; enquiries of senior
management, and focused testing, as referred to in the key
audit matters section above.
A further description of our responsibilities for the audit of the
financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
– Following the recommendation from the Audit and Risk
Committee, we were appointed by the Parent Company on 17
November 2023 to audit the Financial Statements for the year
ended 30 June 2024 and subsequent financial periods.
Our appointment as auditor was approved by the shareholders
at the Annual General Meeting on 18 October 2023.
– The period of total uninterrupted engagement including
previous renewals and reappointments is two years, covering
the years ended 30 June 2024 and 2025.
– The audit opinion is consistent with our Audit Results Report
to the Audit and Risk Committee.
Use of our report
This report is made solely to the Parent Company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the Parent Company’s members those
matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than
the Parent Company and the Parent Company’s members as a
body, for our audit work, for this report, or for the opinions we
have formed.
Matthew Price (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
25 Churchill Place
Canary Wharf
London
4 September 2025
102 Ashmore Annual Report and Accounts 2025
Independent auditor’s report to the members of Ashmore Group plc only continued
Year ended 30 June 2025
102 Ashmore Annual Report and Accounts 2025
– We understood how the Group is complying with those
frameworks through the operations of its subsidiaries by
making enquiries of senior management, including the Group
Finance Director, General Counsel, Company Secretary, Head
of Risk, Head of Compliance, Head of Internal Audit and the
Chair of the Audit and Risk Committee. We corroborated our
understanding through our review of Board minutes, papers
provided to the Audit and Risk Committee, and
correspondence received from the FCA and from other
applicable regulators around the world.
– We assessed the susceptibility of the Group and Parent
Company’s financial statements to material misstatement,
including how fraud might occur, by meeting with
management to understand where they considered there was
susceptibility to fraud. We also considered performance
targets and their potential influence on efforts made by
management to manage or influence the perceptions of
analysts. We considered the controls that the Group has
established to address risks identified, or that otherwise
prevent, deter and detect fraud; and how senior management
monitors these controls. Where the risk was considered to be
higher, we performed audit procedures to address each
identified fraud risk.
– Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations identified in the paragraphs above. Our procedures
involved: journal entry testing, with a focus on manual journals
and journals indicating large or unusual transactions based on
our understanding of the business; enquiries of senior
management, and focused testing, as referred to in the key
audit matters section above.
A further description of our responsibilities for the audit of the
financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
– Following the recommendation from the Audit and Risk
Committee, we were appointed by the Parent Company on 17
November 2023 to audit the Financial Statements for the year
ended 30 June 2024 and subsequent financial periods.
Our appointment as auditor was approved by the shareholders
at the Annual General Meeting on 18 October 2023.
– The period of total uninterrupted engagement including
previous renewals and reappointments is two years, covering
the years ended 30 June 2024 and 2025.
– The audit opinion is consistent with our Audit Results Report
to the Audit and Risk Committee.
Use of our report
This report is made solely to the Parent Company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the Parent Company’s members those
matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than
the Parent Company and the Parent Company’s members as a
body, for our audit work, for this report, or for the opinions we
have formed.
Matthew Price (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
25 Churchill Place
Canary Wharf
London
4 September 2025
Consolidated statement of comprehensive income
For the year ended 30 June 2025
Ashmore Annual Report and Accounts 2025 103
2025
2024
Notes £m £m
Management fees
131.7
162.6
Performance fees
10.2
22.7
Other revenue
2.5
3.7
Total revenue
144.4
189.0
Distribution costs
(2.0)
(2.2)
Foreign exchange gains
7
1.7
2.5
Net revenue
144.1
189.3
Net gains/(losses) on investment securities
20
11.8
(17.2)
Personnel expenses
9
(71.0)
(85.1)
Other expenses
11
(27.7)
(29.8)
Operating profit
57.2
57.2
Finance income
8
51.1
70.4
Share of profit from associate
26
0.3
0.5
Profit before tax
108.6
128.1
Tax expense
12
(23. 5)
(29.9)
Profit for the year
85.1
98.2
Other comprehensive income/(loss), net of related tax effect
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences arising on foreign operations
(47.3)
(4.6)
Cash flow hedge intrinsic value gains
0.6
–
Other comprehensive loss, net of tax
(46.7)
(4.6)
Total comprehensive income for the year
38.4
93.6
Profit attributable to:
Equity holders of the parent
81.2
93.7
Non-controlling interests
3.9
4.5
Profit for the year
85.1
98.2
Total comprehensive income attributable to:
Equity holders of the parent
35.0
89.6
Non-controlling interests
3.4
4.0
Total comprehensive income for the year
38.4
93.6
Earnings per share attributable to equity holders of the parent
Basic
13
12.17p
13.94p
Diluted
13
11.77p
13.55p
The notes on pages 110 to 151 form an integral part of these financial statements.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 103
Consolidated balance sheet
As at 30 June 2025
104 Ashmore Annual Report and Accounts 2025
2025
2024
Notes £m £m
Assets
Non-current assets
Goodwill
15
80.5
87.0
Property, plant and equipment
16
5.1
7.3
Investment in associate
26
2.8
2.7
Financial assets at fair value
19, 20
66.3
57.6
Deferred acquisition costs
0.1
0.2
Deferred tax assets
18
16.2
18.9
171 .0 173.7
Current assets
Investment securities
19, 20
321.5
200.9
Financial assets at fair value
19, 20
17.0
32.8
Derivative financial instruments
19, 21
0.9
0.2
Trade and other receivables
17
49.0
60.3
Cash and deposits
21
348.7
511.8
737.1 806.0
Total assets
908.1
979.7
Equity and liabilities
Capital and reserves – attributable to equity holders of the parent
Issued capital
22
0.1
0.1
Share premium
15.6
15.6
Retained earnings
809.5
863.3
Foreign exchange reserve
(43.2)
3.6
Cash flow hedging reserve
0.6
–
782 .6 882.6
Non-controlling interests
31
8.2
8.2
Total equity
790.8
890.8
Liabilities
Non-current liabilities
Lease liabilities
16
2.6
4.5
Deferred tax liabilities
18
9.5
8.9
12.1 13.4
Current liabilities
Lease liabilities
16
2.0
1.9
Third-party interests in consolidated funds
19, 20
73.3
39.4
Trade and other payables
24
29.9
34.2
105.2
75.5
Total liabilities
117.3
88.9
Total equity and liabilities
908.1
979.7
The notes on pages 110 to 151 form an integral part of these financial statements.
Approved by the Board on 4 September 2025 and signed on its behalf by:
Mark Coombs Tom Shippey
Chief Executive Officer Group Finance Director
104 Ashmore Annual Report and Accounts 2025
Consolidated balance sheet
As at 30 June 2025
104 Ashmore Annual Report and Accounts 2025
Notes
2025
£m
2024
£m
Assets
Non-current assets
Goodwill 15 80.5
87.0
Property, plant and equipment 16 5.1
7.3
Investment in associate 26 2.8
2.7
Financial assets at fair value 19, 20 66.3
57.6
Deferred acquisition costs 0.1
0.2
Deferred tax assets 18 16.2
18.9
171.0
173.7
Current assets
Investment securities 19, 20 321.5
200.9
Financial assets at fair value 19, 20 17.0
32.8
Derivative financial instruments 19, 21 0.9
0.2
Trade and other receivables 17 49.0
60.3
Cash and deposits 21 348.7
511.8
737.1
806.0
Total assets 908.1 979.7
Equity and liabilities
Capital and reserves – attributable to equity holders of the parent
Issued capital 22 0.1
0.1
Share premium 15.6
15.6
Retained earnings 809.5
863.3
Foreign exchange reserve (43.2)
3.6
Cash flow hedging reserve 0.6
–
782.6
882.6
Non-controlling interests 31 8.2
8.2
Total equity 790.8
890.8
Liabilities
Non-current liabilities
Lease liabilities 16 2.6
4.5
Deferred tax liabilities 18 9.5
8.9
12.1
13.4
Current liabilities
Lease liabilities 16 2.0 1.9
Third-party interests in consolidated funds 19, 20 73.3 39.4
Trade and other payables 24 29.9
34.2
105.2 75.5
Total liabilities 117.3
88.9
Total equity and liabilities 908.1 979.7
The notes on pages 110 to 151 form an integral part of these financial statements.
Approved by the Board on 4 September 2025 and signed on its behalf by:
Mark Coombs Tom Shippey
Chief Executive Officer Group Finance Director
104 Ashmore Annual Report and Accounts 2025
Consolidated balance sheet
As at 30 June 2025
104 Ashmore Annual Report and Accounts 2025
Notes
2025
£m
2024
£m
Assets
Non-current assets
Goodwill
15
80.5
87.0
Property, plant and equipment
16
5.1
7.3
Investment in associate
26
2.8
2.7
Financial assets at fair value
19, 20
66.3
57.6
Deferred acquisition costs
0.1
0.2
Deferred tax assets
18
16.2
18.9
171.0
173.7
Current assets
Investment securities
19, 20
321.5
200.9
Financial assets at fair value
19, 20
17.0
32.8
Derivative financial instruments
19, 21
0.9
0.2
Trade and other receivables
17
49.0
60.3
Cash and deposits
21
348.7
511.8
737.1
806.0
Total assets
908.1
979.7
Equity and liabilities
Capital and reserves – attributable to equity holders of the parent
Issued capital
22
0.1
0.1
Share premium
15.6
15.6
Retained earnings
809.5
863.3
Foreign exchange reserve
(43.2)
3.6
Cash flow hedging reserve
0.6
–
782.6
882.6
Non-controlling interests
31
8.2
8.2
Total equity
790.8
890.8
Liabilities
Non-current liabilities
Lease liabilities
16
2.6
4.5
Deferred tax liabilities
18
9.5
8.9
12.1
13.4
Current liabilities
Lease liabilities
16
2.0
1.9
Third-party interests in consolidated funds
19, 20
73.3
39.4
Trade and other payables
24
29.9
34.2
105.2
75.5
Total liabilities
117.3
88.9
Total equity and liabilities
908.1
979.7
The notes on pages 110 to 151 form an integral part of these financial statements.
Approved by the Board on 4 September 2025 and signed on its behalf by:
Mark Coombs Tom Shippey
Chief Executive Officer Group Finance Director
Consolidated statement of changes in equity
For the year ended 30 June 2025
Ashmore Group plc Annual Report and Accounts 2025 105
Attributable to equity holders of the parent
Foreign Cash flow Non-
Issued Share Retained exchange hedging controlling Total
capital premium earnings reserve reserve Total interests equity
£m £m £m £m £m £m £m £m
Balance at 30 June 2023
0.1
15.6 875.4 7.7
–
898.8
14.2
913.0
Profit for the year
–
–
93.7
–
–
93.7
4.5
98.2
Other comprehensive income/(loss):
Foreign currency translation differences arising on
foreign operations
–
–
–
(4.1)
–
(4.1)
(0.5)(4.6)
Total comprehensive income/(loss)
–
–
93.7
(4.1)
–
89.6
4.0
93.6
Transactions with owners:
Purchase of own shares
–
–
(13.8)
–
–
(13.8)
–
(13.8)
Share-based payments
–
–
27.9
–
–
27.9
–
27.9
Movements in non-controlling interests
–
–
–
–
–
–
(5.5)
(5.5)
Dividends to equity holders
–
–
(119.9)
–
–
(119.9)
–
(119.9)
Dividends to non-controlling interests
–
–
–
–
–
–
(4.5)
(4.5)
Total transactions with owners
–
–
(105.8)
–
–
(105.8)
(10.0)(115.8)
Balance at 30 June 2024
0.1
15.6
863.3
3.6
–
882.6
8.2
890.8
Profit for the year
–
–
81.2
–
–
81.2
3.9
85.1
Other comprehensive income/(loss):
Foreign currency translation differences arising on
foreign operations
–
–
–
(46.8)
–
(46.8)
(0.5)(47.3)
Cash flow hedge intrinsic value gains
–
–
–
–
0.6
0.6 – 0.6
Total comprehensive income/(loss)
–
–
81.2
(46.8)
0.6 35.0 3.4 38.4
Transactions with owners:
Purchase of own shares
–
–
(35.4)
–
–
(35.4)
–
(35.4)
Share-based payments
–
–
20.5
–
–
20.5
–
20.5
Movements in non-controlling interests
–
–
–
–
–
–
0.1
0.1
Dividends to equity holders
–
–
(120.1)
–
–
(120.1)
–
(120.1)
Dividends to non-controlling interests
–
–
–
–
–
–
(3.5)
(3.5)
Total transactions with owners
–
–
(135.0)
–
–
(135.0)
(3.4)(138.4)
Balance at 30 June 2025
0.1
15.6
809.5
(43.2)0.6 782.6 8.2 790.8
The notes on pages 110 to 151 form an integral part of these financial statements.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 105
Consolidated cash flow statement
For the year ended 30 June 2025
106 Ashmore Annual Report and Accounts 2025
2025
2024
£m £m
Operating activities
Profit for the year
85.1
98.2
Adjustments for non-cash items:
Depreciation and amortisation
3.1
 3.1
Share-based payments
20.5
 28.0
Foreign exchange gains
(1.7)
(2.5)
Net (gains)/losses on investment securities
(11.8)
 17.2
Finance income
(51.1)
 (70.4)
Tax expense
23.5
 29.9
Share of profits from associate
(0.3)
 (0.5)
Cash generated from operations before working capital changes
67.3
103.0
Changes in working capital:
Decrease/(increase) in trade and other receivables
6.4
(0.1)
Increase in derivative financial instruments
(0.7)
(0.4)
Increase/(decrease) in trade and other payables
(7.0)
10.0
Cash generated from operations
66.0
 112.5
Taxes paid
(17.4)
 (23.4)
Net cash generated from operating activities
48.6
 89.1
Investing activities
Interest received
23.1
21.2
Investment income received
29.7
19.8
Disposal from/(investment in) term deposits
76.2
(203.8)
Purchase of non-current financial assets measured at fair value
(11.1)
(4.0)
Purchase of financial assets measured at fair value
(61.6)
(10.4)
Purchase of investment securities
(65.2)
(8.0)
Sale of non-current financial assets measured at fair value
2.1
20.2
Sale of financial assets measured at fair value
10.2
34.8
Sale of investment securities
26.6
28.3
Cash movement on reclassification of consolidated funds
3.8
(5.7)
Purchase of property, plant and equipment
(0.2)
(0.8)
Net cash generated from/(used in) investing activities
33.6
(108.4)
Financing activities
Dividends paid to equity holders
(120.1)
 (119.9)
Dividends paid to non-controlling interests
(3.5)
 (4.5)
Third-party subscriptions into consolidated funds
22.8
 4.7
Third-party redemptions from consolidated funds
(16.3)
 (7.8)
Distributions paid by consolidated funds
(1.0)
 (7.4)
Payment of lease liabilities
(2.3)
 (2.2)
Interest paid
(0.3)
 (0.3)
Purchase of own shares
(35.4)
 (13.8)
Net cash used in financing activities
(156.1)
(151.2)
Net decrease in cash and cash equivalents
(73.9)
(170.5)
Cash and cash equivalents at beginning of year
308.0
 478.6
Effect of exchange rate changes on cash and cash equivalents
(13.0)
 (0.1)
Cash and cash equivalents at end of year (note 21)
221.1
 308.0
Cash and deposits at end of year comprise the following:
Cash at bank and in hand
55.7
53.5
Daily dealing liquidity funds
128.5
213.2
Short-term deposits
36.9
 41.3
Cash and cash equivalents
221.1
 308.0
Term deposits
127.6
203.8
Cash and deposits (note 21)
348.7
511.8
The notes on pages 110 to 151 form an integral part of these financial statements.
106 Ashmore Annual Report and Accounts 2025
Consolidated cash flow statement
For the year ended 30 June 2025
106 Ashmore Annual Report and Accounts 2025
2025
£m
2024
£m
Operating activities
Profit for the year 85.1 98.2
Adjustments for non-cash items:
Depreciation and amortisation 3.1
3.1
Share-based payments 20.5
28.0
Foreign exchange gains
(1.7)
(2.5)
Net (gains)/losses on investment securities (11.8)
17.2
Finance income (51.1)
(70.4)
Tax expense 23.5
29.9
Share of profits from associate (0.3)
(0.5)
Cash generated from operations before working capital changes
67.3
103.0
Changes in working capital:
Decrease/(increase) in trade and other receivables
6.4
(0.1)
Increase in derivative financial instruments
(0.7)
(0.4)
Increase/(decrease) in trade and other payables
(7.0)
10.0
Cash generated from operations 66.0
112.5
Taxes paid (17.4)
(23.4)
Net cash generated from operating activities 48.6
89.1
Investing activities
Interest received
23.1
21.2
Investment income received
29.7
19.8
Disposal from/(investment in) term deposits
76.2
(203.8)
Purchase of non-current financial assets measured at fair value
(11.1)
(4.0)
Purchase of financial assets measured at fair value
(61.6)
(10.4)
Purchase of investment securities
(65.2)
(8.0)
Sale of non-current financial assets measured at fair value
2.1
20.2
Sale of financial assets measured at fair value
10.2
34.8
Sale of investment securities
26.6
28.3
Cash movement on reclassification of consolidated funds
3.8
(5.7)
Purchase of property, plant and equipment
(0.2)
(0.8)
Net cash generated from/(used in) investing activities
33.6
(108.4)
Financing activities
Dividends paid to equity holders (120.1)
(119.9)
Dividends paid to non-controlling interests (3.5)
(4.5)
Third-party subscriptions into consolidated funds 22.8
4.7
Third-party redemptions from consolidated funds (16.3)
(7.8)
Distributions paid by consolidated funds (1.0)
(7.4)
Payment of lease liabilities (2.3)
(2.2)
Interest paid (0.3)
(0.3)
Purchase of own shares (35.4)
(13.8)
Net cash used in financing activities
(156.1)
(151.2)
Net decrease in cash and cash equivalents (73.9)
(170.5)
Cash and cash equivalents at beginning of year 308.0
478.6
Effect of exchange rate changes on cash and cash equivalents (13.0)
(0.1)
Cash and cash equivalents at end of year (note 21) 221.1
308.0
Cash and deposits at end of year comprise the following:
Cash at bank and in hand 55.7 53.5
Daily dealing liquidity funds 128.5 213.2
Short-term deposits 36.9
41.3
Cash and cash equivalents 221.1
308.0
Term deposits 127.6
203.8
Cash and deposits (note 21)
348.7
511.8
The notes on pages 110 to 151 form an integral part of these financial statements.
106 Ashmore Annual Report and Accounts 2025
Consolidated cash flow statement
For the year ended 30 June 2025
106 Ashmore Annual Report and Accounts 2025
2025
£m
2024
£m
Operating activities
Profit for the year
85.1
98.2
Adjustments for non-cash items:
Depreciation and amortisation
3.1
3.1
Share-based payments
20.5
28.0
Foreign exchange gains
(1.7)
(2.5)
Net (gains)/losses on investment securities
(11.8)
17.2
Finance income
(51.1)
(70.4)
Tax expense
23.5
29.9
Share of profits from associate
(0.3)
(0.5)
Cash generated from operations before working capital changes
67.3
103.0
Changes in working capital:
Decrease/(increase) in trade and other receivables
6.4
(0.1)
Increase in derivative financial instruments
(0.7)
(0.4)
Increase/(decrease) in trade and other payables
(7.0)
10.0
Cash generated from operations
66.0
112.5
Taxes paid
(17.4)
(23.4)
Net cash generated from operating activities
48.6
89.1
Investing activities
Interest received
23.1
21.2
Investment income received
29.7
19.8
Disposal from/(investment in) term deposits
76.2
(203.8)
Purchase of non-current financial assets measured at fair value
(11.1)
(4.0)
Purchase of financial assets measured at fair value
(61.6)
(10.4)
Purchase of investment securities
(65.2)
(8.0)
Sale of non-current financial assets measured at fair value
2.1
20.2
Sale of financial assets measured at fair value
10.2
34.8
Sale of investment securities
26.6
28.3
Cash movement on reclassification of consolidated funds
3.8
(5.7)
Purchase of property, plant and equipment
(0.2)
(0.8)
Net cash generated from/(used in) investing activities
33.6
(108.4)
Financing activities
Dividends paid to equity holders
(120.1)
(119.9)
Dividends paid to non-controlling interests
(3.5)
(4.5)
Third-party subscriptions into consolidated funds
22.8
4.7
Third-party redemptions from consolidated funds
(16.3)
(7.8)
Distributions paid by consolidated funds
(1.0)
(7.4)
Payment of lease liabilities
(2.3)
(2.2)
Interest paid
(0.3)
(0.3)
Purchase of own shares
(35.4)
(13.8)
Net cash used in financing activities
(156.1)
(151.2)
Net decrease in cash and cash equivalents
(73.9)
(170.5)
Cash and cash equivalents at beginning of year
308.0
478.6
Effect of exchange rate changes on cash and cash equivalents
(13.0)
(0.1)
Cash and cash equivalents at end of year (note 21)
221.1
308.0
Cash and deposits at end of year comprise the following:
Cash at bank and in hand
55.7
53.5
Daily dealing liquidity funds
128.5
213.2
Short-term deposits
36.9
41.3
Cash and cash equivalents
221.1
308.0
Term deposits
127.6
203.8
Cash and deposits (note 21)
348.7
511.8
The notes on pages 110 to 151 form an integral part of these financial statements.
Company balance sheet
As at 30 June 2025
Ashmore Annual Report and Accounts 2025 107
Notes
2025
£m
2024
£m
Assets
Non-current assets
Goodwill 15 4.1
4.1
Property, plant and equipment 16 1.2
2.6
Investment in subsidiaries 25 19.9
19.9
Deferred acquisition costs 0.1
0.2
Trade and other receivables 17 192.5
196.3
Deferred tax assets 18 10.3
11.4
228.1
234.5
Current assets
Trade and other receivables 17 157.0
165.7
Derivative financial instruments 21 0.8
0.1
Cash and deposits 21 134.4 222.1
292.2
387.9
Total assets 520.3
622.4
Equity and liabilities
Capital and reserves
Issued capital 22 0.1
0.1
Share premium 15.6
15.6
Retained earnings 488.7 580.9
Cash flow hedging reserve 0.6
–
Total equity attributable to equity holders of the Company 505.0 596.6
Liabilities
Non-current liabilities
Lease liability 16 – 1.0
Current liabilities
Lease liability 16 1.0 1.2
Trade and other payables 24 14.3 23.6
15.3
24.8
Total liabilities 15.3
25.8
Total equity and liabilities 520.3
622.4
The Company has taken the exemption under section 408 of the Companies Act 2006 not to present its profit and loss account
and related notes. The Company’s profit for the year ended 30 June 2025 was £42.8 million (30 June 2024: £81.5 million).
The notes on pages 110 to 151 form an integral part of these financial statements.
The financial statements of Ashmore Group plc (registered number 03675683) were approved by the Board on 4 September 2025
and signed on its behalf by:
Mark Coombs Tom Shippey
Chief Executive Officer Group Finance Director
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 107
Company statement of changes in equity
For the year ended 30 June 2025
108 Ashmore Annual Report and Accounts 2025
Issued
capital
£m
Share
premium
£m
Retained
earnings
£m
Cash flow
hedging
reserve
£m
Total equity
attributable to
equity holders of
the parent
£m
Balance at 30 June 2023 0.1 15.6 605.2 – 620.9
Profit for the year – – 81.5 – 81.5
Purchase of own shares – – (13.8)
– (13.8)
Share-based payments – – 27.9 – 27.9
Dividends to equity holders – – (119.9)
– (119.9)
Balance at 30 June 2024 0.1
15.6
580.9 – 596.6
Profit for the year – – 42.8 – 42.8
Cash flow hedge intrinsic value gains – – – 0.6 0.6
Purchase of own shares – – (35.4)
– (35.4)
Share-based payments – – 20.5
– 20.5
Dividends to equity holders – – (120.1)
– (120.1)
Balance at 30 June 2025 0.1
15.6
488.7
0.6 505.0
The notes on pages 110 to 151 form an integral part of these financial statements.
108 Ashmore Annual Report and Accounts 2025
Company statement of changes in equity
For the year ended 30 June 2025
108 Ashmore Annual Report and Accounts 2025
Issued
capital
£m
Share
premium
£m
Retained
earnings
£m
Cash flow
hedging
reserve
£m
Total equity
attributable to
equity holders of
the parent
£m
Balance at 30 June 2023 0.1 15.6 605.2 – 620.9
Profit for the year – – 81.5 – 81.5
Purchase of own shares – – (13.8)
– (13.8)
Share-based payments – – 27.9 – 27.9
Dividends to equity holders – – (119.9)
– (119.9)
Balance at 30 June 2024 0.1
15.6
580.9 – 596.6
Profit for the year – – 42.8 – 42.8
Cash flow hedge intrinsic value gains – – – 0.6 0.6
Purchase of own shares – – (35.4)
– (35.4)
Share-based payments – – 20.5
– 20.5
Dividends to equity holders – – (120.1)
– (120.1)
Balance at 30 June 2025 0.1
15.6
488.7
0.6 505.0
The notes on pages 110 to 151 form an integral part of these financial statements.
108 Ashmore Annual Report and Accounts 2025
Company statement of changes in equity
For the year ended 30 June 2025
108 Ashmore Annual Report and Accounts 2025
Issued
capital
£m
Share
premium
£m
Retained
earnings
£m
Cash flow
hedging
reserve
£m
Total equity
attributable to
equity holders of
the parent
£m
Balance at 30 June 2023
0.1
15.6
605.2
–
620.9
Profit for the year
–
–
81.5
–
81.5
Purchase of own shares
–
–
(13.8)
–
(13.8)
Share-based payments
–
–
27.9
–
27.9
Dividends to equity holders
–
–
(119.9)
–
(119.9)
Balance at 30 June 2024
0.1
15.6
580.9
–
596.6
Profit for the year
–
–
42.8
–
42.8
Cash flow hedge intrinsic value gains
–
–
–
0.6
0.6
Purchase of own shares
–
–
(35.4)
–
(35.4)
Share-based payments
–
–
20.5
–
20.5
Dividends to equity holders
–
–
(120.1)
–
(120.1)
Balance at 30 June 2025
0.1
15.6
488.7
0.6
505.0
The notes on pages 110 to 151 form an integral part of these financial statements.
Company cash flow statement
For the year ended 30 June 2025
Ashmore Annual Report and Accounts 2025 109
2025
£m
2024
£m
Operating activities
Profit for the year 42.8 81.5
Adjustments for:
Depreciation and amortisation 1.6
1.8
Share-based payments 14.5
20.2
Foreign exchange losses/(gains) 23.7
(2.6)
Finance income (9.2)
(15.6)
Tax expense/(credit) (1.8)
7.2
Dividends received from subsidiaries (79.9)
(99.6)
Cash used in operations before working capital changes (8.3)
(7.1)
Changes in working capital:
Decrease/(increase) in trade and other receivables 9.4
(7.2)
Decrease/(increase) in derivative financial instruments (0.7)
0.1
Increase/(decrease) in trade and other payables 4.2
(5.9)
Cash generated from/(used in) operations 4.6
(20.1)
Taxes paid (9.0)
(12.0)
Net cash used in operating activities (4.4)
(32.1)
Investing activities
Interest received 11.7
12.4
Disposal from/(investment in) term deposits 74.5
(202.0)
Loans advanced to subsidiaries (25.8)
(78.3)
Loans repaid by subsidiaries 3.8
25.0
Dividends received from subsidiaries 79.9
99.6
Purchase of property, plant and equipment (0.1)
(0.2)
Net cash generated from/(used in) investing activities 144.0
(143.5)
Financing activities
Dividends paid (120.1)
(119.9)
Payment of lease liability (1.2)
(1.2)
Interest paid (0.1)
(0.1)
Purchase of own shares (35.4)
(13.8)
Net cash used in financing activities (156.8)
(135.0)
Net decrease in cash and cash equivalents (17.2)
(310.6)
Cash and cash equivalents at beginning of year 20.1
327.7
Effect of exchange rate changes on cash and cash equivalents 4.0
3.0
Cash and cash equivalents at end of year (note 21) 6.9
20.1
Cash and deposits at end of year comprise the following:
Cash at bank and in hand 3.4
9.0
Daily dealing liquidity funds 3.5
11.1
Cash and cash equivalents 6.9
20.1
Term deposits 127.5
202.0
Cash and deposits (note 21) 134.4
222.1
The notes on pages 110 to 151 form an integral part of these financial statements.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 109
Notes to the financial statements
110 Ashmore Annual Report and Accounts 2025
1) General information
Ashmore Group plc (the Company) is a public limited company
listed on the London Stock Exchange and incorporated and
domiciled in the United Kingdom. The consolidated financial
statements for the year to 30 June 2025 comprise the financial
statements of the Company and its consolidated subsidiaries
(together the Group). The principal activity of the Group is
described in the Directors’ report on page 90.
2) Basis of preparation
The Group and Company financial statements for the year ended
30 June 2025 have been prepared in accordance with UK-adopted
international accounting standards.
The financial statements have been prepared on a going
concern basis.
The Company has taken advantage of the exemption in section
408 of the Companies Act 2006 that allows it not to present its
individual statement of comprehensive income and related notes.
Going concern
The Board of Directors has considered the resilience of the
Group, taking into account its current financial position, and the
principal and emerging risks facing the business in the context of
the current economic outlook. The Board reviewed cash flow
forecasts for a period of at least 12 months from the date of
approval of these financial statements which indicate that the
Group will have sufficient funds to meet its liabilities as they fall
due for that period. The Board applied stressed scenarios,
including severe but plausible downside assumptions on AuM,
profitability of the Group and known commitments. While there
are wider market uncertainties that may impact the Group, the
stressed scenarios, which assumed a significant reduction in
revenue for the entire forecast period, show that the Group and
Company would continue to meet their liabilities as they fall due
for a period of at least 12 months from the date of approval of
the annual financial statements. The financial statements have
therefore been prepared on a going concern basis.
Principal estimates and judgements
The preparation of the Group’s consolidated financial statements
in accordance with UK-adopted International Financial Reporting
Standards (IFRS) requires management to make estimates and
apply judgements that affect the reported amounts of assets,
liabilities, income, and expenses. These estimates and
judgements are periodically evaluated based on historical
experience, current conditions, and expectations of future
events that are considered reasonable under the circumstances.
Actual outcomes may differ from these estimates.
In preparing the financial statements, the key source of
estimation uncertainty at the reporting date results from the
Group’s valuation of level 3 financial assets and liabilities using
unobservable inputs (note 19).
The key accounting judgement is the assessment of whether
certain funds with seed capital investments are controlled by the
Group and therefore need to be consolidated into the financial
statements based on IFRS 10 criteria (note 20).
The Group has considered climate-related risks in the preparation
of the financial statements, particularly in the valuation of
financial assets. It has been assessed that climate risks did not
have a material impact on the Group’s accounting estimates or
judgements for the year ended 30 June 2025.
3) New and amended Standards and Interpretations
There were no new or amended Standards issued by the IASB
that became effective during the year ended 30 June 2025
which had a material impact on the Group’s consolidated
financial statements.
The IASB issued IFRS 18 Presentation and Disclosures in
Financial Statements in 2024, which is effective for annual
reporting periods beginning on or after 1 January 2027. The
Group expects IFRS 18 to impact the presentation and
disclosure of its financial statements but does not anticipate a
material effect on recognition or measurement.
No other Standards or Interpretations issued but not yet
effective are expected to have a material impact on the Group’s
financial statements.
4) Material accounting policy information
The following material accounting policies have been applied
consistently where applicable to all years presented in dealing
with items considered material in relation to the Group and
Company financial statements, unless otherwise stated.
Basis of consolidation
The consolidated financial statements of the Group comprise the
financial statements of the Company and its subsidiaries. This
includes an Employee Benefit Trust (EBT) established for the
employee share-based awards and consolidated investment funds.
References to profit or loss in the notes to the financial
statements has the same meaning as the statement of
comprehensive income.
Interests in subsidiaries
Subsidiaries are entities, including investment funds, over which
the Group has control as defined by IFRS 10 Consolidated
Financial Statements. The Group has control if it is exposed to,
or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its
power over the entity. The results of subsidiaries are included in
the consolidated financial statements from the date on which
control commences until the date when control ceases. The
Group reassesses whether or not it controls an entity if facts and
circumstances indicate that there are changes to one or more of
the elements of control.
110 Ashmore Annual Report and Accounts 2025
Notes to the financial statements
110 Ashmore Annual Report and Accounts 2025
1) General information
Ashmore Group plc (the Company) is a public limited company
listed on the London Stock Exchange and incorporated and
domiciled in the United Kingdom. The consolidated financial
statements for the year to 30 June 2025 comprise the financial
statements of the Company and its consolidated subsidiaries
(together the Group). The principal activity of the Group is
described in the Directors’ report on page 90.
2) Basis of preparation
The Group and Company financial statements for the year ended
30 June 2025 have been prepared in accordance with UK-adopted
international accounting standards.
The financial statements have been prepared on a going
concern basis.
The Company has taken advantage of the exemption in section
408 of the Companies Act 2006 that allows it not to present its
individual statement of comprehensive income and related notes.
Going concern
The Board of Directors has considered the resilience of the
Group, taking into account its current financial position, and the
principal and emerging risks facing the business in the context of
the current economic outlook. The Board reviewed cash flow
forecasts for a period of at least 12 months from the date of
approval of these financial statements which indicate that the
Group will have sufficient funds to meet its liabilities as they fall
due for that period. The Board applied stressed scenarios,
including severe but plausible downside assumptions on AuM,
profitability of the Group and known commitments. While there
are wider market uncertainties that may impact the Group, the
stressed scenarios, which assumed a significant reduction in
revenue for the entire forecast period, show that the Group and
Company would continue to meet their liabilities as they fall due
for a period of at least 12 months from the date of approval of
the annual financial statements. The financial statements have
therefore been prepared on a going concern basis.
Principal estimates and judgements
The preparation of the Group’s consolidated financial statements
in accordance with UK-adopted International Financial Reporting
Standards (IFRS) requires management to make estimates and
apply judgements that affect the reported amounts of assets,
liabilities, income, and expenses. These estimates and
judgements are periodically evaluated based on historical
experience, current conditions, and expectations of future
events that are considered reasonable under the circumstances.
Actual outcomes may differ from these estimates.
In preparing the financial statements, the key source of
estimation uncertainty at the reporting date results from the
Group’s valuation of level 3 financial assets and liabilities using
unobservable inputs (note 19).
The key accounting judgement is the assessment of whether
certain funds with seed capital investments are controlled by the
Group and therefore need to be consolidated into the financial
statements based on IFRS 10 criteria (note 20).
The Group has considered climate-related risks in the preparation
of the financial statements, particularly in the valuation of
financial assets. It has been assessed that climate risks did not
have a material impact on the Group’s accounting estimates or
judgements for the year ended 30 June 2025.
3) New and amended Standards and Interpretations
There were no new or amended Standards issued by the IASB
that became effective during the year ended 30 June 2025
which had a material impact on the Group’s consolidated
financial statements.
The IASB issued IFRS 18 Presentation and Disclosures in
Financial Statements in 2024, which is effective for annual
reporting periods beginning on or after 1 January 2027. The
Group expects IFRS 18 to impact the presentation and
disclosure of its financial statements but does not anticipate a
material effect on recognition or measurement.
No other Standards or Interpretations issued but not yet
effective are expected to have a material impact on the Group’s
financial statements.
4) Material accounting policy information
The following material accounting policies have been applied
consistently where applicable to all years presented in dealing
with items considered material in relation to the Group and
Company financial statements, unless otherwise stated.
Basis of consolidation
The consolidated financial statements of the Group comprise the
financial statements of the Company and its subsidiaries. This
includes an Employee Benefit Trust (EBT) established for the
employee share-based awards and consolidated investment funds.
References to profit or loss in the notes to the financial
statements has the same meaning as the statement of
comprehensive income.
Interests in subsidiaries
Subsidiaries are entities, including investment funds, over which
the Group has control as defined by IFRS 10 Consolidated
Financial Statements. The Group has control if it is exposed to,
or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its
power over the entity. The results of subsidiaries are included in
the consolidated financial statements from the date on which
control commences until the date when control ceases. The
Group reassesses whether or not it controls an entity if facts and
circumstances indicate that there are changes to one or more of
the elements of control.
110 Ashmore Annual Report and Accounts 2025
Notes to the financial statements
110 Ashmore Annual Report and Accounts 2025
1) General information
Ashmore Group plc (the Company) is a public limited company
listed on the London Stock Exchange and incorporated and
domiciled in the United Kingdom. The consolidated financial
statements for the year to 30 June 2025 comprise the financial
statements of the Company and its consolidated subsidiaries
(together the Group). The principal activity of the Group is
described in the Directors’ report on page 90.
2) Basis of preparation
The Group and Company financial statements for the year ended
30 June 2025 have been prepared in accordance with UK-adopted
international accounting standards.
The financial statements have been prepared on a going
concern basis.
The Company has taken advantage of the exemption in section
408 of the Companies Act 2006 that allows it not to present its
individual statement of comprehensive income and related notes.
Going concern
The Board of Directors has considered the resilience of the
Group, taking into account its current financial position, and the
principal and emerging risks facing the business in the context of
the current economic outlook. The Board reviewed cash flow
forecasts for a period of at least 12 months from the date of
approval of these financial statements which indicate that the
Group will have sufficient funds to meet its liabilities as they fall
due for that period. The Board applied stressed scenarios,
including severe but plausible downside assumptions on AuM,
profitability of the Group and known commitments. While there
are wider market uncertainties that may impact the Group, the
stressed scenarios, which assumed a significant reduction in
revenue for the entire forecast period, show that the Group and
Company would continue to meet their liabilities as they fall due
for a period of at least 12 months from the date of approval of
the annual financial statements. The financial statements have
therefore been prepared on a going concern basis.
Principal estimates and judgements
The preparation of the Group’s consolidated financial statements
in accordance with UK-adopted International Financial Reporting
Standards (IFRS) requires management to make estimates and
apply judgements that affect the reported amounts of assets,
liabilities, income, and expenses. These estimates and
judgements are periodically evaluated based on historical
experience, current conditions, and expectations of future
events that are considered reasonable under the circumstances.
Actual outcomes may differ from these estimates.
In preparing the financial statements, the key source of
estimation uncertainty at the reporting date results from the
Group’s valuation of level 3 financial assets and liabilities using
unobservable inputs (note 19).
The key accounting judgement is the assessment of whether
certain funds with seed capital investments are controlled by the
Group and therefore need to be consolidated into the financial
statements based on IFRS 10 criteria (note 20).
The Group has considered climate-related risks in the preparation
of the financial statements, particularly in the valuation of
financial assets. It has been assessed that climate risks did not
have a material impact on the Group’s accounting estimates or
judgements for the year ended 30 June 2025.
3) New and amended Standards and Interpretations
There were no new or amended Standards issued by the IASB
that became effective during the year ended 30 June 2025
which had a material impact on the Group’s consolidated
financial statements.
The IASB issued IFRS 18 Presentation and Disclosures in
Financial Statements in 2024, which is effective for annual
reporting periods beginning on or after 1 January 2027. The
Group expects IFRS 18 to impact the presentation and
disclosure of its financial statements but does not anticipate a
material effect on recognition or measurement.
No other Standards or Interpretations issued but not yet
effective are expected to have a material impact on the Group’s
financial statements.
4) Material accounting policy information
The following material accounting policies have been applied
consistently where applicable to all years presented in dealing
with items considered material in relation to the Group and
Company financial statements, unless otherwise stated.
Basis of consolidation
The consolidated financial statements of the Group comprise the
financial statements of the Company and its subsidiaries. This
includes an Employee Benefit Trust (EBT) established for the
employee share-based awards and consolidated investment funds.
References to profit or loss in the notes to the financial
statements has the same meaning as the statement of
comprehensive income.
Interests in subsidiaries
Subsidiaries are entities, including investment funds, over which
the Group has control as defined by IFRS 10 Consolidated
Financial Statements. The Group has control if it is exposed to,
or has rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through its
power over the entity. The results of subsidiaries are included in
the consolidated financial statements from the date on which
control commences until the date when control ceases. The
Group reassesses whether or not it controls an entity if facts and
circumstances indicate that there are changes to one or more of
the elements of control.
Ashmore Annual Report and Accounts 2025 111
The profit or loss and each component of other comprehensive
income are attributed to the equity holders of the Company and
to any non-controlling interests. Based on their nature, the
interests of third parties in consolidated funds are classified as
liabilities and appear as ‘Third-party interests in consolidated
funds’ on the Group’s balance sheet.
A change in the ownership interest of a consolidated entity that
does not result in a loss of control by the Group is accounted
for as an equity transaction. If the Group loses control over a
consolidated entity, it derecognises the related assets, goodwill,
liabilities, non-controlling interest and other components of
equity, and any gain or loss is recognised in consolidated profit or
loss. Any investment retained is recognised at its fair value at the
date of loss of control.
Interests in associates
Associates are partly owned entities over which the Group has
significant influence but not control.
Investments in associates are measured using the equity
method of accounting. Under this method, the investments are
initially recognised at cost, including attributable goodwill, and
are adjusted thereafter for the post-acquisition changes in the
Group’s share of net assets. The Group’s attributable results of
associates are recognised in the consolidated profit or loss.
Interests in consolidated structured entities
The Group acts as fund manager to investment funds that are
considered to be structured entities. Structured entities are
entities that have been designed so that voting or similar rights
are not the dominant factor in deciding which party has control:
for example, when any voting rights relate to administrative
tasks only and the relevant activities of the entity are directed by
means of contractual arrangements. The Group’s assets under
management are managed within structured entities. These
structured entities typically consist of unitised vehicles such as
Société d’Investissement à Capital Variable (SICAVs), limited
partnerships, unit trusts and open-ended and closed-ended
vehicles which entitle third-party investors to a percentage of the
vehicle’s net asset value.
The Group has interests in structured entities as a result of the
management of assets on behalf of its clients. Where the Group
holds a direct interest in a closed-ended fund, private equity fund
or open-ended pooled fund such as a SICAV, the interest is
accounted for either as a consolidated structured entity or as a
financial asset, depending on whether the Group has control
over the fund or not. Control is determined in accordance with
IFRS 10, based on an assessment of the level of power and
aggregate economic interest that the Group has over the fund,
relative to third-party investors. Power is normally conveyed to
the Group through the existence of an investment management
agreement and/or other contractual arrangements. Aggregate
economic interest is a measure of the Group’s exposure to
variable returns in the fund through a combination of direct
interest, expected share of performance fees, expected
management fees, fair value gains or losses, and distributions
receivable from the fund.
The Group concludes that it acts as a principal when the power
it has over the fund is deemed to be exercised for self-benefit,
considering the level of aggregate economic exposure in
the fund and the assessed strength of third-party investors’
‘kick out’ rights (to remove the Group as investment manager).
The Group concludes that it acts as an agent when the power it
has over the fund is deemed to be exercised for the benefit of
third-party investors.
If the Group concludes that it acts as a principal, it is deemed to
have control and, therefore, will consolidate a fund as if it were a
subsidiary. If the Group concludes that it does not have control
over the fund, the Group recognises and measures its interest in
the fund as a financial asset.
Interests in unconsolidated structured entities
In accordance with IFRS 10, the Group assesses whether it
controls an investee by evaluating its exposure or rights to
variable returns and its ability to affect those returns through its
power over the investee. Based on this assessment, the Group
has determined that certain investment funds qualify as
unconsolidated structured entities, as it does not have control
over them. The Group classifies the following as unconsolidated
structured entities:
– Segregated mandates and pooled funds managed by the
Group without a direct investment interest: The Group acts as
an investment manager but does not hold any beneficial
interest in these funds. The Group has concluded that it does
not control these entities because its exposure to variable
returns is insignificant. In the case of segregated mandates,
third-party investors have the unilateral ability to remove the
Group as fund manager without cause. Accordingly, the Group
is deemed to be acting as an agent rather than a principal, and
these entities are not consolidated.
– Pooled funds managed by the Group with a direct investment
interest, for example, seed capital investments: Where the
Group holds a direct interest in a fund, it assesses whether its
exposure to variable returns and decision-making rights result
in control. If the Group’s aggregate economic interest is below
the threshold established for principal-agent assessment, and
it does not have substantive rights to direct relevant activities,
it is considered to be acting as an agent. In such cases, the
Group does not consolidate the fund and instead accounts for
its investment as a financial asset in accordance with IFRS 9.
Disclosure of AuM related to both consolidated and
unconsolidated structured entities is provided in note 27.
Foreign currency
The Group’s financial statements are presented in Pounds
Sterling (Sterling), which is also the Company’s functional and
presentation currency. Items included in the financial statements
of each of the Group’s entities are measured using the functional
currency, which is the currency that prevails in the primary
economic environment in which the entity operates.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 111
Notes to the financial statements continued
112 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Foreign currency transactions
Transactions in foreign currencies are translated into the
respective functional currencies of the Group entities at the spot
exchange rates at the date of the transactions.
Monetary assets and liabilities denominated in foreign currencies
at the balance sheet date are translated into the functional
currency at the spot exchange rate at that date. Non-monetary
assets and liabilities that are measured in terms of historical cost
in a foreign currency are translated using the exchange rate at
the date of the transaction.
Foreign currency differences arising on translation are
recognised in profit or loss, except for qualifying cash flow
hedges to the extent that the hedge is effective, in which case
foreign currency differences arising are recognised in other
comprehensive income.
Foreign operations
The assets and liabilities of foreign operations, including goodwill
and fair value adjustments arising on consolidation, are translated
into Sterling at the spot exchange rates at the balance sheet
date. The revenues and expenses of foreign operations are
translated into Sterling at rates approximating to the foreign
exchange rates ruling at the dates of the transactions.
Foreign currency differences are recognised in other
comprehensive income, and accumulated in the foreign currency
translation reserve, except to the extent that the translation
difference is allocated to non-controlling interests.
When a foreign operation is disposed of such that control is lost,
the cumulative amount in the foreign currency translation
reserve related to that foreign operation is reclassified to profit or
loss as part of the gain or loss on disposal. If the Group disposes
of only part of its interest in a subsidiary that includes a foreign
operation while retaining control, the relevant proportion of the
cumulative amount is reattributed to non-controlling interests.
Business combinations
Business combinations are accounted for using the acquisition
method as at the acquisition date. The acquisition date is the date
on which the acquirer effectively obtains control of the acquiree.
The consideration transferred for the acquisition is generally
measured at the acquisition date fair value, as are the identifiable
net assets acquired, liabilities incurred (including any asset or
liability resulting from a contingent consideration arrangement)
and equity instruments issued by the Group in exchange for
control of the acquiree.
Acquisition-related costs are expensed as incurred, except if they
are related to the issue of debt or equity securities.
Goodwill
Goodwill is initially recognised as the excess of the purchase
consideration over the fair value of identifiable net assets
acquired in a business combination. It is carried at cost less
accumulated impairment losses and is not amortised, as it is
considered to have an indefinite useful life. Goodwill is tested for
impairment at least annually, or more frequently if there are
indicators of impairment, by comparing its carrying value to its
recoverable amount. Impairment losses are recognised
immediately in profit or loss and are not reversed.
Non-controlling interests (NCI)
The Group recognises NCI in an acquired entity either at fair
value or at the NCI’s proportionate share of the acquired
entity’s net identifiable assets. This decision is made on an
acquisition-by-acquisition basis. Changes to the Group’s interest
in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
112 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
112 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Foreign currency transactions
Transactions in foreign currencies are translated into the
respective functional currencies of the Group entities at the spot
exchange rates at the date of the transactions.
Monetary assets and liabilities denominated in foreign currencies
at the balance sheet date are translated into the functional
currency at the spot exchange rate at that date. Non-monetary
assets and liabilities that are measured in terms of historical cost
in a foreign currency are translated using the exchange rate at
the date of the transaction.
Foreign currency differences arising on translation are
recognised in profit or loss, except for qualifying cash flow
hedges to the extent that the hedge is effective, in which case
foreign currency differences arising are recognised in other
comprehensive income.
Foreign operations
The assets and liabilities of foreign operations, including goodwill
and fair value adjustments arising on consolidation, are translated
into Sterling at the spot exchange rates at the balance sheet
date. The revenues and expenses of foreign operations are
translated into Sterling at rates approximating to the foreign
exchange rates ruling at the dates of the transactions.
Foreign currency differences are recognised in other
comprehensive income, and accumulated in the foreign currency
translation reserve, except to the extent that the translation
difference is allocated to non-controlling interests.
When a foreign operation is disposed of such that control is lost,
the cumulative amount in the foreign currency translation
reserve related to that foreign operation is reclassified to profit or
loss as part of the gain or loss on disposal. If the Group disposes
of only part of its interest in a subsidiary that includes a foreign
operation while retaining control, the relevant proportion of the
cumulative amount is reattributed to non-controlling interests.
Business combinations
Business combinations are accounted for using the acquisition
method as at the acquisition date. The acquisition date is the date
on which the acquirer effectively obtains control of the acquiree.
The consideration transferred for the acquisition is generally
measured at the acquisition date fair value, as are the identifiable
net assets acquired, liabilities incurred (including any asset or
liability resulting from a contingent consideration arrangement)
and equity instruments issued by the Group in exchange for
control of the acquiree.
Acquisition-related costs are expensed as incurred, except if they
are related to the issue of debt or equity securities.
Goodwill
Goodwill is initially recognised as the excess of the purchase
consideration over the fair value of identifiable net assets
acquired in a business combination. It is carried at cost less
accumulated impairment losses and is not amortised, as it is
considered to have an indefinite useful life. Goodwill is tested for
impairment at least annually, or more frequently if there are
indicators of impairment, by comparing its carrying value to its
recoverable amount. Impairment losses are recognised
immediately in profit or loss and are not reversed.
Non-controlling interests (NCI)
The Group recognises NCI in an acquired entity either at fair
value or at the NCI’s proportionate share of the acquired
entity’s net identifiable assets. This decision is made on an
acquisition-by-acquisition basis. Changes to the Group’s interest
in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
112 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
112 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Foreign currency transactions
Transactions in foreign currencies are translated into the
respective functional currencies of the Group entities at the spot
exchange rates at the date of the transactions.
Monetary assets and liabilities denominated in foreign currencies
at the balance sheet date are translated into the functional
currency at the spot exchange rate at that date. Non-monetary
assets and liabilities that are measured in terms of historical cost
in a foreign currency are translated using the exchange rate at
the date of the transaction.
Foreign currency differences arising on translation are
recognised in profit or loss, except for qualifying cash flow
hedges to the extent that the hedge is effective, in which case
foreign currency differences arising are recognised in other
comprehensive income.
Foreign operations
The assets and liabilities of foreign operations, including goodwill
and fair value adjustments arising on consolidation, are translated
into Sterling at the spot exchange rates at the balance sheet
date. The revenues and expenses of foreign operations are
translated into Sterling at rates approximating to the foreign
exchange rates ruling at the dates of the transactions.
Foreign currency differences are recognised in other
comprehensive income, and accumulated in the foreign currency
translation reserve, except to the extent that the translation
difference is allocated to non-controlling interests.
When a foreign operation is disposed of such that control is lost,
the cumulative amount in the foreign currency translation
reserve related to that foreign operation is reclassified to profit or
loss as part of the gain or loss on disposal. If the Group disposes
of only part of its interest in a subsidiary that includes a foreign
operation while retaining control, the relevant proportion of the
cumulative amount is reattributed to non-controlling interests.
Business combinations
Business combinations are accounted for using the acquisition
method as at the acquisition date. The acquisition date is the date
on which the acquirer effectively obtains control of the acquiree.
The consideration transferred for the acquisition is generally
measured at the acquisition date fair value, as are the identifiable
net assets acquired, liabilities incurred (including any asset or
liability resulting from a contingent consideration arrangement)
and equity instruments issued by the Group in exchange for
control of the acquiree.
Acquisition-related costs are expensed as incurred, except if they
are related to the issue of debt or equity securities.
Goodwill
Goodwill is initially recognised as the excess of the purchase
consideration over the fair value of identifiable net assets
acquired in a business combination. It is carried at cost less
accumulated impairment losses and is not amortised, as it is
considered to have an indefinite useful life. Goodwill is tested for
impairment at least annually, or more frequently if there are
indicators of impairment, by comparing its carrying value to its
recoverable amount. Impairment losses are recognised
immediately in profit or loss and are not reversed.
Non-controlling interests (NCI)
The Group recognises NCI in an acquired entity either at fair
value or at the NCI’s proportionate share of the acquired
entity’s net identifiable assets. This decision is made on an
acquisition-by-acquisition basis. Changes to the Group’s interest
in a subsidiary that do not result in a loss of control are
accounted for as equity transactions.
Ashmore Annual Report and Accounts 2025 113
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation and impairment losses. Cost is
determined on the basis of the direct and indirect costs that
are directly attributable. Property, plant and equipment are
depreciated using the straight-line method over the estimated
useful lives, assessed to be five years for office equipment and
four years for IT equipment. The residual values and useful lives
of assets are reviewed at least annually.
The Group’s property, plant and equipment include right-of use
assets recognised on lease arrangements in accordance with
IFRS 16 Leases.
Leases
The Group’s lease arrangements primarily relate to office
premises. In accordance with IFRS 16 Leases, the Group
recognises a right-of-use asset and a corresponding lease liability
at the lease commencement date.
The lease liability is initially measured at the present value of
lease payments to be made over the lease term. These
payments are discounted using the interest rate implicit in the
lease, or, if that rate cannot be readily determined, the Group’s
incremental borrowing rate, which reflects the rate the Group
would have to pay to borrow funds to acquire an asset of similar
value in a similar economic environment.
The right-of-use asset is initially measured at cost, comprising
the amount of the initial lease liability, any lease payments made
at or before the commencement date, initial direct costs, and an
estimate of costs to dismantle or restore the leased asset, if
applicable. Right-of-use assets are presented within property,
plant and equipment in the consolidated balance sheet.
Subsequently, the lease liability is measured using the effective
interest method, with interest expense recognised in profit or
loss and the liability reduced by lease payments made. The right-
of-use asset is depreciated on a straight-line basis over the
shorter of the lease term or the useful life of the underlying
asset. The Group reassesses the lease term if a significant event
or change in circumstances occurs that is within its control and
affects its ability to exercise (or not exercise) an extension or
termination option.
Short-term leases (those with a lease term of 12 months or less)
are not recognised on the balance sheet. Lease payments for
such arrangements are recognised as an expense on a straight-
line basis over the lease term.
Financial instruments
Recognition and initial measurement
Financial instruments are recognised when the Group becomes
party to the contractual provisions of an instrument, initially at fair
value plus or minus transaction costs, except for financial assets
classified at FVTPL. Transaction costs for financial instruments at
FVTPL are expensed. Purchases or sales of financial assets are
recognised on the trade date, being the date that the Group
commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive
cash flows from the investments have expired or been
transferred or when the Group has transferred substantially
all risks and rewards of ownership. Financial liabilities are
derecognised when the obligation under the liability has
been discharged, cancelled or expires.
Subsequent measurement
The subsequent measurement of financial instruments
depends on their classification in accordance with IFRS 9
Financial Instruments.
Under IFRS 9, the Group classifies its financial assets into
two measurement categories: amortised cost and fair value
through profit or loss. The classification of financial assets under
IFRS 9 is generally based on the business model in which a
financial asset is managed and its contractual cash flow
characteristics. A financial asset is measured at amortised cost if
it meets both of the following conditions and is not designated
as at FVTPL:
– it is held within a business model whose objective is to hold
assets to collect contractual cash flows; and
– its contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the
principal amount outstanding.
All financial assets not classified as measured at amortised cost
are measured at FVTPL. The Group classifies its financial
liabilities at amortised cost except for derivative liabilities that are
classified at FVTPL.
Amortised cost is the amount at which the financial asset or
financial liability is measured at initial recognition minus the
principal repayments, plus or minus the cumulative amortisation
using the effective interest method of any difference between
that initial amount and the maturity amount and, for financial
assets, adjusted for any loss allowance.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 113
Notes to the financial statements continued
114 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Financial assets
The Group classifies its financial assets into the following
categories: investment securities at FVTPL, financial assets at
FVTPL and financial assets measured at amortised cost.
Investment securities at FVTPL
Investment securities represent securities, other than
derivatives, held by consolidated funds. These securities are
measured at fair value with gains and losses recognised in profit
or loss within finance income or expense.
Financial assets at FVTPL
Financial assets at FVTPL include certain readily realisable
interests in seeded funds, non-current financial assets measured
at fair value and derivatives. From the date the financial asset is
recognised, all subsequent changes in fair value, foreign
exchange differences, interest and dividends are recognised in
the profit or loss within finance income or expense.
(i) Non-current financial assets measured at fair value
Non-current financial assets include the Group’s interests in
funds that are expected to be realised within a period longer than
12 months from the balance sheet date. They are held at fair
value with changes in fair value being recognised in profit or loss
within finance income or expense.
(ii) Current financial assets measured at fair value
The Group classifies readily realisable interests in seeded funds
as current financial assets measured at FVTPL with fair value
changes recognised in profit or loss within finance income
or expense. Fair value is measured based on the proportionate
net asset value in the fund.
(iii) Derivatives
Derivatives include foreign exchange forward contracts and
options used by the Group to manage its foreign currency
exposures and those held in consolidated funds. Derivatives are
initially recognised at fair value on the date on which a derivative
contract is entered into and subsequently remeasured at fair
value. Transaction costs are recognised immediately in profit or
loss. All derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of
derivatives are recognised in profit or loss within foreign
exchange gains or losses and net gains or losses on investment
securities, except for the effective portion of cash flow hedges,
which is recognised in other comprehensive income.
Financial assets measured at amortised cost
(i) Trade and other receivables
Trade and other receivables are initially recorded at fair value plus
transaction costs. The fair value on acquisition is normally the
cost. Subsequent to initial recognition these assets are
measured at amortised cost less impairment loss allowances.
Impairment losses are recognised in profit or loss within other
expenses, for expected credit losses, and changes in those
expected credit losses over the life of the instrument. Loss
allowances are calculated based on lifetime expected credit
losses at each reporting date.
(ii) Cash and cash equivalents
Cash represents cash at bank and in hand. Cash equivalents
comprise short-term deposits with contractual maturities of less
than three months and units in money market funds held for the
purposes of meeting short-term cash commitments. Cash
equivalents are readily convertible to known amounts of cash
and are subject to insignificant risk of changes in value.
(iii) Term deposits
Term deposits are fixed term interest-yielding cash investments
with contractual maturities of greater than three months.
114 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
114 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Financial assets
The Group classifies its financial assets into the following
categories: investment securities at FVTPL, financial assets at
FVTPL and financial assets measured at amortised cost.
Investment securities at FVTPL
Investment securities represent securities, other than
derivatives, held by consolidated funds. These securities are
measured at fair value with gains and losses recognised in profit
or loss within finance income or expense.
Financial assets at FVTPL
Financial assets at FVTPL include certain readily realisable
interests in seeded funds, non-current financial assets measured
at fair value and derivatives. From the date the financial asset is
recognised, all subsequent changes in fair value, foreign
exchange differences, interest and dividends are recognised in
the profit or loss within finance income or expense.
(i) Non-current financial assets measured at fair value
Non-current financial assets include the Group’s interests in
funds that are expected to be realised within a period longer than
12 months from the balance sheet date. They are held at fair
value with changes in fair value being recognised in profit or loss
within finance income or expense.
(ii) Current financial assets measured at fair value
The Group classifies readily realisable interests in seeded funds
as current financial assets measured at FVTPL with fair value
changes recognised in profit or loss within finance income
or expense. Fair value is measured based on the proportionate
net asset value in the fund.
(iii) Derivatives
Derivatives include foreign exchange forward contracts and
options used by the Group to manage its foreign currency
exposures and those held in consolidated funds. Derivatives are
initially recognised at fair value on the date on which a derivative
contract is entered into and subsequently remeasured at fair
value. Transaction costs are recognised immediately in profit or
loss. All derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of
derivatives are recognised in profit or loss within foreign
exchange gains or losses and net gains or losses on investment
securities, except for the effective portion of cash flow hedges,
which is recognised in other comprehensive income.
Financial assets measured at amortised cost
(i) Trade and other receivables
Trade and other receivables are initially recorded at fair value plus
transaction costs. The fair value on acquisition is normally the
cost. Subsequent to initial recognition these assets are
measured at amortised cost less impairment loss allowances.
Impairment losses are recognised in profit or loss within other
expenses, for expected credit losses, and changes in those
expected credit losses over the life of the instrument. Loss
allowances are calculated based on lifetime expected credit
losses at each reporting date.
(ii) Cash and cash equivalents
Cash represents cash at bank and in hand. Cash equivalents
comprise short-term deposits with contractual maturities of less
than three months and units in money market funds held for the
purposes of meeting short-term cash commitments. Cash
equivalents are readily convertible to known amounts of cash
and are subject to insignificant risk of changes in value.
(iii) Term deposits
Term deposits are fixed term interest-yielding cash investments
with contractual maturities of greater than three months.
114 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
114 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Financial assets
The Group classifies its financial assets into the following
categories: investment securities at FVTPL, financial assets at
FVTPL and financial assets measured at amortised cost.
Investment securities at FVTPL
Investment securities represent securities, other than
derivatives, held by consolidated funds. These securities are
measured at fair value with gains and losses recognised in profit
or loss within finance income or expense.
Financial assets at FVTPL
Financial assets at FVTPL include certain readily realisable
interests in seeded funds, non-current financial assets measured
at fair value and derivatives. From the date the financial asset is
recognised, all subsequent changes in fair value, foreign
exchange differences, interest and dividends are recognised in
the profit or loss within finance income or expense.
(i) Non-current financial assets measured at fair value
Non-current financial assets include the Group’s interests in
funds that are expected to be realised within a period longer than
12 months from the balance sheet date. They are held at fair
value with changes in fair value being recognised in profit or loss
within finance income or expense.
(ii) Current financial assets measured at fair value
The Group classifies readily realisable interests in seeded funds
as current financial assets measured at FVTPL with fair value
changes recognised in profit or loss within finance income
or expense. Fair value is measured based on the proportionate
net asset value in the fund.
(iii) Derivatives
Derivatives include foreign exchange forward contracts and
options used by the Group to manage its foreign currency
exposures and those held in consolidated funds. Derivatives are
initially recognised at fair value on the date on which a derivative
contract is entered into and subsequently remeasured at fair
value. Transaction costs are recognised immediately in profit or
loss. All derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair
value is negative.
Any gains or losses arising from changes in the fair value of
derivatives are recognised in profit or loss within foreign
exchange gains or losses and net gains or losses on investment
securities, except for the effective portion of cash flow hedges,
which is recognised in other comprehensive income.
Financial assets measured at amortised cost
(i) Trade and other receivables
Trade and other receivables are initially recorded at fair value plus
transaction costs. The fair value on acquisition is normally the
cost. Subsequent to initial recognition these assets are
measured at amortised cost less impairment loss allowances.
Impairment losses are recognised in profit or loss within other
expenses, for expected credit losses, and changes in those
expected credit losses over the life of the instrument. Loss
allowances are calculated based on lifetime expected credit
losses at each reporting date.
(ii) Cash and cash equivalents
Cash represents cash at bank and in hand. Cash equivalents
comprise short-term deposits with contractual maturities of less
than three months and units in money market funds held for the
purposes of meeting short-term cash commitments. Cash
equivalents are readily convertible to known amounts of cash
and are subject to insignificant risk of changes in value.
(iii) Term deposits
Term deposits are fixed term interest-yielding cash investments
with contractual maturities of greater than three months.
Ashmore Annual Report and Accounts 2025 115
Financial liabilities
The Group classifies its financial liabilities into the following
categories: financial liabilities at FVTPL and financial liabilities
at amortised cost.
Financial liabilities at FVTPL
Financial liabilities at FVTPL include derivative financial
instruments and third-party interests in consolidated funds.
They are carried at fair value with gains or losses recognised
in profit or loss within finance income or expense.
Financial liabilities at amortised cost
Other financial liabilities including trade and other payables are
subsequently measured at amortised cost using the effective
interest rate method. Interest expense is recognised in profit
or loss within finance income or expense using the effective
interest method, which allocates interest at a constant rate of
return over the expected life of the financial instrument based
on the estimated future cash flows.
Fair value of financial instruments
Fair value is defined as the price that would be received to sell an
asset or paid to transfer a liability (i.e. the ‘exit price’) in an orderly
transaction between market participants at the measurement
date. In determining fair value, the Group applies valuation
techniques that are consistent with the principles of IFRS 13
Fair Value Measurement, and prioritises the use of observable
market inputs where available. Observable inputs are inputs that
market participants would use in pricing the asset or liability
developed based on market data obtained from sources
independent of the Group.
Unobservable inputs are inputs that reflect the Group’s
judgements about the assumptions other market participants
would use in pricing the asset or liability, developed based on
the best information available in the circumstances.
Listed securities traded on recognised exchanges or regulated
markets are valued at the last available closing bid price. Where
securities are traded across multiple active markets, the price
from the principal market is used. For instruments traded on
secondary markets with regulated dealer activity, valuation may
be based on observable dealer quotes.
For instruments not listed or traded on regulated markets, the
Group uses valuation techniques such as the market approach,
income approach, or cost approach, in line with the International
Private Equity and Venture Capital Valuation Guidelines. These
techniques may incorporate observable inputs (e.g., comparable
market transactions) or unobservable inputs (e.g., discounted
cash flows adjusted for liquidity, credit, and market risks).
Investments in funds are valued using the latest available net
asset value (NAV) of the units or shares.
The fair value of derivative instruments is determined using
market valuations at the reporting date.
The Group has a separate PMVC to oversee the valuation
process and review the valuation methodologies, inputs and
assumptions used to value individual investments.
Smaller investments may be valued directly by the PMVC but
material investments are valued by independent third-party
valuation specialists.
Valuation techniques used include the market approach, the
income approach or the cost approach. The use of the market
approach generally consists of using comparable market
transactions or using techniques based on market observable
inputs, while the use of the income approach generally consists
of the net present value of estimated future cash flows, adjusted
as deemed appropriate for liquidity, credit, market and/or other
risk factors.
The governance framework ensures that fair value
measurements are subject to rigorous internal scrutiny and
reflect the best available information at the reporting date.
Hedge accounting
The Group applies the general hedge accounting model in IFRS
9, aligning hedge accounting relationships with its risk
management objectives and strategy. The Group adopts a
qualitative and forward-looking approach to assessing hedge
effectiveness.
The Group uses forward and option contracts to hedge the
variability in cash flows arising from changes in foreign exchange
rates relating to management fee revenues. For hedge
accounting purposes, the Group designates only the change in
fair value of the hedging instrument that relates to the spot
element of forward contracts or the intrinsic value of option
contracts in its cash flow hedging relationships.
The intrinsic value of an option contract, representing the in-the-
money portion, is considered the effective component of the
hedge. The time value of options and the forward points of
forward contracts are excluded from the hedging relationship
and are accounted for in accordance with IFRS 9’s treatment of
costs of hedging.
The effective portion of changes in fair value of the hedging
instrument is recognised in other comprehensive income and
accumulated in the cash flow hedge reserve within equity. This
amount is reclassified to profit or loss in the same period during
which the hedged item affects the Group’s financial
performance.
To qualify for hedge accounting, the following criteria must
be met:
– formal documentation of the hedging relationship at inception;
– The hedged forecast cash flows must be highly probable and
capable of affecting profit or loss; and
– The hedge must be expected to be highly effective, and
effectiveness must be reliably measurable and assessed on an
ongoing basis.
Any ineffective portion of the hedge is recognised immediately
in profit or loss within foreign exchange gain/(loss). If the
hedging instrument is terminated, sold, or ceases to be highly
effective, hedge accounting is discontinued prospectively.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 115
Notes to the financial statements continued
116 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Impairment of financial assets
In accordance with IFRS 9, the Group recognises expected credit
losses (ECLs) on financial assets measured at amortised cost.
The ECL model requires the recognition of credit losses based
on forward-looking information, incorporating both historical data
and future expectations of credit risk.
Assets measured at amortised cost
The Group applies the simplified approach to measure ECLs for
trade receivables, which do not contain a significant financing
component. Under this approach, the Group recognises lifetime
expected credit losses from initial recognition and throughout the
life of the receivable.
The Group assesses credit risk based on days past due, whether
there is deterioration in the credit quality of the counterparty, and
knowledge of specific events that could influence a
counterparty’s ability to pay.
The ECL allowance is deducted from the gross carrying amount
of trade receivables and is updated at each reporting date to
reflect changes in credit risk.
For cash and deposits held with banks, the Group assesses
credit risk using the general ECL model, which considers,
whether there has been a significant increase in credit risk since
initial recognition, external credit ratings as the primary indicator
of counterparty credit risk and forward-looking information and
macroeconomic factors. Credit risk is deemed to have increased
if the credit rating has deteriorated at the reporting date relative
to the credit rating at the date of initial recognition.
Impairment of non-financial assets
An impairment test is performed annually or whenever events or
changes in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognised for the
amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher
of an asset’s fair value less costs of disposal and value in use.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash inflows which are largely independent of the cash inflows
from other assets or groups of assets (cash-generating units).
Non-financial assets, other than goodwill, that have suffered an
impairment are reviewed for possible reversal of the impairment
at the end of each reporting period.
Goodwill impairment review
Goodwill is tested for impairment at least annually or whenever
there is an indication that the carrying amount may not be
recoverable based on management’s judgements regarding the
future prospects of the business, estimates of future cash flows
and discount rates. When assessing the appropriateness of the
carrying value of goodwill at year end, the recoverable amount is
considered to be the greater of fair value less costs to sell or
value in use. The pre-tax discount rate applied is based on the
Group’s weighted average cost of capital after making
allowances for any specific risks.
Goodwill acquired in a business combination is allocated to the
cash-generating units that are expected to benefit from that
business combination. It is the Group’s judgement that the
lowest level of cash-generating unit used to determine
impairment is the investment management segment level.
The business of the Group is managed as a single unit, with
asset allocations, research and other such operational practices
reflecting the commonality of approach across all fund themes.
This reflects the Group’s global operating model, based on a
single operating platform, into which acquired businesses are
fully integrated and from which acquisition-related synergies are
expected to be realised. Therefore, for the purpose of testing
goodwill for impairment, the Group is considered to have one
cash-generating unit to which all goodwill is allocated and, as a
result, no further split of goodwill into smaller cash-generating
units is possible and the impairment review is conducted for the
Group as a whole.
An impairment loss in respect of goodwill cannot be reversed.
116 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
116 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Impairment of financial assets
In accordance with IFRS 9, the Group recognises expected credit
losses (ECLs) on financial assets measured at amortised cost.
The ECL model requires the recognition of credit losses based
on forward-looking information, incorporating both historical data
and future expectations of credit risk.
Assets measured at amortised cost
The Group applies the simplified approach to measure ECLs for
trade receivables, which do not contain a significant financing
component. Under this approach, the Group recognises lifetime
expected credit losses from initial recognition and throughout the
life of the receivable.
The Group assesses credit risk based on days past due, whether
there is deterioration in the credit quality of the counterparty, and
knowledge of specific events that could influence a
counterparty’s ability to pay.
The ECL allowance is deducted from the gross carrying amount
of trade receivables and is updated at each reporting date to
reflect changes in credit risk.
For cash and deposits held with banks, the Group assesses
credit risk using the general ECL model, which considers,
whether there has been a significant increase in credit risk since
initial recognition, external credit ratings as the primary indicator
of counterparty credit risk and forward-looking information and
macroeconomic factors. Credit risk is deemed to have increased
if the credit rating has deteriorated at the reporting date relative
to the credit rating at the date of initial recognition.
Impairment of non-financial assets
An impairment test is performed annually or whenever events or
changes in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognised for the
amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher
of an asset’s fair value less costs of disposal and value in use.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash inflows which are largely independent of the cash inflows
from other assets or groups of assets (cash-generating units).
Non-financial assets, other than goodwill, that have suffered an
impairment are reviewed for possible reversal of the impairment
at the end of each reporting period.
Goodwill impairment review
Goodwill is tested for impairment at least annually or whenever
there is an indication that the carrying amount may not be
recoverable based on management’s judgements regarding the
future prospects of the business, estimates of future cash flows
and discount rates. When assessing the appropriateness of the
carrying value of goodwill at year end, the recoverable amount is
considered to be the greater of fair value less costs to sell or
value in use. The pre-tax discount rate applied is based on the
Group’s weighted average cost of capital after making
allowances for any specific risks.
Goodwill acquired in a business combination is allocated to the
cash-generating units that are expected to benefit from that
business combination. It is the Group’s judgement that the
lowest level of cash-generating unit used to determine
impairment is the investment management segment level.
The business of the Group is managed as a single unit, with
asset allocations, research and other such operational practices
reflecting the commonality of approach across all fund themes.
This reflects the Group’s global operating model, based on a
single operating platform, into which acquired businesses are
fully integrated and from which acquisition-related synergies are
expected to be realised. Therefore, for the purpose of testing
goodwill for impairment, the Group is considered to have one
cash-generating unit to which all goodwill is allocated and, as a
result, no further split of goodwill into smaller cash-generating
units is possible and the impairment review is conducted for the
Group as a whole.
An impairment loss in respect of goodwill cannot be reversed.
116 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
116 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Impairment of financial assets
In accordance with IFRS 9, the Group recognises expected credit
losses (ECLs) on financial assets measured at amortised cost.
The ECL model requires the recognition of credit losses based
on forward-looking information, incorporating both historical data
and future expectations of credit risk.
Assets measured at amortised cost
The Group applies the simplified approach to measure ECLs for
trade receivables, which do not contain a significant financing
component. Under this approach, the Group recognises lifetime
expected credit losses from initial recognition and throughout the
life of the receivable.
The Group assesses credit risk based on days past due, whether
there is deterioration in the credit quality of the counterparty, and
knowledge of specific events that could influence a
counterparty’s ability to pay.
The ECL allowance is deducted from the gross carrying amount
of trade receivables and is updated at each reporting date to
reflect changes in credit risk.
For cash and deposits held with banks, the Group assesses
credit risk using the general ECL model, which considers,
whether there has been a significant increase in credit risk since
initial recognition, external credit ratings as the primary indicator
of counterparty credit risk and forward-looking information and
macroeconomic factors. Credit risk is deemed to have increased
if the credit rating has deteriorated at the reporting date relative
to the credit rating at the date of initial recognition.
Impairment of non-financial assets
An impairment test is performed annually or whenever events or
changes in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognised for the
amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher
of an asset’s fair value less costs of disposal and value in use.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash inflows which are largely independent of the cash inflows
from other assets or groups of assets (cash-generating units).
Non-financial assets, other than goodwill, that have suffered an
impairment are reviewed for possible reversal of the impairment
at the end of each reporting period.
Goodwill impairment review
Goodwill is tested for impairment at least annually or whenever
there is an indication that the carrying amount may not be
recoverable based on management’s judgements regarding the
future prospects of the business, estimates of future cash flows
and discount rates. When assessing the appropriateness of the
carrying value of goodwill at year end, the recoverable amount is
considered to be the greater of fair value less costs to sell or
value in use. The pre-tax discount rate applied is based on the
Group’s weighted average cost of capital after making
allowances for any specific risks.
Goodwill acquired in a business combination is allocated to the
cash-generating units that are expected to benefit from that
business combination. It is the Group’s judgement that the
lowest level of cash-generating unit used to determine
impairment is the investment management segment level.
The business of the Group is managed as a single unit, with
asset allocations, research and other such operational practices
reflecting the commonality of approach across all fund themes.
This reflects the Group’s global operating model, based on a
single operating platform, into which acquired businesses are
fully integrated and from which acquisition-related synergies are
expected to be realised. Therefore, for the purpose of testing
goodwill for impairment, the Group is considered to have one
cash-generating unit to which all goodwill is allocated and, as a
result, no further split of goodwill into smaller cash-generating
units is possible and the impairment review is conducted for the
Group as a whole.
An impairment loss in respect of goodwill cannot be reversed.
Ashmore Annual Report and Accounts 2025 117
Net revenue
Net revenue is total revenue less distribution costs and include
foreign exchange gains or losses on non-Sterling denominated
revenues, receivable and payable balances. The Group’s total
revenue includes management fees, performance fees and
other revenue. The primary revenue source for the Group is fee
income received or receivable for the provision of investment
management services.
The Group recognises revenue in accordance with the principles of
IFRS 15 Revenue from Contracts with Customers. Revenue is
recognised to reflect the transfer of promised goods or services to
customers in an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or
services. The Group applies the IFRS 15 five-step model for
recognising revenue, which consists of identifying the contract
with the customer; identifying the relevant performance
obligations; determining the amount of consideration to be
received under the contract; allocating the consideration to each
performance obligation; and recognising the revenue as the
performance obligations are satisfied. The Group’s principal
revenue recognition policies are summarised below:
Management fees
Management fees are presented net of rebates, and are
calculated as a percentage of net fund assets managed in
accordance with individual management agreements.
Management fees are calculated and recognised on a monthly
basis in accordance with the terms of the management fee
agreements. Management fees are typically collected on a
monthly or quarterly basis.
Performance fees
Performance fees are earned from some arrangements when
contractually agreed performance levels are exceeded within
specified performance measurement periods, typically over one
year. The fees are recognised when they are crystallised, and
there is deemed to be a low probability of a significant reversal in
future periods. This is usually at the end of the performance period
or upon early redemption by a fund investor. Once crystallised,
performance fees typically cannot be clawed-back. Performance
fees are presented net of rebates, and are calculated as a
percentage of the appreciation in the net asset value of a fund
above a defined hurdle.
Rebates
Rebates relate to repayments of management and performance
fees charged subject to a rebate agreement, typically with
institutional investors, and are calculated based on an agreed
percentage of net fund assets managed and recognised
as the service is received. Where rebate agreements exist,
management and performance fees are presented on a net basis
in profit or loss.
Other revenue
Other revenue principally comprises fees for other services,
which are typically driven by the volume of transactions, along
with revenues that vary in accordance with the volume of fund
project development activities.
Other revenue includes transaction, structuring and
administration fees, project management fees, and
reimbursement by funds of costs incurred by the Group.
This revenue is recognised as the relevant service is provided,
and it is probable that the fee will be collected.
Distribution costs
Distribution costs are costs of sales payable to external
intermediaries for marketing and investor servicing. Distribution
costs vary based on fund assets managed and the associated
management fee revenue, and are expensed over the period in
which the service is provided.
Employee benefits
Obligations for contributions to defined contribution pension
plans are recognised as an expense in profit or loss within
personnel expenses when payable in accordance with the
scheme particulars.
Share-based payments
The Group issues share awards to its employees under share-
based compensation plans which are accounted for under IFRS 2
Share-based Payment.
For equity-settled awards, the fair value of the amounts payable
to employees is recognised as an expense with a corresponding
increase in equity over the vesting period after adjusting for the
estimated number of shares that are expected to vest. The fair
value is measured at the grant date using an appropriate
valuation model, taking into account the terms and conditions
upon which the instruments were granted. At each balance
sheet date prior to vesting, the cumulative expense representing
the extent to which the vesting period has expired and
management’s best estimate of the awards that are ultimately
expected to vest is calculated. The movement in cumulative
expense is recognised in profit or loss within personnel
expenses with a corresponding entry within equity.
For cash-settled awards, the fair value of the amounts payable to
employees is recognised as an expense with a corresponding
liability on the Group’s balance sheet. The fair value is measured
using an appropriate valuation model, taking into account the
estimated number of awards that are expected to vest and the
terms and conditions upon which the instruments were granted.
During the vesting period, the liability recognised represents the
portion of the vesting period that has expired at the balance
sheet date multiplied by the fair value of the awards at that date.
Movements in the liability are recognised in profit or loss within
personnel expenses.
The Group has in place an intragroup recharge arrangement for
equity-settled share-based awards whereby the Company is
reimbursed based on the grant-date cost of share awards
granted to employees of subsidiary entities. During the vest
period, the subsidiaries recognise a share-based payment
expense with an intercompany payable to the Company.
The Company recognises an intercompany receivable and a
corresponding credit within equity as a share-based payment
reserve. The intercompany balances are settled regularly and
reported as current assets/liabilities.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 117
Notes to the financial statements continued
118 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Finance income and expense
Finance income includes interest receivable on the Group’s cash
and cash equivalents and term deposits, and both realised and
unrealised gains on financial assets at FVTPL.
Finance expense includes both realised and unrealised losses on
financial assets at FVTPL.
Taxation
Tax expense for the year comprises current and deferred tax. Tax
is recognised in profit or loss within tax expense except
to the extent that it relates to items recognised directly in equity, in
which case it is recognised in equity.
Current tax
Current tax comprises the expected tax payable or receivable on
the taxable income or loss for the year, and any adjustment to
the tax payable or receivable in respect of previous years. It is
measured using tax rates enacted or substantively enacted at
the balance sheet date in the countries where the Group
operates. Current tax also includes withholding tax arising
from dividends.
Deferred tax
Deferred tax is recognised using the balance sheet liability
method, in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
The following differences are not provided for:
– goodwill not deductible for tax purposes; and
– differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the
foreseeable future.
The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
Deferred tax assets are recognised only to the extent that it is
probable that future taxable profits will be available against which
the assets can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected
to be applied to temporary differences when they reverse,
using tax rates enacted or substantively enacted at the balance
sheet date.
Dividends
Dividends are recognised when shareholders’ rights to receive
payments have been established.
Equity shares
The Company’s ordinary shares of 0.01 pence each are classified
as equity instruments. Ordinary shares issued by the Company
are recorded at the fair value of the consideration received or the
market price at the day of issue. Direct issue costs, net of tax,
are deducted from equity through share premium. When share
capital is repurchased, the amount of consideration paid,
including directly attributable costs, is recognised as a
change in equity.
Own shares
Own shares are held by the Employee Benefit Trust (EBT).
The holding of the EBT comprises own shares that have not
vested unconditionally to employees of the Group. In both the
Group and Company, own shares are recorded at cost and are
deducted from retained earnings.
Segmental information
Key management information, including revenues, margins,
investment performance, distribution costs and AuM flows,
which is relevant to the operation of the Group, is reported to
and reviewed by the Board on the basis of the investment
management business as a whole. Hence, the Group’s
management considers that the Group’s services and its
operations are not run on a discrete geographic basis and
comprise one business segment (being provision of investment
management services).
Company-only accounting policies
In addition to the above accounting policies, the following
specifically relates to the Company:
Investment in subsidiaries
Investments by the Company in subsidiaries are stated at cost
less, where appropriate, provisions for impairment. Investments
in subsidiaries are reviewed at least annually for impairment or
when there is an indication of impairment.
118 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
118 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Finance income and expense
Finance income includes interest receivable on the Group’s cash
and cash equivalents and term deposits, and both realised and
unrealised gains on financial assets at FVTPL.
Finance expense includes both realised and unrealised losses on
financial assets at FVTPL.
Taxation
Tax expense for the year comprises current and deferred tax. Tax
is recognised in profit or loss within tax expense except
to the extent that it relates to items recognised directly in equity, in
which case it is recognised in equity.
Current tax
Current tax comprises the expected tax payable or receivable on
the taxable income or loss for the year, and any adjustment to
the tax payable or receivable in respect of previous years. It is
measured using tax rates enacted or substantively enacted at
the balance sheet date in the countries where the Group
operates. Current tax also includes withholding tax arising
from dividends.
Deferred tax
Deferred tax is recognised using the balance sheet liability
method, in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
The following differences are not provided for:
– goodwill not deductible for tax purposes; and
– differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the
foreseeable future.
The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
Deferred tax assets are recognised only to the extent that it is
probable that future taxable profits will be available against which
the assets can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected
to be applied to temporary differences when they reverse,
using tax rates enacted or substantively enacted at the balance
sheet date.
Dividends
Dividends are recognised when shareholders’ rights to receive
payments have been established.
Equity shares
The Company’s ordinary shares of 0.01 pence each are classified
as equity instruments. Ordinary shares issued by the Company
are recorded at the fair value of the consideration received or the
market price at the day of issue. Direct issue costs, net of tax,
are deducted from equity through share premium. When share
capital is repurchased, the amount of consideration paid,
including directly attributable costs, is recognised as a
change in equity.
Own shares
Own shares are held by the Employee Benefit Trust (EBT).
The holding of the EBT comprises own shares that have not
vested unconditionally to employees of the Group. In both the
Group and Company, own shares are recorded at cost and are
deducted from retained earnings.
Segmental information
Key management information, including revenues, margins,
investment performance, distribution costs and AuM flows,
which is relevant to the operation of the Group, is reported to
and reviewed by the Board on the basis of the investment
management business as a whole. Hence, the Group’s
management considers that the Group’s services and its
operations are not run on a discrete geographic basis and
comprise one business segment (being provision of investment
management services).
Company-only accounting policies
In addition to the above accounting policies, the following
specifically relates to the Company:
Investment in subsidiaries
Investments by the Company in subsidiaries are stated at cost
less, where appropriate, provisions for impairment. Investments
in subsidiaries are reviewed at least annually for impairment or
when there is an indication of impairment.
118 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
118 Ashmore Annual Report and Accounts 2025
4) Material accounting policy information
continued
Finance income and expense
Finance income includes interest receivable on the Group’s cash
and cash equivalents and term deposits, and both realised and
unrealised gains on financial assets at FVTPL.
Finance expense includes both realised and unrealised losses on
financial assets at FVTPL.
Taxation
Tax expense for the year comprises current and deferred tax. Tax
is recognised in profit or loss within tax expense except
to the extent that it relates to items recognised directly in equity, in
which case it is recognised in equity.
Current tax
Current tax comprises the expected tax payable or receivable on
the taxable income or loss for the year, and any adjustment to
the tax payable or receivable in respect of previous years. It is
measured using tax rates enacted or substantively enacted at
the balance sheet date in the countries where the Group
operates. Current tax also includes withholding tax arising
from dividends.
Deferred tax
Deferred tax is recognised using the balance sheet liability
method, in respect of temporary differences between the
carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes.
The following differences are not provided for:
– goodwill not deductible for tax purposes; and
– differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the
foreseeable future.
The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
Deferred tax assets are recognised only to the extent that it is
probable that future taxable profits will be available against which
the assets can be utilised. Deferred tax assets are reviewed at
each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realised.
Deferred tax is measured at the tax rates that are expected
to be applied to temporary differences when they reverse,
using tax rates enacted or substantively enacted at the balance
sheet date.
Dividends
Dividends are recognised when shareholders’ rights to receive
payments have been established.
Equity shares
The Company’s ordinary shares of 0.01 pence each are classified
as equity instruments. Ordinary shares issued by the Company
are recorded at the fair value of the consideration received or the
market price at the day of issue. Direct issue costs, net of tax,
are deducted from equity through share premium. When share
capital is repurchased, the amount of consideration paid,
including directly attributable costs, is recognised as a
change in equity.
Own shares
Own shares are held by the Employee Benefit Trust (EBT).
The holding of the EBT comprises own shares that have not
vested unconditionally to employees of the Group. In both the
Group and Company, own shares are recorded at cost and are
deducted from retained earnings.
Segmental information
Key management information, including revenues, margins,
investment performance, distribution costs and AuM flows,
which is relevant to the operation of the Group, is reported to
and reviewed by the Board on the basis of the investment
management business as a whole. Hence, the Group’s
management considers that the Group’s services and its
operations are not run on a discrete geographic basis and
comprise one business segment (being provision of investment
management services).
Company-only accounting policies
In addition to the above accounting policies, the following
specifically relates to the Company:
Investment in subsidiaries
Investments by the Company in subsidiaries are stated at cost
less, where appropriate, provisions for impairment. Investments
in subsidiaries are reviewed at least annually for impairment or
when there is an indication of impairment.
Ashmore Annual Report and Accounts 2025 119
5) Geographical information
The Group’s operations are reported to and reviewed by the Board on the basis of the investment management business as a whole,
hence the Group is treated as a single segment. The key management information considered is adjusted EBITDA, an alternative
performance measure, which is £52.5 million for the year as reconciled on page 154 (FY2024: adjusted EBITDA of £77.9 million).
The disclosures below are supplementary and provide the location of the Group’s non-current assets at year end, which comprise
goodwill, property, plant and equipment, deferred acquisition costs and investment in associate.
Analysis of non-current assets by geography
2025 2024
£m £m
United Kingdom and Ireland
20.5
23.1
Americas
65.9
71.5
Asia and Middle East
2.1
2.6
Total non-current assets
88.5
97.2
6) Revenue
Management fees are accrued throughout the year in line with prevailing levels of AuM and performance fees are recognised when
they are crystallised, and there is deemed to be a low probability of a significant reversal in future periods.
The Group is not considered to be reliant on any single source of revenue. During the year, none of the Group’s funds (FY2024: none)
provided more than 10% of total revenue in the year respectively when considering management fees and performance fees
on a combined basis.
Disclosures relating to revenue by location are provided below.
Analysis of revenue by geography
2025 2024
£m £m
United Kingdom and Ireland
86.2
119.4
Americas
21.6
25.1
Asia and Middle East
36.6
44.5
Total revenue
144.4
189.0
7) Foreign exchange
The foreign exchange rates which had a material impact on the Group’s results are the US dollar, the Euro, the Indonesian rupiah, the
Saudi riyal and the Colombian peso.
Average rate Average rate
Closing rate Closing rate year ended year ended
as at 30 June as at 30 June 30 June 30 June
£1 2025 2024 2025 2024
US dollar
1.3704
1.2641
1.2970
1.2609
Euro
1.1674
 1.1795 1.1911 1.1653
Indonesian rupiah
22,248
20,700
20,890
19,763
Saudi riyal
5.1395
4.7424
4.8668
4.7292
Colombian peso
5,598
5,239
5,461
5,030
Foreign exchange gains are shown below.
2025 2024
£m £m
Net realised and unrealised hedging gains
4.1
 1.0
Translation gains/(losses) on non-Sterling denominated monetary assets and liabilities
(2.4)
1.5
Total foreign exchange gains
1.7
2.5
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 119
Notes to the financial statements continued
120 Ashmore Annual Report and Accounts 2025
8) Finance income
2025
2024
£m £m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of £20.4 million (FY2024: £25.2 million) and
investment income of £20.5 million (FY2024: £13.9 million) on consolidated funds (note 20c).
Included within net realised and unrealised gains on seed capital investments totalling £10.2 million (FY2024: £26.4 million gains)
are £2.2 million gains (FY2024: £4.7 million gains) on financial assets measured at FVTPL (note 20a), £7.1 million gains (FY2024:
£19.1 million gains) on non-current financial assets measured at fair value (note 20b) and £0.9 million realised gains on disposal of
consolidated funds (FY2024: £2.6 million realised gains).
9) Personnel expenses
Personnel expenses during the year comprised the following:
2025 2024
£m £m
Wages and salaries
23.8
 25.0
Performance-related cash bonuses
17.5
 23.4
Share-based payments (note 10)
22.0
 29.5
Social security costs
2.5
 2.5
Pension costs
2.3
 2.2
Other costs
2.9
 2.5
Total personnel expenses
71.0
 85.1
Number of employees
At 30 June 2025, the number of investment management employees of the Group (including Executive Directors) during the year
was as follows:
Average for Average for
the year the year
ended ended At At
30 June 2025 30 June 2024 30 June 2025 30 June 2024
Number Number Number Number
Total investment management employees
275
305
272
283
Directors’ remuneration
Disclosures of Directors’ remuneration during the year as required by the Companies Act 2006 are included in the Remuneration
report on pages 74 to 88. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme
(FY2024: two).
10) Share-based payments
The cost related to share-based payments recognised by the Group in consolidated profit or loss is shown below:
2025 2024
Group £m £m
Omnibus Plan
21.9
29.4
Phantom Bonus Plan
0.1
0.1
Total share-based payments expense
22.0
29.5
The total expense recognised for the year in respect of equity-settled share-based payment awards, excluding national insurance,
was £20.5 million (FY2024: £27.9 million), of which £2.2 million (FY2024: £2.0 million) relates to share awards granted to key
management personnel.
120 Ashmore Annual Report and Accounts 2025
Group
Notes to the financial statements continued
120 Ashmore Annual Report and Accounts 2025
8) Finance income
2025
£m
2024
£m
Interest and investment income 40.9
39.1
Realised gains on disposal of investments 0.3
5.2
Net realised gains on seed capital investments measured at fair value 7.5
11.3
Net unrealised gains on seed capital investments measured at fair value 2.7
15.1
Interest expense on lease liabilities (note 16) (0.3)
(0.3)
Finance income 51.1
70.4
Included within interest and investment income is interest earned on cash deposits of £20.4 million (FY2024: £25.2 million) and
investment income of £20.5 million (FY2024: £13.9 million) on consolidated funds (note 20c).
Included within net realised and unrealised gains on seed capital investments totalling £10.2 million (FY2024: £26.4 million gains)
are £2.2 million gains (FY2024: £4.7 million gains) on financial assets measured at FVTPL (note 20a), £7.1 million gains (FY2024:
£19.1 million gains) on non-current financial assets measured at fair value (note 20b) and £0.9 million realised gains on disposal of
consolidated funds (FY2024: £2.6 million realised gains).
9) Personnel expenses
Personnel expenses during the year comprised the following:
2025
£m
2024
£m
Wages and salaries 23.8
25.0
Performance-related cash bonuses 17.5
23.4
Share-based payments (note 10) 22.0
29.5
Social security costs 2.5
2.5
Pension costs 2.3
2.2
Other costs 2.9
2.5
Total personnel expenses 71.0
85.1
Number of employees
At 30 June 2025, the number of investment management employees of the Group (including Executive Directors) during the year
was as follows:
Average for
the year
ended
30 June 2025
Number
Average for
the year
ended
30 June 2024
Number
At
30 June 2025
Number
At
30 June 2024
Number
Total investment management employees 275 305 272 283
Directors’ remuneration
Disclosures of Directors’ remuneration during the year as required by the Companies Act 2006 are included in the Remuneration
report on pages 74 to 88. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme
(FY2024: two).
10) Share-based payments
The cost related to share-based payments recognised by the Group in consolidated profit or loss is shown below:
2025
£m
2024
£m
Omnibus Plan 21.9
29.4
Phantom Bonus Plan 0.1
0.1
Total share-based payments expense 22.0
29.5
The total expense recognised for the year in respect of equity-settled share-based payment awards, excluding national insurance,
was £20.5 million (FY2024: £27.9 million), of which £2.2 million (FY2024: £2.0 million) relates to share awards granted to key
management personnel.
120 Ashmore Annual Report and Accounts 2025
Group
Notes to the financial statements continued
120 Ashmore Annual Report and Accounts 2025
8) Finance income
2025
£m
2024
£m
Interest and investment income
40.9
39.1
Realised gains on disposal of investments
0.3
5.2
Net realised gains on seed capital investments measured at fair value
7.5
11.3
Net unrealised gains on seed capital investments measured at fair value
2.7
15.1
Interest expense on lease liabilities (note 16)
(0.3)
(0.3)
Finance income
51.1
70.4
Included within interest and investment income is interest earned on cash deposits of £20.4 million (FY2024: £25.2 million) and
investment income of £20.5 million (FY2024: £13.9 million) on consolidated funds (note 20c).
Included within net realised and unrealised gains on seed capital investments totalling £10.2 million (FY2024: £26.4 million gains)
are £2.2 million gains (FY2024: £4.7 million gains) on financial assets measured at FVTPL (note 20a), £7.1 million gains (FY2024:
£19.1 million gains) on non-current financial assets measured at fair value (note 20b) and £0.9 million realised gains on disposal of
consolidated funds (FY2024: £2.6 million realised gains).
9) Personnel expenses
Personnel expenses during the year comprised the following:
2025
£m
2024
£m
Wages and salaries
23.8
25.0
Performance-related cash bonuses
17.5
23.4
Share-based payments (note 10)
22.0
29.5
Social security costs
2.5
2.5
Pension costs
2.3
2.2
Other costs
2.9
2.5
Total personnel expenses
71.0
85.1
Number of employees
At 30 June 2025, the number of investment management employees of the Group (including Executive Directors) during the year
was as follows:
Average for
the year
ended
30 June 2025
Number
Average for
the year
ended
30 June 2024
Number
At
30 June 2025
Number
At
30 June 2024
Number
Total investment management employees
275
305
272
283
Directors’ remuneration
Disclosures of Directors’ remuneration during the year as required by the Companies Act 2006 are included in the Remuneration
report on pages 74 to 88. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme
(FY2024: two).
10) Share-based payments
The cost related to share-based payments recognised by the Group in consolidated profit or loss is shown below:
2025
£m
2024
£m
Omnibus Plan
21.9
29.4
Phantom Bonus Plan
0.1
0.1
Total share-based payments expense
22.0
29.5
The total expense recognised for the year in respect of equity-settled share-based payment awards, excluding national insurance,
was £20.5 million (FY2024: £27.9 million), of which £2.2 million (FY2024: £2.0 million) relates to share awards granted to key
management personnel.
Group and Company 2025 2024
Year of grant £m £m
2019
–
3.3
2020
3.9
 3.8
2021
3.1
 3.2
2022
2.9
 3.0
2023
4.9
 6.3
2024
3.3
 8.4
2025
2.4
 –
Total Omnibus share-based payments expense reported in profit or loss
20.5
 28.0
Ashmore Annual Report and Accounts 2025 121
The Executive Omnibus Incentive Plan (Omnibus Plan)
The Omnibus Plan was introduced prior to the Company listing in October 2006 and provides for the grant of share awards,
market value options, premium cost options, discounted options, linked options, phantoms and/or nil-cost options to employees.
The Omnibus Plan will also allow bonuses to be deferred in the form of share awards with or without matching shares. Awards
granted under the Omnibus Plan typically vest after five years from date of grant, with the exception of bonus awards which vest
after the shorter of five years from date of grant or on the date of termination of employment.
Awards granted under the Omnibus Plan are generally accounted for as equity-settled share-based payments, with the exception
of phantom awards which are classified as cash-settled share-based payments.
The combined cash and equity-settled payments below represent the share-based payments relating to the Omnibus Plan.
Total expense by year awards were granted (excluding national insurance)
Awards outstanding under the Omnibus Plan were as follows:
i) Equity-settled awards
2025 2025 2024 2024
Number of Weighted Number of Weighted
shares subject average shares subject average
Group and Company to awards share price to awards share price
Restricted share awards
At the beginning of the year
29,802,680
£2.61 19,032,817 £3.32
Granted
8,613,488
£1.75 15,307,268 £1.91
Vested
(3,398,755)
£4.19 (3,762,882) £3.32
Forfeited
(742,690)
£2.52 (774,523) £2.81
Awards outstanding at year end
34,274,723
£2.24 29,802,680 £2.61
Bonus share awards
At the beginning of the year
8,431,485
£3.24 10,146,521 £3.31
Granted
3,406,067
£1.75 385,864 £1.91
Vested
(2,999,371)
£3.62 (2,095,393) £3.30
Forfeited
–
–
(5,507)
£3.00
Awards outstanding at year end
8,838,181
£2.55 8,431,485 £3.24
Matching share awards
At the beginning of the year
8,780,733
£3.20 10,210,529 £3.31
Granted
3,422,039
£1.75 681,691 £1.91
Vested
(1,643,447)
£4.37 (1,929,553) £3.31
Forfeited
(430,500)
£2.64 (181,934) £3.13
Awards outstanding at year end
10,128,825
£2.55 8,780,733 £3.20
Total
53,241,729
£2.35 47,014,898 £2.84
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 121
Notes to the financial statements continued
122 Ashmore Annual Report and Accounts 2025
10) Share-based payments continued
ii) Cash-settled awards
2025 2025 2024 2024
Number of Weighted Number of Weighted
shares subject average shares subject average
Group and Company to awards share price to awards share price
Restricted share awards
At the beginning of the year
236,603
£2.36 113,062 £3.13
Granted
31,462
£1.75 146,461 £1.91
Vested
(27,993)
£4.27 (22,920) £3.33
Forfeited
(2,720)
£2.10
–
–
Awards outstanding at year end
237,352
£2.05 236,603 £2.36
Bonus share awards
At the beginning of the year
65,148
£3.07 81,740 £3.12
Granted
16,856
£1.75
–
–
Vested
(18,890)
£4.38 (16,592) £3.33
Forfeited
–
–
–
–
Awards outstanding at year end
63,114
£2.33 65,148 £3.07
Matching share awards
At the beginning of the year
65,148
£3.07 81,740 £3.12
Granted
16,856
£1.75
–
–
Vested
(18,890)
£4.38 (16,592) £3.33
Forfeited
–
–
–
–
Awards outstanding at year end
63,114
£2.33 65,148 £3.07
Total
363,580
£2.15 366,899 £2.61
122 Ashmore Annual Report and Accounts 2025
Group and Company
Notes to the financial statements continued
122 Ashmore Annual Report and Accounts 2025
10) Share-based payments continued
ii) Cash-settled awards
2025
Number of
shares subject
to awards
2025
Weighted
average
share price
2024
Number of
shares subject
to awards
2024
Weighted
average
share price
Restricted share awards
At the beginning of the year 236,603
£2.36
113,062
£3.13
Granted 31,462
£1.75
146,461
£1.91
Vested (27,993)
£4.27
(22,920)
£3.33
Forfeited (2,720)
£2.10
– –
Awards outstanding at year end 237,352
£2.05
236,603
£2.36
Bonus share awards
At the beginning of the year 65,148
£3.07
81,740
£3.12
Granted 16,856
£1.75
– –
Vested (18,890)
£4.38
(16,592)
£3.33
Forfeited – – – –
Awards outstanding at year end 63,114
£2.33
65,148
£3.07
Matching share awards
At the beginning of the year 65,148
£3.07
81,740
£3.12
Granted 16,856
£1.75
– –
Vested (18,890)
£4.38
(16,592)
£3.33
Forfeited – – – –
Awards outstanding at year end 63,114
£2.33
65,148
£3.07
Total 363,580
£2.15
366,899
£2.61
122 Ashmore Annual Report and Accounts 2025
Group and Company
Notes to the financial statements continued
122 Ashmore Annual Report and Accounts 2025
10) Share-based payments continued
ii) Cash-settled awards
2025
Number of
shares subject
to awards
2025
Weighted
average
share price
2024
Number of
shares subject
to awards
2024
Weighted
average
share price
Restricted share awards
At the beginning of the year
236,603
£2.36
113,062
£3.13
Granted
31,462
£1.75
146,461
£1.91
Vested
(27,993)
£4.27
(22,920)
£3.33
Forfeited
(2,720)
£2.10
–
–
Awards outstanding at year end
237,352
£2.05
236,603
£2.36
Bonus share awards
At the beginning of the year
65,148
£3.07
81,740
£3.12
Granted
16,856
£1.75
–
–
Vested
(18,890)
£4.38
(16,592)
£3.33
Forfeited
–
–
–
–
Awards outstanding at year end
63,114
£2.33
65,148
£3.07
Matching share awards
At the beginning of the year
65,148
£3.07
81,740
£3.12
Granted
16,856
£1.75
–
–
Vested
(18,890)
£4.38
(16,592)
£3.33
Forfeited
–
–
–
–
Awards outstanding at year end
63,114
£2.33
65,148
£3.07
Total
363,580
£2.15
366,899
£2.61
Ashmore Annual Report and Accounts 2025 123
iii) Total awards
2025
2025
2024
2024
Number of Weighted Number of Weighted
shares subject average shares subject average
Group and Company to awards share price to awards share price
Restricted share awards
At the beginning of the year
30,039,283
£2.61 19,145,879 £3.32
Granted
8,644,950
£1.75 15,453,729 £1.91
Vested
(3,426,748)
£4.19 (3,785,802) £3.32
Forfeited
(745,410)
£2.52 (774,523) £2.81
Awards outstanding at year end
34,512,075
£2.24 30,039,283 £2.61
Bonus share awards
At the beginning of the year
8,496,633
£3.24 10,228,261 £3.31
Granted
3,422,923
£1.75 385,864 £1.91
Vested
(3,018,261)
£3.62 (2,111,985) £3.30
Forfeited
–
–
(5,507)
£3.00
Awards outstanding at year end
8,901,295
£2.54 8,496,633 £3.24
Matching share awards
At the beginning of the year
8,845,881
£3.20 10,292,269 £3.31
Granted
3,438,895
£1.75 681,691 £1.91
Vested
(1,662,337)
£4.37 (1,946,145) £3.31
Forfeited
(430,500)
£2.64 (181,934) £3.13
Awards outstanding at year end
10,191,939
£2.55 8,845,881 £3.20
Total
53,605,309
£2.35 47,381,797 £2.83
The weighted average fair value of awards granted to employees under the Omnibus Plan during the year was £1.75 (FY2024:
£1.91), calculated based on the average Ashmore Group plc closing share price for the five business days prior to grant.
For Executive Directors, the fair value of awards also takes into account the performance conditions set out in the
Remuneration report.
Where the grant of restricted and matching share awards is linked to the annual bonus process, the fair value of the awards is spread
over a period including the current financial year and the subsequent five years to their vesting date when the grantee becomes
unconditionally entitled to the underlying shares. The fair value of the remaining awards is spread over the period from the date
of grant to the vesting date.
The liability arising from cash-settled awards under the Omnibus Plan at the end of the year and reported within trade and other
payables on the Group consolidated balance sheet is £0.3 million (30 June 2024: £0.3 million) of which £nil (30 June 2024: £nil)
relates to vested awards.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 123
Notes to the financial statements continued
124 Ashmore Annual Report and Accounts 2025
11) Other expenses
Other expenses consist of the following:
2025 2024
£m £m
Travel
2.2
2.0
Professional fees
3.9
7.0
Information technology and communications
8.4
8.1
Amortisation of intangible assets
0.1
0.2
Lease expenses
0.3
0.5
Depreciation of property, plant and equipment (note 16)
3.0
2.9
Premises-related costs
1.5
1.6
Insurance
0.7
0.8
Research costs
0.3
0.3
Auditor’s remuneration (see below)
1.1
1.0
Operating expenses in consolidated funds (note 20(c))
2.1
1.2
Other operating expenses
4.1
4.2
27.7
29.8
Lease expenses relates to short-term leases where the Group has applied the optional exemption contained within IFRS 16,
which permits the cost of short-term leases (less than 12 months) to be expensed on a straight-line basis over the lease term.
Auditor’s remuneration
2025 2024
£m £m
Fees for statutory audit services:
–
Fees payable to the Company’s auditor for the audit of the Group’s accounts
0.3
0.3
–
Fees payable to the Company’s auditor and its associates for the audit of the Company’s subsidiaries
0.6
0.5
pursuant to legislation
Fees for non-audit services:
–
Other assurance non-audit services
1
0.2
0.2
1.1
1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance
reporting relevant to a number of the Group's subsidiaries.
124 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
124 Ashmore Annual Report and Accounts 2025
11) Other expenses
Other expenses consist of the following:
2025
£m
2024
£m
Travel 2.2 2.0
Professional fees 3.9 7.0
Information technology and communications 8.4 8.1
Amortisation of intangible assets 0.1 0.2
Lease expenses 0.3 0.5
Depreciation of property, plant and equipment (note 16) 3.0 2.9
Premises-related costs 1.5 1.6
Insurance 0.7 0.8
Research costs 0.3 0.3
Auditor’s remuneration (see below) 1.1 1.0
Operating expenses in consolidated funds (note 20(c)) 2.1 1.2
Other operating expenses 4.1 4.2
27.7 29.8
Lease expenses relates to short-term leases where the Group has applied the optional exemption contained within IFRS 16,
which permits the cost of short-term leases (less than 12 months) to be expensed on a straight-line basis over the lease term.
Auditor’s remuneration
2025
£m
2024
£m
Fees for statutory audit services:
– Fees payable to the Company’s auditor for the audit of the Group’s accounts 0.3 0.3
– Fees payable to the Company’s auditor and its associates for the audit of the Company’s subsidiaries
pursuant to legislation
0.6 0.5
Fees for non-audit services:
– Other assurance non-audit services
1
0.2 0.2
1.1 1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance
reporting relevant to a number of the Group's subsidiaries.
124 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
124 Ashmore Annual Report and Accounts 2025
11) Other expenses
Other expenses consist of the following:
2025
£m
2024
£m
Travel
2.2
2.0
Professional fees
3.9
7.0
Information technology and communications
8.4
8.1
Amortisation of intangible assets
0.1
0.2
Lease expenses
0.3
0.5
Depreciation of property, plant and equipment (note 16)
3.0
2.9
Premises-related costs
1.5
1.6
Insurance
0.7
0.8
Research costs
0.3
0.3
Auditor’s remuneration (see below)
1.1
1.0
Operating expenses in consolidated funds (note 20(c))
2.1
1.2
Other operating expenses
4.1
4.2
27.7
29.8
Lease expenses relates to short-term leases where the Group has applied the optional exemption contained within IFRS 16,
which permits the cost of short-term leases (less than 12 months) to be expensed on a straight-line basis over the lease term.
Auditor’s remuneration
2025
£m
2024
£m
Fees for statutory audit services:
– Fees payable to the Company’s auditor for the audit of the Group’s accounts
0.3
0.3
– Fees payable to the Company’s auditor and its associates for the audit of the Company’s subsidiaries
pursuant to legislation
0.6
0.5
Fees for non-audit services:
– Other assurance non-audit services
1
0.2
0.2
1.1
1.0
1. Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance
reporting relevant to a number of the Group's subsidiaries.
Ashmore Annual Report and Accounts 2025 125
12) Taxation
Analysis of tax charge for the year:
2025 2024
£m £m
Current tax
UK corporation tax on profits for the year
12.2
12.9
Overseas corporation tax charge
7.9
11.6
Adjustments in respect of prior years
0.1
0.8
20.2
25.3
Deferred tax
Origination and reversal of temporary differences (note 18)
3.3
4.6
Tax expense
23.5
29.9
Factors affecting tax charge for the year
2025 2024
£m £m
Profit before tax
108.6
128.1
Profit on ordinary activities multiplied by the UK tax rate of 25% (FY2024: 25%)
27.2
32.0
Effects of:
Permanent differences including non-taxable income and non-deductible expenses
1.8
4.7
Different rate of taxes on overseas profits
(3.5)
(4.9)
Non-taxable investment returns
1
 (2.1) (2.7)
Adjustments in respect of prior years
0.1
0.8
Tax expense
23.5
29.9
1. Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local
tax exemptions.
The tax charge/(credit) recognised in reserves within other comprehensive income is as follows:
2025 2024
£m £m
Current tax expense/(credit) on foreign exchange gains/(losses)
(0.5)
0.2
Tax expense/(credit) recognised in reserves
(0.5)
0.2
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 125
Notes to the financial statements continued
126 Ashmore Annual Report and Accounts 2025
13) Earnings per share
Basic earnings per share at 30 June 2025 of 12.17 pence (30 June 2024: 13.94 pence) is calculated by dividing the profit after tax for
the financial year attributable to equity holders of the parent of £81.2 million (FY2024: £93.7 million) by the weighted average number
of ordinary shares in issue during the year, excluding own shares.
Diluted earnings per share is calculated based on basic earnings per share adjusted for the effect of dilutive potential ordinary shares
arising from share awards. There is no difference between the profit for the year attributable to equity holders of the parent used in
the basic and diluted earnings per share calculations.
The weighted average number of shares used in calculating basic and diluted earnings per share are shown below.
2025 2024
Number of Number of
ordinary ordinary
shares shares
Weighted average number of ordinary shares used in the calculation of basic earnings per share
667,060,639
672,458,761
Effect of dilutive potential ordinary shares
22,439,347
19,272,227
Weighted average number of ordinary shares used in the calculation of diluted earnings per share
689,499,986
691,730,988
14) Dividends
Dividends paid in the year
2025 2024
Company £m £m
Final dividend for FY2024: 12.10p (FY2023: 12.10p)
86.2
85.9
Interim dividend FY2025: 4.80p (FY2024: 4.80p)
33.9
34.0
120.1
119.9
In addition, the Group paid £3.5 million (FY2024: £4.5 million) of dividends to non-controlling interests.
Dividends declared/proposed in respect of the year
2025 2024
Company pence pence
Interim dividend per share paid
4.80
4.80
Final dividend per share proposed
12.10
12.10
16.90
16.90
On 4 September 2025, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2025 (30 June 2024:
12.10 pence final dividend proposed). This has not been recognised as a liability of the Group at the year end as it has not yet been
approved by shareholders. Based on the number of shares in issue at the year end that qualify to receive a dividend, the total amount
payable would be £86.0 million.
126 Ashmore Annual Report and Accounts 2025
Company
Company
Notes to the financial statements continued
126 Ashmore Annual Report and Accounts 2025
13) Earnings per share
Basic earnings per share at 30 June 2025 of 12.17 pence (30 June 2024: 13.94 pence) is calculated by dividing the profit after tax for
the financial year attributable to equity holders of the parent of £81.2 million (FY2024: £93.7 million) by the weighted average number
of ordinary shares in issue during the year, excluding own shares.
Diluted earnings per share is calculated based on basic earnings per share adjusted for the effect of dilutive potential ordinary shares
arising from share awards. There is no difference between the profit for the year attributable to equity holders of the parent used in
the basic and diluted earnings per share calculations.
The weighted average number of shares used in calculating basic and diluted earnings per share are shown below.
2025
Number of
ordinary
shares
2024
Number of
ordinary
shares
Weighted average number of ordinary shares used in the calculation of basic earnings per share 667,060,639 672,458,761
Effect of dilutive potential ordinary shares 22,439,347 19,272,227
Weighted average number of ordinary shares used in the calculation of diluted earnings per share 689,499,986 691,730,988
14) Dividends
Dividends paid in the year
2025
£m
2024
£m
Final dividend for FY2024: 12.10p (FY2023: 12.10p) 86.2 85.9
Interim dividend FY2025: 4.80p (FY2024: 4.80p) 33.9 34.0
120.1 119.9
In addition, the Group paid £3.5 million (FY2024: £4.5 million) of dividends to non-controlling interests.
Dividends declared/proposed in respect of the year
2025
pence
2024
pence
Interim dividend per share paid 4.80 4.80
Final dividend per share proposed 12.10 12.10
16.90 16.90
On 4 September 2025, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2025 (30 June 2024:
12.10 pence final dividend proposed). This has not been recognised as a liability of the Group at the year end as it has not yet been
approved by shareholders. Based on the number of shares in issue at the year end that qualify to receive a dividend, the total amount
payable would be £86.0 million.
126 Ashmore Annual Report and Accounts 2025
Company
Company
Notes to the financial statements continued
126 Ashmore Annual Report and Accounts 2025
13) Earnings per share
Basic earnings per share at 30 June 2025 of 12.17 pence (30 June 2024: 13.94 pence) is calculated by dividing the profit after tax for
the financial year attributable to equity holders of the parent of £81.2 million (FY2024: £93.7 million) by the weighted average number
of ordinary shares in issue during the year, excluding own shares.
Diluted earnings per share is calculated based on basic earnings per share adjusted for the effect of dilutive potential ordinary shares
arising from share awards. There is no difference between the profit for the year attributable to equity holders of the parent used in
the basic and diluted earnings per share calculations.
The weighted average number of shares used in calculating basic and diluted earnings per share are shown below.
2025
Number of
ordinary
shares
2024
Number of
ordinary
shares
Weighted average number of ordinary shares used in the calculation of basic earnings per share
667,060,639
672,458,761
Effect of dilutive potential ordinary shares
22,439,347
19,272,227
Weighted average number of ordinary shares used in the calculation of diluted earnings per share
689,499,986
691,730,988
14) Dividends
Dividends paid in the year
2025
£m
2024
£m
Final dividend for FY2024: 12.10p (FY2023: 12.10p)
86.2
85.9
Interim dividend FY2025: 4.80p (FY2024: 4.80p)
33.9
34.0
120.1
119.9
In addition, the Group paid £3.5 million (FY2024: £4.5 million) of dividends to non-controlling interests.
Dividends declared/proposed in respect of the year
2025
pence
2024
pence
Interim dividend per share paid
4.80
4.80
Final dividend per share proposed
12.10
12.10
16.90
16.90
On 4 September 2025, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2025 (30 June 2024:
12.10 pence final dividend proposed). This has not been recognised as a liability of the Group at the year end as it has not yet been
approved by shareholders. Based on the number of shares in issue at the year end that qualify to receive a dividend, the total amount
payable would be £86.0 million.
Ashmore Annual Report and Accounts 2025 127
15) Goodwill
2025
2024
Group £m £m
Cost (at original exchange rate)
At the beginning of the year
70.2
70.4
Disposal
–
(0.2)
At the end of the year
70.2
70.2
Net book value
At the beginning of the year
87.0
86.7
Disposal
–
(0.2)
Foreign exchange revaluation through reserves
1
 (6.5) 0.5
At the end of the year
80.5
87.0
1. Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated goodwill.
2025 2024
Company £m £m
Cost and net book value
At the beginning of the year
4.1
4.1
At the end of the year
4.1
4.1
Goodwill impairment review
The Group’s goodwill balance relates to the acquisition of subsidiaries. The Company’s goodwill balance relates to the acquisition
of the business from ANZ in 1999.
The Group’s goodwill is allocated to a single cash-generating unit, as described on page 116. Goodwill is tested for impairment at
least annually or whenever there is an indication that the carrying amount may not be recoverable. The key assumption used to
determine the recoverable amount is based on fair value less costs of disposal calculation using the Company’s market share price.
An annual impairment review of goodwill was undertaken for the year ending 30 June 2025, and no factors indicating potential
impairment of goodwill were noted.
Based on the calculation as at 30 June 2025 using a share price of £1.57, the recoverable amount was in excess of the carrying
value of goodwill and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 15% change in the
Company’s market share price will not lead to any impairment. Therefore, no impairment loss has been recognised in the current
or preceding years.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 127
Notes to the financial statements continued
128 Ashmore Annual Report and Accounts 2025
16) Property, plant and equipment
The Group’s property, plant and equipment include right-of-use assets recognised on lease arrangements as follows:
Group Company
£m £m
Property, plant and equipment owned by the Group
1.0
0.3
Right-of-use assets
4.1
0.9
Net book value at 30 June 2025
5.1
1.2
The movement in property, plant and equipment is provided below:
2025 2024
Property, plant Property, plant
and equipment and equipment
Group £m £m
Cost
At the beginning of the year
23.6
23.0
Additions
0.9
3.9
Retirement of right-of-use assets
–
(3.2)
Foreign exchange revaluation
(0.6)
(0.1)
At the end of the year
23.9
23.6
Accumulated depreciation
At the beginning of the year
16.3
16.5
Depreciation charge for the year
3.0
2.9
Retirement of right-of-use assets
–
(3.0)
Foreign exchange revaluation
(0.5)
(0.1)
At the end of the year
18.8
16.3
Net book value at 30 June
5.1
7.3
2025 2024
Property, plant Property, plant
and equipment and equipment
Company £m £m
Cost
At the beginning of the year
14.4
14.2
Additions
0.1
0.2
At the end of the year
14.5
14.4
Accumulated depreciation
At the beginning of the year
11.8
10.1
Depreciation charge for year
1.5
1.7
At the end of the year
13.3
11.8
Net book value at 30 June
1.2
2.6
128 Ashmore Annual Report and Accounts 2025
Group
Company
Notes to the financial statements continued
128 Ashmore Annual Report and Accounts 2025
16) Property, plant and equipment
The Group’s property, plant and equipment include right-of-use assets recognised on lease arrangements as follows:
Group
£m
Company
£m
Property, plant and equipment owned by the Group 1.0 0.3
Right-of-use assets 4.1 0.9
Net book value at 30 June 2025 5.1 1.2
The movement in property, plant and equipment is provided below:
2025
Property, plant
and equipment
£m
2024
Property, plant
and equipment
£m
Cost
At the beginning of the year 23.6 23.0
Additions 0.9 3.9
Retirement of right-of-use assets – (3.2)
Foreign exchange revaluation (0.6)
(0.1)
At the end of the year 23.9 23.6
Accumulated depreciation
At the beginning of the year 16.3 16.5
Depreciation charge for the year 3.0 2.9
Retirement of right-of-use assets – (3.0)
Foreign exchange revaluation (0.5)
(0.1)
At the end of the year 18.8 16.3
Net book value at 30 June 5.1 7.3
2025
Property, plant
and equipment
£m
2024
Property, plant
and equipment
£m
Cost
At the beginning of the year 14.4 14.2
Additions 0.1 0.2
At the end of the year 14.5 14.4
Accumulated depreciation
At the beginning of the year 11.8 10.1
Depreciation charge for year 1.5 1.7
At the end of the year 13.3 11.8
Net book value at 30 June 1.2 2.6
128 Ashmore Annual Report and Accounts 2025
Group
Company
Notes to the financial statements continued
128 Ashmore Annual Report and Accounts 2025
16) Property, plant and equipment
The Group’s property, plant and equipment include right-of-use assets recognised on lease arrangements as follows:
Group
£m
Company
£m
Property, plant and equipment owned by the Group
1.0
0.3
Right-of-use assets
4.1
0.9
Net book value at 30 June 2025
5.1
1.2
The movement in property, plant and equipment is provided below:
2025
Property, plant
and equipment
£m
2024
Property, plant
and equipment
£m
Cost
At the beginning of the year
23.6
23.0
Additions
0.9
3.9
Retirement of right-of-use assets
–
(3.2)
Foreign exchange revaluation
(0.6)
(0.1)
At the end of the year
23.9
23.6
Accumulated depreciation
At the beginning of the year
16.3
16.5
Depreciation charge for the year
3.0
2.9
Retirement of right-of-use assets
–
(3.0)
Foreign exchange revaluation
(0.5)
(0.1)
At the end of the year
18.8
16.3
Net book value at 30 June
5.1
7.3
2025
Property, plant
and equipment
£m
2024
Property, plant
and equipment
£m
Cost
At the beginning of the year
14.4
14.2
Additions
0.1
0.2
At the end of the year
14.5
14.4
Accumulated depreciation
At the beginning of the year
11.8
10.1
Depreciation charge for year
1.5
1.7
At the end of the year
13.3
11.8
Net book value at 30 June
1.2
2.6
Ashmore Annual Report and Accounts 2025 129
16) Property, plant and equipment continued
Lease arrangements
The Group leases office space in various countries and enters into lease agreements on office premises with remaining lease periods
of one to six years. Lease terms are negotiated on an individual basis and contain varying terms and conditions depending on
location. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by
the lessor.
In accordance with IFRS 16, the Group recognises a lease liability and a corresponding right-of-use asset at the commencement date
of each lease. Lease liabilities are measured as the present value of future lease payments, discounted using the Group’s
incremental borrowing rate, which reflects the rate the Group would pay to borrow funds over a similar term and with similar
security. For the year ended 30 June 2025, the weighted average incremental borrowing rate applied was 5.0% (FY2024: 4.8%).
The carrying value of right-of-use assets, lease liabilities and the movement during the year are set out below.
Group
Company
Right-of-use Lease Right-of-use Lease
assets liabilities assets liabilities
£m £m £m £m
At 30 June 2023
5.3
5.8
3.2
3.4
Additions
3.1
3.1
–
–
Remeasurement
(0.2)
(0.2)
–
–
Lease payments
–
(2.5)
–
(1.3)
Interest expense (note 8)
–
0.3
–
0.1
Depreciation charge
(2.1)
–
(1.2)
–
Foreign exchange revaluation through reserves
(0.1)
(0.1)
–
–
At 30 June 2024
6.0
6.4
2.0
2.2
Additions
0.6
0.6
–
–
Remeasurement
0.1
0.1
–
–
Lease payments
–
(2.6)
–
(1.3)
Interest expense (note 8)
–
0.3
–
0.1
Depreciation charge
(2.4)
–
(1.1)
–
Foreign exchange revaluation through reserves
(0.2)
(0.2)
–
–
At 30 June 2025
4.1
4.6
0.9
1.0
The contractual maturities on the minimum lease payments under lease liabilities are provided below:
Group
Company
30 June 30 June 30 June 30 June
2025 2024 2025 2024
Maturity analysis – contractual undiscounted cash flows £m £m £m £m
Within 1 year
2.3
2.4
1.0
1.3
Between 1 and 5 years
2.0
3.9
–
1.0
Later than 5 years
0.7
0.9
–
–
Total undiscounted lease liabilities
5.0
7.2
1.0
2.3
Lease liabilities are presented in the balance sheet as follows:
Current
2.0
1.9
1.0
1.2
Non-current
2.6
4.5
–
1.0
Total lease liabilities
4.6
6.4
1.0
2.2
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities
2.3
2.2
1.2
1.2
Interest paid
0.3
0.3
0.1
0.1
Total cash outflow for leases
2.6
2.5
1.3
1.3
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 129
Notes to the financial statements continued
130 Ashmore Annual Report and Accounts 2025
17) Trade and other receivables
Group
Company
2025 2024 2025 2024
£m £m £m £m
Trade debtors
40.8
48.7
1.6
2.4
Prepayments
3.1
3.3
1.7
1.7
Amounts due from subsidiaries
–
–
26.8
31.3
Loans due from subsidiaries
–
–
315.7
319.7
Other receivables
5.1
8.3
3.7
6.9
Total trade and other receivables
49.0
60.3
349.5
362.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided
up to 30 June 2025. Management fees are received in cash when the funds’ net asset values are determined, typically every month
or every quarter. The majority of fees are deducted from the net asset values of the respective funds by independent administrators
and therefore the credit risk of fee receivables is minimal. As at 30 June 2025, the assessed provision for expected credit losses was
immaterial and the Group has not recognised any credit losses in the current year (FY2024: none).
Amounts due from subsidiaries for the Company represent intercompany trading balances that are repayable within one year.
Loans due from subsidiaries for the Company include an intercompany loan related to the provision of funding for seed capital
investments and cash invested by subsidiaries in daily-traded investment funds. Loans due from subsidiaries included within
non-current assets amounted to £192.5 million as at 30 June 2025 (30 June 2024: £196.3 million included within non-current assets).
The intercompany loans are repayable on demand, accrue interest at market rates and the amounts classified as current are regularly
settled during the year. In line with the Company’s historical experience, and after consideration of current credit exposures, the Company
does not expect to incur any credit losses and has not recognised any credit losses in the current year (FY2024: none).
18) Deferred taxation
Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Group £m £m £m £m £m £m
Deferred tax assets
5.0
11.2
16.2
6.3
12.6 18.9
Deferred tax liabilities
(9.5)
–
(9.5)
(8.9)
–
(8.9)
(4.5)
11.2
6.7
(2.6)
12.6 10.0
2025
2024
Other Other
temporary Share-based temporary Share-based
differences payments Total differences payments Total
Company £m £m £m £m £m £m
Deferred tax assets
–
10.3
10.3
–
11.4
11.4
Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or
substantively enacted tax rate for the year in which they are expected to be realised or settled. Deferred tax assets on share-based
payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market
value of shares as at 30 June 2025.
130 Ashmore Annual Report and Accounts 2025
Group
Company
Notes to the financial statements continued
130 Ashmore Annual Report and Accounts 2025
17) Trade and other receivables
Group
Company
2025
£m
2024
£m
2025
£m
2024
£m
Trade debtors 40.8 48.7 1.6 2.4
Prepayments 3.1 3.3 1.7 1.7
Amounts due from subsidiaries – – 26.8 31.3
Loans due from subsidiaries – – 315.7 319.7
Other receivables 5.1 8.3 3.7 6.9
Total trade and other receivables 49.0 60.3 349.5 362.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided
up to 30 June 2025. Management fees are received in cash when the funds’ net asset values are determined, typically every month
or every quarter. The majority of fees are deducted from the net asset values of the respective funds by independent administrators
and therefore the credit risk of fee receivables is minimal. As at 30 June 2025, the assessed provision for expected credit losses was
immaterial and the Group has not recognised any credit losses in the current year (FY2024: none).
Amounts due from subsidiaries for the Company represent intercompany trading balances that are repayable within one year.
Loans due from subsidiaries for the Company include an intercompany loan related to the provision of funding for seed capital
investments and cash invested by subsidiaries in daily-traded investment funds. Loans due from subsidiaries included within
non-current assets amounted to £192.5 million as at 30 June 2025 (30 June 2024: £196.3 million included within non-current assets).
The intercompany loans are repayable on demand, accrue interest at market rates and the amounts classified as current are regularly
settled during the year. In line with the Company’s historical experience, and after consideration of current credit exposures, the Company
does not expect to incur any credit losses and has not recognised any credit losses in the current year (FY2024: none).
18) Deferred taxation
Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2025 2024
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Deferred tax assets 5.0 11.2 16.2 6.3
12.6
18.9
Deferred tax liabilities (9.5)
– (9.5)
(8.9)
– (8.9)
(4.5)
11.2 6.7 (2.6)
12.6
10.0
2025 2024
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Deferred tax assets – 10.3 10.3
– 11.4
11.4
Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or
substantively enacted tax rate for the year in which they are expected to be realised or settled. Deferred tax assets on share-based
payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market
value of shares as at 30 June 2025.
130 Ashmore Annual Report and Accounts 2025
Group
Company
Notes to the financial statements continued
130 Ashmore Annual Report and Accounts 2025
17) Trade and other receivables
Group
Company
2025
£m
2024
£m
2025
£m
2024
£m
Trade debtors
40.8
48.7
1.6
2.4
Prepayments
3.1
3.3
1.7
1.7
Amounts due from subsidiaries
–
–
26.8
31.3
Loans due from subsidiaries
–
–
315.7
319.7
Other receivables
5.1
8.3
3.7
6.9
Total trade and other receivables
49.0
60.3
349.5
362.0
Group trade debtors include accrued management and performance fees in respect of investment management services provided
up to 30 June 2025. Management fees are received in cash when the funds’ net asset values are determined, typically every month
or every quarter. The majority of fees are deducted from the net asset values of the respective funds by independent administrators
and therefore the credit risk of fee receivables is minimal. As at 30 June 2025, the assessed provision for expected credit losses was
immaterial and the Group has not recognised any credit losses in the current year (FY2024: none).
Amounts due from subsidiaries for the Company represent intercompany trading balances that are repayable within one year.
Loans due from subsidiaries for the Company include an intercompany loan related to the provision of funding for seed capital
investments and cash invested by subsidiaries in daily-traded investment funds. Loans due from subsidiaries included within
non-current assets amounted to £192.5 million as at 30 June 2025 (30 June 2024: £196.3 million included within non-current assets).
The intercompany loans are repayable on demand, accrue interest at market rates and the amounts classified as current are regularly
settled during the year. In line with the Company’s historical experience, and after consideration of current credit exposures, the Company
does not expect to incur any credit losses and has not recognised any credit losses in the current year (FY2024: none).
18) Deferred taxation
Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:
2025
2024
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Deferred tax assets
5.0
11.2
16.2
6.3
12.6
18.9
Deferred tax liabilities
(9.5)
–
(9.5)
(8.9)
–
(8.9)
(4.5)
11.2
6.7
(2.6)
12.6
10.0
2025
2024
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Other
temporary
differences
£m
Share-based
payments
£m
Total
£m
Deferred tax assets
–
10.3
10.3
–
11.4
11.4
Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or
substantively enacted tax rate for the year in which they are expected to be realised or settled. Deferred tax assets on share-based
payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market
value of shares as at 30 June 2025.
Ashmore Annual Report and Accounts 2025 131
18) Deferred taxation continued
Movement of deferred tax balances
The movement in the deferred tax balances between the balance sheet dates has been reflected in the consolidated statement
of comprehensive income as follows:
Other
temporary Share-based
differences payments Total
Group £m £m £m
At 30 June 2023
1.7
12.9 14.6
Charged to the consolidated statement of comprehensive income
(3.8)
(0.3) (4.1)
Foreign exchange revaluation
(0.5)
–
(0.5)
At 30 June 2024
(2.6)
12.6 10.0
Charged to the consolidated statement of comprehensive income
(1.5)
(1.4) (2.9)
Foreign exchange revaluation
(0.4)
–
(0.4)
At 30 June 2025
(4.5)
11.2
6.7
Other
temporary Share-based
differences payments Total
Company £m £m £m
At 30 June 2023
–
11.6
11.6
Charged to the consolidated statement of comprehensive income
–
(0.2)
(0.2)
At 30 June 2024
–
11.4
11.4
Charged to the consolidated statement of comprehensive income
–
(1.1)
(1.1)
At 30 June 2025
–
10.3
10.3
19) Fair value of financial instruments
The Group has an established control framework with respect to the measurement of fair values. This framework includes
committees that have overall responsibility for all significant fair value measurements. Each committee regularly reviews significant
inputs and valuation adjustments. If third-party information is used to measure fair value, the committee assesses and documents
the evidence obtained from the third parties to support such valuations. There are no material differences between the carrying
amounts of financial assets and liabilities and their fair values at the balance sheet date.
Fair value hierarchy
The Group measures fair values using the following fair value levels that reflect the significance of inputs used in making the
measurements, based on the degree to which the fair value is observable:
– Level 1: Valuation is based upon a quoted market price in an active market for an identical instrument. This fair value measure
relates to the valuation of quoted and exchange traded equity and debt securities.
– Level 2: Valuation techniques are based upon observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
This fair value measure relates to the valuation of quoted equity securities in inactive markets or interests in unlisted funds whose
net asset values are referenced to the fair values of the listed or exchange traded securities held by those funds. Valuation
techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily
observable market information utilising information readily available via external sources.
– Level 3: Fair value measurements are derived from valuation techniques that include inputs not based on observable market data.
For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred
between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of the financial year.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 131
Notes to the financial statements continued
132 Ashmore Annual Report and Accounts 2025
The fair value hierarchy of financial instruments which are carried at fair value at year end is summarised below:
2025
2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£m £m £m £m £m £m £m £m
Financial assets
Investment securities
132.5
156.5
32.5
321.5
98.1
75.1
27.7
200.9
Financial assets at FVTPL – non-current
–
33.9
32.4
66.3
–
28.3
29.3
57.6
Financial assets at FVTPL – current
–
17.0
–
17.0
–
32.8
–
32.8
Derivative financial instruments
–
0.9
–
0.9
–
0.2
–
0.2
Total financial assets
132.5
208.3
64.9
405.7
98.1
136.4
57.0
291.5
Financial liabilities
Third-party interests in consolidated funds
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Total financial liabilities
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Financial instruments not measured at fair value
Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, trade and other
receivables, and trade and other payables. The carrying value of financial assets and financial liabilities not measured at fair value
is considered a reasonable approximation of fair value as at 30 June 2025 and 2024.
Transfers between levels
During the year, investments with a carrying value of £2.8 million were transferred out of level 2 into level 3 as their value was
determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2
of the fair value hierarchy during the year (FY2024: none).
Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Third-party
Financial assets at interests in
Investment FVTPL – non- consolidated
securities current funds
£m £m £m
At 30 June 2023
28.8
39.2
10.6
Additions
–
3.2
1.2
Disposals
(7.7)
(21.0) (3.3)
Unrealised gains recognised in finance income
6.2
7.7 2.0
Unrealised gains recognised in foreign exchange reserve
0.4
0.2 –
At 30 June 2024
27.7
29.3 10.5
Additions
13.1
3.4 5.9
Disposals
(21.7)
(2.6) (9.3)
Transfers in
2.8
–
1.2
Unrealised gains recognised in finance income
12.3
4.0 5.6
Unrealised losses recognised in foreign exchange reserve
(1.7)
(1.7) –
At 30 June 2025
32.5
32.4 13.9
132 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
132 Ashmore Annual Report and Accounts 2025
The fair value hierarchy of financial instruments which are carried at fair value at year end is summarised below:
2025 2024
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets
Investment securities 132.5 156.5 32.5 321.5 98.1 75.1 27.7 200.9
Financial assets at FVTPL – non-current – 33.9 32.4 66.3 – 28.3 29.3 57.6
Financial assets at FVTPL – current – 17.0 – 17.0 – 32.8 – 32.8
Derivative financial instruments – 0.9 – 0.9 – 0.2 – 0.2
Total financial assets 132.5 208.3 64.9 405.7 98.1 136.4 57.0 291.5
Financial liabilities
Third-party interests in consolidated funds 32.0 27.4 13.9 73.3 24.9 4.0 10.5 39.4
Total financial liabilities 32.0 27.4 13.9 73.3 24.9 4.0 10.5 39.4
Financial instruments not measured at fair value
Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, trade and other
receivables, and trade and other payables. The carrying value of financial assets and financial liabilities not measured at fair value
is considered a reasonable approximation of fair value as at 30 June 2025 and 2024.
Transfers between levels
During the year, investments with a carrying value of £2.8 million were transferred out of level 2 into level 3 as their value was
determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2
of the fair value hierarchy during the year (FY2024: none).
Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Investment
securities
£m
Financial assets at
FVTPL – non-
current
£m
Third-party
interests in
consolidated
funds
£m
At 30 June 2023 28.8 39.2
10.6
Additions – 3.2
1.2
Disposals (7.7)
(21.0)
(3.3)
Unrealised gains recognised in finance income 6.2
7.7
2.0
Unrealised gains recognised in foreign exchange reserve 0.4
0.2
–
At 30 June 2024 27.7
29.3
10.5
Additions 13.1
3.4
5.9
Disposals (21.7)
(2.6)
(9.3)
Transfers in 2.8
– 1.2
Unrealised gains recognised in finance income 12.3
4.0
5.6
Unrealised losses recognised in foreign exchange reserve (1.7)
(1.7)
–
At 30 June 2025 32.5
32.4
13.9
132 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
132 Ashmore Annual Report and Accounts 2025
The fair value hierarchy of financial instruments which are carried at fair value at year end is summarised below:
2025
2024
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets
Investment securities
132.5
156.5
32.5
321.5
98.1
75.1
27.7
200.9
Financial assets at FVTPL – non-current
–
33.9
32.4
66.3
–
28.3
29.3
57.6
Financial assets at FVTPL – current
–
17.0
–
17.0
–
32.8
–
32.8
Derivative financial instruments
–
0.9
–
0.9
–
0.2
–
0.2
Total financial assets
132.5
208.3
64.9
405.7
98.1
136.4
57.0
291.5
Financial liabilities
Third-party interests in consolidated funds
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Total financial liabilities
32.0
27.4
13.9
73.3
24.9
4.0
10.5
39.4
Financial instruments not measured at fair value
Financial assets and liabilities that are not measured at fair value include cash and cash equivalents, term deposits, trade and other
receivables, and trade and other payables. The carrying value of financial assets and financial liabilities not measured at fair value
is considered a reasonable approximation of fair value as at 30 June 2025 and 2024.
Transfers between levels
During the year, investments with a carrying value of £2.8 million were transferred out of level 2 into level 3 as their value was
determined based on valuation techniques that include unobservable inputs. There were no transfers between level 1 and level 2
of the fair value hierarchy during the year (FY2024: none).
Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2025 and 2024:
Investment
securities
£m
Financial assets at
FVTPL – non-
current
£m
Third-party
interests in
consolidated
funds
£m
At 30 June 2023
28.8
39.2
10.6
Additions
–
3.2
1.2
Disposals
(7.7)
(21.0)
(3.3)
Unrealised gains recognised in finance income
6.2
7.7
2.0
Unrealised gains recognised in foreign exchange reserve
0.4
0.2
–
At 30 June 2024
27.7
29.3
10.5
Additions
13.1
3.4
5.9
Disposals
(21.7)
(2.6)
(9.3)
Transfers in
2.8
–
1.2
Unrealised gains recognised in finance income
12.3
4.0
5.6
Unrealised losses recognised in foreign exchange reserve
(1.7)
(1.7)
–
At 30 June 2025
32.5
32.4
13.9
Ashmore Annual Report and Accounts 2025 133
19) Fair value of financial instruments continued
Valuation of financial assets measured at fair value on a recurring basis categorised within level 3
Investments valued using valuation techniques include financial investments which, by their nature, do not have an externally quoted
price based on regular trades, and financial investments for which markets are no longer active as a result of market conditions,
e.g. market illiquidity. The valuation techniques used include comparison to recent arm’s length transactions, market approach
making reference to other instruments that are substantially the same, discounted cash flow analysis, enterprise valuation and net
assets approach. These techniques may include a number of assumptions relating to variables such as interest rate and price
earnings multiples. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value
of these instruments. When determining the inputs into the valuation techniques used, priority is given to publicly available prices
from independent sources when available, but overall the source of pricing is chosen with the objective of arriving at a fair value
measurement that reflects the price at which an orderly transaction would take place between market participants on the
measurement date.
The fair value estimates are made at a specific point in time, based upon available market information and judgements about the
financial instruments, including estimates of the timing and amount of expected future cash flows. Such estimates could include a
marketability adjustment to reflect illiquidity and/or non-transferability that could result from offering for sale at one time the Group’s
entire holdings of a particular financial instrument.
The following tables show the valuation techniques and the significant unobservable inputs used to estimate the fair value
of level 3 investments as at 30 June 2025 and 2024, and the associated sensitivity to changes in unobservable inputs to a
reasonable alternative.
2025 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique £m unobservable inputs estimates factor £m
Unquoted securities
Market approach
4.1
EBITDA multiple
12x
+/- 1x
+/- 0.6
Marketability adjustment
30%
+/- 5%
-/+ 0.6
Discounted cash flow
28.4
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-53%
+/- 5%
-/+ 1.9
Unquoted funds
Net assets approach
32.4
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
64.9
Third-party interests in consolidated funds
(13.9)
NAV
1
 1x
+/- 5%
-/+ 0.7
2024 Change in
Fair value Significant Range of Sensitivity fair value
Asset class and valuation technique £m unobservable inputs estimates factor £m
Unquoted securities
Market approach
5.8
EBITDA multiple
16x
+/- 1x
+/- 0.3
Marketability adjustment
30%
+/- 5%
-/+ 0.7
Discounted cash flow
20.0
Discount rate
10%-18%
+/- 1%
-/+ 1.0
Marketability adjustment
30%-54%
+/- 5%
-/+ 2.2
Unquoted funds
Net assets approach
31.2
NAV
1
1x
+/- 5%
+/- 1.6
Total financial assets within level 3
57.0
Third-party interests in consolidated funds
(10.5)
NAV
1
1x
+/- 5%
-/+ 0.5
1. NAV priced assets include seed capital investments whose value is determined by the fund administrator using unobservable inputs. The significant unobservable
inputs applied include EBITDA, market multiples, last observable vendor price and discount rates.
The sensitivity demonstrates the effect of a change in one unobservable input while other assumptions remain unchanged.
There may be a correlation between the unobservable inputs and other factors that have not been considered. It should also be
noted that some of the sensitivities are non-linear, therefore larger or smaller impacts should not be interpolated or extrapolated
from these results.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 133
Notes to the financial statements continued
134 Ashmore Annual Report and Accounts 2025
20) Seed capital investments
The Group considers itself a sponsor of an investment fund when it facilitates the establishment of a fund in which the Group is
the investment manager. The Group ordinarily provides seed capital in order to provide initial scale and facilitate marketing of the
funds to third-party investors. Aggregate interests held by the Group include seed capital, management fees and performance fees.
The Group generates management and performance fee income from managing the assets on behalf of third-party investors.
The movements of seed capital investments and related items during the year are as follows:
Investment
Financial securities Other Third-party Financial
assets (relating to (relating to interests in assets at
at FVTPL – consolidated consolidated consolidated FVTPL – non-
current funds)
funds)
1
funds current Total
Group
£m £m £m £m £m £m
Carrying amount at 30 June 2023
55.8
229.9 10.6 (56.2) 51.4 291.5
Transfers from consolidated funds to FVTPL
18.1
(21.0) – 2.9 – –
Transfers from FVTPL to consolidated funds
(21.4)
23.4 – (2.0) – –
Additions
9.5
–
–
(0.4) 4.2 13.3
Disposals
(33.4)
(29.0) – 12.1 (18.4) (68.7)
Fair value movement
4.2
(2.4) (4.6) 4.2 20.1 21.5
Carrying amount at 30 June 2024
32.8
200.9 6.0 (39.4) 57.3 257.6
Transfers from FVTPL to consolidated funds
(69.5)
88.5 1.9 (19.9) (1.0) –
Additions
61.6
63.1 – (22.8) 11.1 113.0
Disposals
(10.1)
(51.7) – 17.3 (2.1) (46.6)
Fair value movement
2.2
20.7
–
(8.5)
1.0 15.4
Carrying amount at 30 June 2025
17.0
321.5 7.9 (73.3) 66.3 339.4
1. Includes cash and other assets held by consolidated funds that are not investment securities, see note 20(c).
134 Ashmore Annual Report and Accounts 2025
Group
Notes to the financial statements continued
134 Ashmore Annual Report and Accounts 2025
20) Seed capital investments
The Group considers itself a sponsor of an investment fund when it facilitates the establishment of a fund in which the Group is
the investment manager. The Group ordinarily provides seed capital in order to provide initial scale and facilitate marketing of the
funds to third-party investors. Aggregate interests held by the Group include seed capital, management fees and performance fees.
The Group generates management and performance fee income from managing the assets on behalf of third-party investors.
The movements of seed capital investments and related items during the year are as follows:
Financial
assets
at FVTPL –
current
£m
Investment
securities
(relating to
consolidated
funds)
£m
Other
(relating to
consolidated
funds)
1
£m
Third-party
interests in
consolidated
funds
£m
Financial
assets at
FVTPL – non-
current
£m
Total
£m
Carrying amount at 30 June 2023 55.8
229.9
10.6
(56.2)
51.4
291.5
Transfers from consolidated funds to FVTPL 18.1
(21.0)
–
2.9
–
–
Transfers from FVTPL to consolidated funds (21.4)
23.4
–
(2.0)
–
–
Additions 9.5
– –
(0.4)
4.2
13.3
Disposals (33.4)
(29.0)
–
12.1
(18.4)
(68.7)
Fair value movement 4.2
(2.4)
(4.6)
4.2
20.1
21.5
Carrying amount at 30 June 2024 32.8
200.9
6.0
(39.4)
57.3
257.6
Transfers from FVTPL to consolidated funds (69.5)
88.5
1.9
(19.9)
(1.0)
–
Additions 61.6
63.1
–
(22.8)
11.1
113.0
Disposals (10.1)
(51.7)
–
17.3
(2.1)
(46.6)
Fair value movement 2.2
20.7
– (8.5)
1.0
15.4
Carrying amount at 30 June 2025 17.0
321.5
7.9
(73.3)
66.3
339.4
1. Includes cash and other assets held by consolidated funds that are not investment securities, see note 20(c).
134 Ashmore Annual Report and Accounts 2025
Group
Notes to the financial statements continued
134 Ashmore Annual Report and Accounts 2025
20) Seed capital investments
The Group considers itself a sponsor of an investment fund when it facilitates the establishment of a fund in which the Group is
the investment manager. The Group ordinarily provides seed capital in order to provide initial scale and facilitate marketing of the
funds to third-party investors. Aggregate interests held by the Group include seed capital, management fees and performance fees.
The Group generates management and performance fee income from managing the assets on behalf of third-party investors.
The movements of seed capital investments and related items during the year are as follows:
Financial
assets
at FVTPL –
current
£m
Investment
securities
(relating to
consolidated
funds)
£m
Other
(relating to
consolidated
funds)
1
£m
Third-party
interests in
consolidated
funds
£m
Financial
assets at
FVTPL – non-
current
£m
Total
£m
Carrying amount at 30 June 2023
55.8
229.9
10.6
(56.2)
51.4
291.5
Transfers from consolidated funds to FVTPL
18.1
(21.0)
–
2.9
–
–
Transfers from FVTPL to consolidated funds
(21.4)
23.4
–
(2.0)
–
–
Additions
9.5
–
–
(0.4)
4.2
13.3
Disposals
(33.4)
(29.0)
–
12.1
(18.4)
(68.7)
Fair value movement
4.2
(2.4)
(4.6)
4.2
20.1
21.5
Carrying amount at 30 June 2024
32.8
200.9
6.0
(39.4)
57.3
257.6
Transfers from FVTPL to consolidated funds
(69.5)
88.5
1.9
(19.9)
(1.0)
–
Additions
61.6
63.1
–
(22.8)
11.1
113.0
Disposals
(10.1)
(51.7)
–
17.3
(2.1)
(46.6)
Fair value movement
2.2
20.7
–
(8.5)
1.0
15.4
Carrying amount at 30 June 2025
17.0
321.5
7.9
(73.3)
66.3
339.4
1. Includes cash and other assets held by consolidated funds that are not investment securities, see note 20(c).
Ashmore Annual Report and Accounts 2025 135
20) Seed capital investments continued
a) Financial assets at FVTPL – current
Where Group companies invest seed capital into funds managed by the Group and the Group concludes it does not have control over
the fund, the interests in the funds are recognised as financial assets and measured at FVTPL.
If the Group retains control over the fund in accordance with the requirements of IFRS 10, the seed capital investment will cease
to be classified as a financial asset, and will be consolidated line by line after it is assessed and concluded that the Group has control
over the investment fund.
Investments cease to be classified as consolidated funds when they are no longer controlled by the Group. A loss of control may
happen through sale of the investment and/or dilution of the Group’s holding. During the year three funds with an aggregate value
of £70.5 million (FY2024: four funds with aggregate value of £21.4 million) were transferred from the FVTPL category to consolidated
funds as they met the control requirements under IFRS 10.
FVTPL investments at 30 June 2025 comprise shares held in debt and equity funds as follows:
2025 2024
£m £m
Equity funds
13.5
23.5
Debt funds
3.5
9.3
Total
17.0
32.8
Included within finance income are gains of £2.2 million (FY2024: gains of £4.7 million) on the Group’s financial assets measured
at FVTPL.
b) Financial assets at FVTPL – non-current
Non-current financial assets include the Group’s interests in funds that are expected to be realised within a period longer than
12 months from the balance sheet date.
2025 2024
£m £m
Infrastructure funds
27.8
25.0
Debt funds
33.9
27.3
Other funds
4.6
5.0
Total
66.3
57.3
Included within finance income are gains of £7.1 million (FY2024: gains of £19.1 million) on the Group’s non-current financial assets
measured at fair value.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 135
Notes to the financial statements continued
136 Ashmore Annual Report and Accounts 2025
c) Consolidated funds
The Group has consolidated 24 investment funds as at 30 June 2025 (30 June 2024: 18 investment funds), over which the Group
is deemed to have control (refer to note 25). Consolidated funds represent seed capital investments where the Group interest
represents a controlling stake in the fund in accordance with IFRS 10. Consolidated fund assets and liabilities are presented line
by line after intercompany eliminations. The table below sets out an analysis of the carrying amounts of fund assets and liabilities
consolidated by the Group.
2025 2024
£m £m
Investment securities
1
321.5
200.9
Cash and cash equivalents
8.0
6.1
Other
2
 (0.1) (0.1)
Third-party interests in consolidated funds
(73.3)
(39.4)
Consolidated seed capital investments
256.1
167.5
1. Investment securities represent trading securities held by consolidated investment funds and are measured at FVTPL. Note 25 provides a list of the consolidated
funds by asset class, and further detailed information at the security level is available in the individual fund financial statements.
2. Other includes trade receivables, trade payables and accruals.
The maximum exposure to loss is the carrying amount of the assets held. The Group has not provided financial support or otherwise
agreed to be responsible for supporting any consolidated or unconsolidated funds financially.
Included within the consolidated statement of comprehensive income are net gains of £29.9 million (FY2024: net losses of
£4.7 million) relating to the results of the consolidated funds for the year, as follows:
2025 2024
£m £m
Fair value gains/(losses) on investment securities
13.7
(30.5)
Third-party interests’ share of (gains)/losses in consolidated funds
(1.9)
13.3
Net gains/(losses) on investment securities
11.8
(17.2)
Investment income
20.5
13.9
Audit fees
(0.3)
(0.2)
Operating expenses
(2.1)
(1.2)
Net gains/(losses) on consolidated funds
29.9
(4.7)
Included in the Group’s cash generated from operations is £2.4 million cash utilised in operations (FY2024: £1.0 million cash utilised
in operations) relating to consolidated funds.
As of 30 June 2025, the Group’s consolidated funds were domiciled in Guernsey, Luxembourg, Indonesia, India and the
United States.
136 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
136 Ashmore Annual Report and Accounts 2025
c) Consolidated funds
The Group has consolidated 24 investment funds as at 30 June 2025 (30 June 2024: 18 investment funds), over which the Group
is deemed to have control (refer to note 25). Consolidated funds represent seed capital investments where the Group interest
represents a controlling stake in the fund in accordance with IFRS 10. Consolidated fund assets and liabilities are presented line
by line after intercompany eliminations. The table below sets out an analysis of the carrying amounts of fund assets and liabilities
consolidated by the Group.
2025
£m
2024
£m
Investment securities
1
321.5 200.9
Cash and cash equivalents 8.0 6.1
Other
2
(0.1)
(0.1)
Third-party interests in consolidated funds (73.3)
(39.4)
Consolidated seed capital investments 256.1 167.5
1. Investment securities represent trading securities held by consolidated investment funds and are measured at FVTPL. Note 25 provides a list of the consolidated
funds by asset class, and further detailed information at the security level is available in the individual fund financial statements.
2. Other includes trade receivables, trade payables and accruals.
The maximum exposure to loss is the carrying amount of the assets held. The Group has not provided financial support or otherwise
agreed to be responsible for supporting any consolidated or unconsolidated funds financially.
Included within the consolidated statement of comprehensive income are net gains of £29.9 million (FY2024: net losses of
£4.7 million) relating to the results of the consolidated funds for the year, as follows:
2025
£m
2024
£m
Fair value gains/(losses) on investment securities 13.7 (30.5)
Third-party interests’ share of (gains)/losses in consolidated funds (1.9)
13.3
Net gains/(losses) on investment securities 11.8 (17.2)
Investment income 20.5 13.9
Audit fees (0.3)
(0.2)
Operating expenses (2.1)
(1.2)
Net gains/(losses) on consolidated funds 29.9 (4.7)
Included in the Group’s cash generated from operations is £2.4 million cash utilised in operations (FY2024: £1.0 million cash utilised
in operations) relating to consolidated funds.
As of 30 June 2025, the Group’s consolidated funds were domiciled in Guernsey, Luxembourg, Indonesia, India and the
United States.
136 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
136 Ashmore Annual Report and Accounts 2025
c) Consolidated funds
The Group has consolidated 24 investment funds as at 30 June 2025 (30 June 2024: 18 investment funds), over which the Group
is deemed to have control (refer to note 25). Consolidated funds represent seed capital investments where the Group interest
represents a controlling stake in the fund in accordance with IFRS 10. Consolidated fund assets and liabilities are presented line
by line after intercompany eliminations. The table below sets out an analysis of the carrying amounts of fund assets and liabilities
consolidated by the Group.
2025
£m
2024
£m
Investment securities
1
321.5
200.9
Cash and cash equivalents
8.0
6.1
Other
2
(0.1)
(0.1)
Third-party interests in consolidated funds
(73.3)
(39.4)
Consolidated seed capital investments
256.1
167.5
1. Investment securities represent trading securities held by consolidated investment funds and are measured at FVTPL. Note 25 provides a list of the consolidated
funds by asset class, and further detailed information at the security level is available in the individual fund financial statements.
2. Other includes trade receivables, trade payables and accruals.
The maximum exposure to loss is the carrying amount of the assets held. The Group has not provided financial support or otherwise
agreed to be responsible for supporting any consolidated or unconsolidated funds financially.
Included within the consolidated statement of comprehensive income are net gains of £29.9 million (FY2024: net losses of
£4.7 million) relating to the results of the consolidated funds for the year, as follows:
2025
£m
2024
£m
Fair value gains/(losses) on investment securities
13.7
(30.5)
Third-party interests’ share of (gains)/losses in consolidated funds
(1.9)
13.3
Net gains/(losses) on investment securities
11.8
(17.2)
Investment income
20.5
13.9
Audit fees
(0.3)
(0.2)
Operating expenses
(2.1)
(1.2)
Net gains/(losses) on consolidated funds
29.9
(4.7)
Included in the Group’s cash generated from operations is £2.4 million cash utilised in operations (FY2024: £1.0 million cash utilised
in operations) relating to consolidated funds.
As of 30 June 2025, the Group’s consolidated funds were domiciled in Guernsey, Luxembourg, Indonesia, India and the
United States.
Ashmore Annual Report and Accounts 2025 137
21) Financial instrument risk management
Group
The Group is subject to strategic and business, client, investment, treasury and operational risks throughout its business, as
discussed in the Risk management section. This note discusses the Group’s exposure to and management of the following principal
risks which arise from the financial instruments it uses: credit risk, liquidity risk, interest rate risk, foreign exchange risk and price risk.
Where the Group holds units in investment funds, classified either as financial assets measured at FVTPL or non-current financial
assets, the related financial instrument risk disclosures in the note below categorise exposures based on the Group’s direct interest
in those funds without looking through to the nature of underlying securities.
Risk management is the ultimate responsibility of the Board, as noted in the Risk management section on pages 30 to 35.
Capital management
It is the Group’s policy that all entities within the Group have sufficient capital to meet regulatory and working capital requirements
and it conducts regular reviews of its capital requirements relative to its capital resources. The Group considers its share capital and
reserves to constitute its total capital.
Ashmore reports under IFPR and applies the ICARA approach to the calculation of the capital and liquidity requirement for its UK
regulated entity, AIML. The Board has determined that the capital required to support the Group’s activities as at 30 June 2025,
including its regulatory requirements, is £93.3 million (30 June 2024: £97.0 million).
Ashmore holds total capital resources of £604.2 million as at 30 June 2025, providing an excess of £510.9 million over the Group
capital requirement (30 June 2024: £696.2 million, providing an excess of £599.2 million over the Group capital requirement).
Credit risk
The Group has exposure to credit risk from its normal activities where the risk is that a counterparty will be unable to pay in full
amounts when due.
Exposure to credit risk is monitored on an ongoing basis by senior management and the Group’s Risk Management and Control
function. The Group has a counterparty and cash management policy in place which, in addition to other controls, restricts exposure
to any single counterparty by setting exposure limits and requiring approval and diversification of counterparty banks and other
financial institutions. The Group’s maximum exposure to credit risk is represented by the carrying value of its financial assets
measured at amortised cost, excluding prepayments. The table below lists financial assets subject to credit risk.
2025 2024
Notes £m £m
Cash and cash equivalents
221.1
308.0
Term deposits
127.6
203.8
Cash and deposits
348.7
511.8
Trade and other receivables
17
45.9
57.0
Total
394.6
568.8
The Group’s cash and cash equivalents and term deposits are predominantly held with counterparties with credit ratings ranging
from A- to AAAm as at 30 June 2025 (30 June 2024: A to AAAm).
Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025.
All trade and other receivables are considered to be fully recoverable at year end. They include fee debtors that arise principally within
the Group’s investment management business. They are monitored regularly and, historically, default levels have been insignificant.
There is no significant concentration of credit risk in respect of fees owing from clients.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 137
Notes to the financial statements continued
138 Ashmore Annual Report and Accounts 2025
Group
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are
settled by delivering cash or other financial assets.
The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and
liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital
management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all
regulated subsidiaries to meet regulatory requirements. The Group does not have any debt as at 30 June 2025 (30 June 2024: none).
In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast
committed requirements for the next 12 months.
The table below summarises the maturity profile of the Group’s financial liabilities at 30 June 2025 and 30 June 2024 based on
contractual undiscounted payments:
At 30 June 2025
More than
Within 1 year 1-5 years 5 years Total
£m £m £m £m
Current trade and other payables
29.9
–
–
29.9
Lease liabilities
2.3
2.0
0.7
5.0
Total
32.2
2.0
0.7
34.9
At 30 June 2024
More than
Within 1 year 1-5 years 5 years Total
£m £m £m £m
Current trade and other payables
34.2
–
–
34.2
Lease liabilities
2.4
3.9
0.9
7.2
Total
36.6
3.9
0.9
41.4
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market
interest rates.
The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in
interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash
management policy which monitors cash levels and returns within set parameters on a continuing basis.
The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
4.77
5.18
At 30 June 2025, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit
before tax for the year would have been £2.1 million higher/lower (FY2024: £2.4 million higher/lower), mainly as a result of
higher/lower interest on cash balances.
In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest
in debt securities.
138 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
138 Ashmore Annual Report and Accounts 2025
Group
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are
settled by delivering cash or other financial assets.
The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and
liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital
management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all
regulated subsidiaries to meet regulatory requirements. The Group does not have any debt as at 30 June 2025 (30 June 2024: none).
In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast
committed requirements for the next 12 months.
The table below summarises the maturity profile of the Group’s financial liabilities at 30 June 2025 and 30 June 2024 based on
contractual undiscounted payments:
At 30 June 2025
Within 1 year
£m
1-5 years
£m
More than
5 years
£m
Total
£m
Current trade and other payables 29.9 – – 29.9
Lease liabilities 2.3 2.0 0.7 5.0
Total 32.2 2.0 0.7 34.9
At 30 June 2024
Within 1 year
£m
1-5 years
£m
More than
5 years
£m
Total
£m
Current trade and other payables 34.2 – – 34.2
Lease liabilities 2.4 3.9 0.9 7.2
Total 36.6 3.9 0.9 41.4
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market
interest rates.
The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in
interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash
management policy which monitors cash levels and returns within set parameters on a continuing basis.
The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025
%
2024
%
Deposits with banks and liquidity funds 4.77 5.18
At 30 June 2025, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit
before tax for the year would have been £2.1 million higher/lower (FY2024: £2.4 million higher/lower), mainly as a result of
higher/lower interest on cash balances.
In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest
in debt securities.
138 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
138 Ashmore Annual Report and Accounts 2025
Group
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are
settled by delivering cash or other financial assets.
The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and
liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital
management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all
regulated subsidiaries to meet regulatory requirements. The Group does not have any debt as at 30 June 2025 (30 June 2024: none).
In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast
committed requirements for the next 12 months.
The table below summarises the maturity profile of the Group’s financial liabilities at 30 June 2025 and 30 June 2024 based on
contractual undiscounted payments:
At 30 June 2025
Within 1 year
£m
1-5 years
£m
More than
5 years
£m
Total
£m
Current trade and other payables
29.9
–
–
29.9
Lease liabilities
2.3
2.0
0.7
5.0
Total
32.2
2.0
0.7
34.9
At 30 June 2024
Within 1 year
£m
1-5 years
£m
More than
5 years
£m
Total
£m
Current trade and other payables
34.2
–
–
34.2
Lease liabilities
2.4
3.9
0.9
7.2
Total
36.6
3.9
0.9
41.4
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market
interest rates.
The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in
interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash
management policy which monitors cash levels and returns within set parameters on a continuing basis.
The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025
%
2024
%
Deposits with banks and liquidity funds
4.77
5.18
At 30 June 2025, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit
before tax for the year would have been £2.1 million higher/lower (FY2024: £2.4 million higher/lower), mainly as a result of
higher/lower interest on cash balances.
In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest
in debt securities.
Ashmore Annual Report and Accounts 2025 139
21) Financial instrument risk management continued
Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes
in foreign exchange rates.
The Group’s revenue is almost entirely denominated in US dollars, while the majority of the Group’s costs are denominated in
Sterling. Consequently, the Group has an exposure to movements in the GBP:USD exchange rate. In addition, the Group operates
globally, which means that it may enter into contracts and other arrangements denominated in local currencies in various countries.
The Group also holds a number of seed capital investments denominated mainly in US dollars, Colombian pesos and Indonesian rupiah.
The Group’s policy is to hedge a proportion of the Group’s revenue by using a combination of forward foreign exchange contracts
and options for a period of up to two years forward. The Group also sells US dollars at spot rates when opportunities arise.
The table below shows the sensitivity (in absolute terms) to a 5% exchange movement in the US dollar, Colombian peso, Indonesian
rupiah, Saudi riyal and the Euro.
2025
2024
Impact on Impact on
profit Impact on profit Impact on
before tax equity before tax equity
£m £m £m £m
US dollar +/- 5%
0.6
16.3
1.6
17.1
Colombian peso +/- 5%
0.1
1.0
0.1
0.9
Indonesian rupiah +/- 5%
–
0.4
0.1
0.5
Saudi riyal +/- 5%
0.6
1.2
0.5
0.9
Euro +/- 5%
0.1
0.1
0.4
0.3
Price risk
Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market changes.
Seed capital
The Group is exposed to the risk of changes in market prices in respect of seed capital investments. Such price risk is borne by the
Group directly through interests in financial assets measured at fair value or through consolidation of underlying results, assets and
liabilities of consolidated funds. Details of seed capital investments held are given in note 20.
The Group has procedures defined by the Board governing the appraisal, approval and monitoring of seed capital investments.
At 30 June 2025, a 5% movement in the fair value of these investments would have a £17.0 million (FY2024: £12.9 million) impact
on profit before tax. The sensitivity information for level 3 seed capital investments is provided under note 19.
Management and performance fees
The Group is also indirectly exposed to price risk in connection with the Group’s management fees, which are based on a
percentage of value of AuM, and fees based on performance. Movements in market prices, exchange and interest rates could
cause the AuM to fluctuate, which in turn could affect fees earned. Performance fee revenues could also be reduced depending
upon market conditions.
Management and performance fees are diversified across a range of investment themes and are not measurably correlated to any
single market index in Emerging Markets. In addition, the policy of having funds with year ends staged throughout the financial year
has meant that in periods of steep market decline, some performance fees have still been recorded. The profitability impact is likely
to be less than this, as cost mitigation actions would apply, including the reduction of the variable compensation paid to employees.
Using the year end AuM level of US$47.6 billion and applying the year’s average net management fee rate of 35bps, a 5%
movement in AuM would have a US$8.3 million impact, equivalent to £6.0 million using a year end exchange rate of 1.3704,
on management fee revenues (FY2024: US$49.3 billion and applying the year’s average net management fee rate of 39bps, a 5%
movement in AuM would have a US$9.5 million impact, equivalent to £7.5 million using a year end exchange rate of 1.2641,
on management fee revenues).
Hedging activities
The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been
assessed as effective cash flow hedges as at 30 June 2025, protect a proportion of the Group’s revenue cash flows from foreign
exchange movements. The cumulative fair value of the outstanding foreign exchange hedges asset at 30 June 2025 was £0.8 million
and is included within the Group’s derivative financial instruments (30 June 2024: £0.1 million foreign exchange hedges asset
included in derivative financial instruments).
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 139
Notes to the financial statements continued
140 Ashmore Annual Report and Accounts 2025
The notional and fair values of foreign exchange hedging instruments were as follows:
2025
2024
Notional Fair value Notional Fair value
amount assets amount assets
US$m £m US$m £m
Cash flow hedges
Foreign exchange nil-cost option collars
40.0
0.8
40.0
0.1
40.0
0.8
40.0
0.1
The maturity profile of the Group’s outstanding hedges is shown below.
2025 2024
Notional amount of option collars maturing: US$m US$m
Within 6 months
20.0
20.0
Between 6 and 12 months
20.0
20.0
Later than 12 months
–
–
40.0
40.0
When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and
later reclassified to profit or loss as the corresponding hedged cash flows crystallise. Time value in relation to the Group’s hedges
is excluded from being part of the hedging item and, as a result, the net unrealised gain/(loss) related to the time value of the hedges
is recognised in profit or loss for the year.
An intrinsic value gain of £0.6 million (FY2024: £nil) on the Group’s hedges has been recognised through other comprehensive
income in the year and a £0.2 million intrinsic value gain (FY2024: £0.1 million intrinsic value loss) was reported in profit or loss within
finance exchange in the year.
Included within the net realised and unrealised hedging gain of £4.1 million (note 7) recognised at 30 June 2025 (30 June 2024:
£1.0 million gain) are:
– a £0.3 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending
30 June 2025 (FY2024: £0.1 million loss); and
– a £3.8 million gain in respect of crystallised foreign exchange contracts (FY2024: £1.1 million gain).
Company
The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned
with those of the Group as a whole unless stated otherwise.
In addition, the risk definitions that apply to the Group are also relevant for the Company.
Credit risk
The Company’s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised
cost, excluding prepayments. The table below lists financial assets subject to credit risk.
2025 2024
Notes £m £m
Cash and cash equivalents
6.9
20.1
Term deposits
127.5
202.0
Cash and deposits
134.4
222.1
Trade and other receivables
17
347.8
360.3
Total
482.2
582.4
The Company’s cash and cash equivalents term deposits are held with counterparties which have credit ratings ranging from A-
to AAAm as at 30 June 2025 (30 June 2024: A to AAAm).
Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025.
All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2024: none overdue).
140 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
140 Ashmore Annual Report and Accounts 2025
The notional and fair values of foreign exchange hedging instruments were as follows:
2025 2024
Notional
amount
US$m
Fair value
assets
£m
Notional
amount
US$m
Fair value
assets
£m
Cash flow hedges
Foreign exchange nil-cost option collars 40.0 0.8 40.0 0.1
40.0 0.8 40.0 0.1
The maturity profile of the Group’s outstanding hedges is shown below.
Notional amount of option collars maturing:
2025
US$m
2024
US$m
Within 6 months 20.0 20.0
Between 6 and 12 months 20.0 20.0
Later than 12 months – –
40.0 40.0
When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and
later reclassified to profit or loss as the corresponding hedged cash flows crystallise. Time value in relation to the Group’s hedges
is excluded from being part of the hedging item and, as a result, the net unrealised gain/(loss) related to the time value of the hedges
is recognised in profit or loss for the year.
An intrinsic value gain of £0.6 million (FY2024: £nil) on the Group’s hedges has been recognised through other comprehensive
income in the year and a £0.2 million intrinsic value gain (FY2024: £0.1 million intrinsic value loss) was reported in profit or loss within
finance exchange in the year.
Included within the net realised and unrealised hedging gain of £4.1 million (note 7) recognised at 30 June 2025 (30 June 2024:
£1.0 million gain) are:
– a £0.3 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending
30 June 2025 (FY2024: £0.1 million loss); and
– a £3.8 million gain in respect of crystallised foreign exchange contracts (FY2024: £1.1 million gain).
Company
The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned
with those of the Group as a whole unless stated otherwise.
In addition, the risk definitions that apply to the Group are also relevant for the Company.
Credit risk
The Company’s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised
cost, excluding prepayments. The table below lists financial assets subject to credit risk.
Notes
2025
£m
2024
£m
Cash and cash equivalents 6.9
20.1
Term deposits 127.5
202.0
Cash and deposits 134.4
222.1
Trade and other receivables 17 347.8 360.3
Total 482.2 582.4
The Company’s cash and cash equivalents term deposits are held with counterparties which have credit ratings ranging from A-
to AAAm as at 30 June 2025 (30 June 2024: A to AAAm).
Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025.
All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2024: none overdue).
140 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
140 Ashmore Annual Report and Accounts 2025
The notional and fair values of foreign exchange hedging instruments were as follows:
2025
2024
Notional
amount
US$m
Fair value
assets
£m
Notional
amount
US$m
Fair value
assets
£m
Cash flow hedges
Foreign exchange nil-cost option collars
40.0
0.8
40.0
0.1
40.0
0.8
40.0
0.1
The maturity profile of the Group’s outstanding hedges is shown below.
Notional amount of option collars maturing:
2025
US$m
2024
US$m
Within 6 months
20.0
20.0
Between 6 and 12 months
20.0
20.0
Later than 12 months
–
–
40.0
40.0
When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and
later reclassified to profit or loss as the corresponding hedged cash flows crystallise. Time value in relation to the Group’s hedges
is excluded from being part of the hedging item and, as a result, the net unrealised gain/(loss) related to the time value of the hedges
is recognised in profit or loss for the year.
An intrinsic value gain of £0.6 million (FY2024: £nil) on the Group’s hedges has been recognised through other comprehensive
income in the year and a £0.2 million intrinsic value gain (FY2024: £0.1 million intrinsic value loss) was reported in profit or loss within
finance exchange in the year.
Included within the net realised and unrealised hedging gain of £4.1 million (note 7) recognised at 30 June 2025 (30 June 2024:
£1.0 million gain) are:
– a £0.3 million gain in respect of foreign exchange hedges covering net management fee income for the financial year ending
30 June 2025 (FY2024: £0.1 million loss); and
– a £3.8 million gain in respect of crystallised foreign exchange contracts (FY2024: £1.1 million gain).
Company
The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned
with those of the Group as a whole unless stated otherwise.
In addition, the risk definitions that apply to the Group are also relevant for the Company.
Credit risk
The Company’s maximum exposure to credit risk is represented by the carrying value of its financial assets measured at amortised
cost, excluding prepayments. The table below lists financial assets subject to credit risk.
Notes
2025
£m
2024
£m
Cash and cash equivalents
6.9
20.1
Term deposits
127.5
202.0
Cash and deposits
134.4
222.1
Trade and other receivables
17
347.8
360.3
Total
482.2
582.4
The Company’s cash and cash equivalents term deposits are held with counterparties which have credit ratings ranging from A-
to AAAm as at 30 June 2025 (30 June 2024: A to AAAm).
Term deposits have an average annual interest rate of 4.8% and average remaining maturity term of four months as at 30 June 2025.
All trade and other receivables are considered to be fully recoverable and none were overdue at year end (30 June 2024: none overdue).
Ashmore Annual Report and Accounts 2025 141
21) Financial instrument risk management continued
Liquidity risk
The Company’s exposure to liquidity risk is not considered to be material and, therefore, no further information is provided.
Details on other commitments are provided in note 29.
Interest rate risk
The principal interest rate risk for the Company is that it could sustain a reduction in interest revenue from bank deposits held
in the ordinary course of business through adverse movements in interest rates.
The effective interest earned on bank balances and term deposits during the year is given in the table below:
2025 2024
% %
Deposits with banks and liquidity funds
5.21
5.73
At 30 June 2025, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit
before tax for the year would have been £0.9 million higher/lower (FY2024: £1.4 million higher/lower), mainly as a result of
higher/lower interest on cash balances.
Foreign exchange risk
The Company is exposed primarily to foreign exchange risk in respect of US dollar cash balances and US dollar-denominated
intercompany balances. However, such risk is not hedged by the Company.
At 30 June 2025, if the US dollar had strengthened/weakened by 5% against Sterling with all other variables held constant, profit
before tax for the year would have increased/decreased by £15.9 million (FY2024: increased/decreased by £16.5 million).
22) Share capital
Authorised share capital
2025 2025 2024 2024
Number of Nominal value Number Nominal value
Group and Company shares £’000 of shares £’000
Ordinary shares of 0.01p each
900,000,000
90
900,000,000
90
Issued share capital – allotted and fully paid
2025 2025 2024 2024
Number of Nominal value Number Nominal value
Group and Company shares £’000 of shares £’000
Ordinary shares of 0.01p each
712,740,804
71
712,740,804
71
All the above ordinary shares represent equity of the Company and rank pari passu in respect of participation and voting rights.
At 30 June 2025, there were equity-settled share awards issued under the Omnibus Plan totalling 53,241,729 (30 June 2024:
47,014,898) shares that have release dates ranging from September 2025 to October 2029. Further details are provided in note 10.
23) Own shares
The Trustees of the Ashmore Group plc 2004 Employee Benefit Trust (EBT) acquire and hold shares in Ashmore Group plc with a
view to facilitating the vesting of share awards. As at 30 June 2025, the EBT owned 60,817,341 (30 June 2024: 49,481,410) ordinary
shares of 0.01p with a nominal value of £6,082 (30 June 2024: £4,948) and shareholders’ funds are reduced by £154.6 million
(30 June 2024: £149.5 million) in this respect. The EBT is periodically funded by the Company for these purposes.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 141
Notes to the financial statements continued
142 Ashmore Annual Report and Accounts 2025
24) Trade and other payables
Group
Group
Company
Company
2025 2024 2025 2024
£m £m £m £m
Current
Trade payables
17.0
15.5
2.9
3.4
Accruals and provisions
12.9
18.7
3.1
9.1
Amounts due to subsidiaries
–
–
8.3
11.1
Total trade and other payables
29.9
34.2
14.3
23.6
25) Interests in subsidiaries
Operating subsidiaries held by the Company
There were no movements in investment in subsidiaries held by the Company during the year.
2025 2024
Company £m £m
Cost
At 30 June 2025 and 2024
19.9
19.9
In the opinion of the Directors, the following subsidiary undertakings principally affected the Group’s results or balance sheet at
30 June 2025. A full list of the Group’s subsidiaries and all related undertakings is disclosed in note 33.
Country of
incorporation/
formation and % of equity
principal place of shares held
Name
operation by the Group
Ashmore Investments (UK) Limited
England
100.00
Ashmore Investment Management Limited
England
100.00
Ashmore Investment Advisors Limited
England
100.00
Ashmore Management Company Colombia SAS
Colombia
57.73
Ashmore CAF-AM Management Company SAS
Colombia
52.58
Ashmore Management Company Limited
Guernsey
100.00
Ashmore Investment Management India LLP
India
100.00
PT Ashmore Asset Management Indonesia Tbk
Indonesia
60.04
Ashmore Investment Management (Ireland) Limited
Ireland
100.00
Ashmore Japan Co. Limited
Japan
100.00
Ashmore Investments Saudi Arabia
Saudi Arabia
100.00
Ashmore Investment Management (Singapore) Pte. Ltd.
Singapore
100.00
Ashmore Investment Management (US) Corporation
USA
100.00
Ashmore Investment Advisors (US) Corporation
USA
100.00
142 Ashmore Annual Report and Accounts 2025
Company
Name
Notes to the financial statements continued
142 Ashmore Annual Report and Accounts 2025
24) Trade and other payables
Group
2025
£m
Group
2024
£m
Company
2025
£m
Company
2024
£m
Current
Trade payables 17.0 15.5 2.9 3.4
Accruals and provisions 12.9 18.7 3.1 9.1
Amounts due to subsidiaries – – 8.3 11.1
Total trade and other payables 29.9 34.2 14.3 23.6
25) Interests in subsidiaries
Operating subsidiaries held by the Company
There were no movements in investment in subsidiaries held by the Company during the year.
2025
£m
2024
£m
Cost
At 30 June 2025 and 2024 19.9 19.9
In the opinion of the Directors, the following subsidiary undertakings principally affected the Group’s results or balance sheet at
30 June 2025. A full list of the Group’s subsidiaries and all related undertakings is disclosed in note 33.
Country of
incorporation/
formation and
principal place of
operation
% of equity
shares held
by the Group
Ashmore Investments (UK) Limited England 100.00
Ashmore Investment Management Limited England 100.00
Ashmore Investment Advisors Limited England 100.00
Ashmore Management Company Colombia SAS Colombia 57.73
Ashmore CAF-AM Management Company SAS Colombia 52.58
Ashmore Management Company Limited Guernsey 100.00
Ashmore Investment Management India LLP India 100.00
PT Ashmore Asset Management Indonesia Tbk Indonesia 60.04
Ashmore Investment Management (Ireland) Limited Ireland 100.00
Ashmore Japan Co. Limited Japan 100.00
Ashmore Investments Saudi Arabia Saudi Arabia 100.00
Ashmore Investment Management (Singapore) Pte. Ltd. Singapore 100.00
Ashmore Investment Management (US) Corporation USA 100.00
Ashmore Investment Advisors (US) Corporation USA 100.00
142 Ashmore Annual Report and Accounts 2025
Company
Name
Notes to the financial statements continued
142 Ashmore Annual Report and Accounts 2025
24) Trade and other payables
Group
2025
£m
Group
2024
£m
Company
2025
£m
Company
2024
£m
Current
Trade payables
17.0
15.5
2.9
3.4
Accruals and provisions
12.9
18.7
3.1
9.1
Amounts due to subsidiaries
–
–
8.3
11.1
Total trade and other payables
29.9
34.2
14.3
23.6
25) Interests in subsidiaries
Operating subsidiaries held by the Company
There were no movements in investment in subsidiaries held by the Company during the year.
2025
£m
2024
£m
Cost
At 30 June 2025 and 2024
19.9
19.9
In the opinion of the Directors, the following subsidiary undertakings principally affected the Group’s results or balance sheet at
30 June 2025. A full list of the Group’s subsidiaries and all related undertakings is disclosed in note 33.
Country of
incorporation/
formation and
principal place of
operation
% of equity
shares held
by the Group
Ashmore Investments (UK) Limited
England
100.00
Ashmore Investment Management Limited
England
100.00
Ashmore Investment Advisors Limited
England
100.00
Ashmore Management Company Colombia SAS
Colombia
57.73
Ashmore CAF-AM Management Company SAS
Colombia
52.58
Ashmore Management Company Limited
Guernsey
100.00
Ashmore Investment Management India LLP
India
100.00
PT Ashmore Asset Management Indonesia Tbk
Indonesia
60.04
Ashmore Investment Management (Ireland) Limited
Ireland
100.00
Ashmore Japan Co. Limited
Japan
100.00
Ashmore Investments Saudi Arabia
Saudi Arabia
100.00
Ashmore Investment Management (Singapore) Pte. Ltd.
Singapore
100.00
Ashmore Investment Management (US) Corporation
USA
100.00
Ashmore Investment Advisors (US) Corporation
USA
100.00
Ashmore Annual Report and Accounts 2025 143
25) Interests in subsidiaries continued
Consolidated funds
The Group consolidated the following 24 investment funds as at 30 June 2025 (30 June 2024: 18 investment funds) over which the
Group is deemed to have control:
Country of
incorporation/ Proportion of
principal place of ownership
Name Type of fund operation interest %
Ashmore Emerging Markets Debt and Currency Fund Limited
Alternatives
Guernsey
57.15
Ashmore SICAV Emerging Markets Equity Ex China Fund
Equity
Luxembourg
49.17
Ashmore SICAV Emerging Markets India Equity Fund
Equity
Luxembourg
93.63
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund
Equity
Luxembourg
47.47
Ashmore SICAV Emerging Markets Middle East Equity Fund
Equity
Luxembourg
86.59
Ashmore SICAV Emerging Markets Shariah Active Equity Fund
Equity
Luxembourg
78.02
Ashmore SICAV Emerging Markets Indonesian Equity Fund
Equity
Luxembourg
100.00
Ashmore SICAV Emerging Markets Mexico Equity Fund
Equity
Luxembourg
100.00
Ashmore SICAV Emerging Markets Sovereign Debt Fund
External Debt
Luxembourg
70.69
Ashmore SICAV Emerging Markets Investment Grade Total Return Fund
Blended debt
Luxembourg
100.00
Ashmore SICAV Emerging Markets Total Return Debt Fund 2
Blended debt
Luxembourg
100.00
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund
Blended debt
Luxembourg
69.20
Ashmore SICAV Emerging Markets Impact Debt Fund
Blended Debt
Luxembourg
100.00
Ashmore SICAV Emerging Markets Local Currency Bond Fund 2
Local currency
Luxembourg
100.00
Ashmore Dana USD Fixed Income
Local currency
Indonesia
41.39
Ashmore Dana Pasar Uang Syariah
Local currency
Indonesia
83.18
Ashmore India Equities Fund
Equity
India
80.31
Ashmore Emerging Markets Local Currency Bond Fund
Local currency
USA
96.01
Ashmore Emerging Markets Active Equity Fund
Equity
USA
94.77
Ashmore Emerging Markets Equity ESG Fund
Equity
USA
100.00
Ashmore Emerging Markets Equity Ex China Fund
Equity
USA
100.00
Ashmore EM Equity Fund LP
Equity
USA
100.00
Ashmore EM Active Equity Fund LP
Equity
USA
100.00
Ashmore Emerging Markets Debt Fund
Corporate debt
USA
100.00
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 143
Notes to the financial statements continued
144 Ashmore Annual Report and Accounts 2025
26) Investment in associate
The Group held an interest in the following associate as at 30 June 2025, over which it continues to have significant influence:
Country of incorporation/ % of equity
formation and principal shares held by
Name
Type
Nature of business
place of operation the Group
Taiping Fund Management Company
Associate
Investment management
China
5.23%
The movement in the carrying value of investment in associate for the year is provided below:
2025 2024
Associate
£m £m
At the beginning of the year
2.7
2.3
Share of profit for the year
0.3
0.5
Foreign exchange revaluation
(0.2)
(0.1)
At the end of the year
2.8
2.7
The summarised financial information for the associate is shown below.
2025 2024
Associate £m £m
Total assets
61.2
59.7
Total liabilities
(7.0)
(7.5)
Net assets
54.2
52.2
Group’s share of net assets
2.8
2.7
Revenue for the year
22.8
20.7
Profit for the year
5.7
9.6
Group’s share of profit for the year
0.3
0.5
The carrying value of the investment in associate represents the cost of acquisition subsequently adjusted for share of profit or loss
and other comprehensive income or loss. No impairment is believed to exist relating to the associate as at 30 June 2025. The Group
had no undrawn capital commitments (30 June 2024: £nil) to investment funds managed by the associate.
144 Ashmore Annual Report and Accounts 2025
Name
Associate
Associate
Notes to the financial statements continued
144 Ashmore Annual Report and Accounts 2025
26) Investment in associate
The Group held an interest in the following associate as at 30 June 2025, over which it continues to have significant influence:
Type Nature of business
Country of incorporation/
formation and principal
place of operation
% of equity
shares held by
the Group
Taiping Fund Management Company Associate Investment management China 5.23%
The movement in the carrying value of investment in associate for the year is provided below:
2025
£m
2024
£m
At the beginning of the year 2.7 2.3
Share of profit for the year 0.3 0.5
Foreign exchange revaluation (0.2)
(0.1)
At the end of the year 2.8 2.7
The summarised financial information for the associate is shown below.
2025
£m
2024
£m
Total assets 61.2 59.7
Total liabilities (7.0)
(7.5)
Net assets 54.2 52.2
Group’s share of net assets 2.8 2.7
Revenue for the year 22.8 20.7
Profit for the year 5.7 9.6
Group’s share of profit for the year 0.3 0.5
The carrying value of the investment in associate represents the cost of acquisition subsequently adjusted for share of profit or loss
and other comprehensive income or loss. No impairment is believed to exist relating to the associate as at 30 June 2025. The Group
had no undrawn capital commitments (30 June 2024: £nil) to investment funds managed by the associate.
144 Ashmore Annual Report and Accounts 2025
Name
Associate
Associate
Notes to the financial statements continued
144 Ashmore Annual Report and Accounts 2025
26) Investment in associate
The Group held an interest in the following associate as at 30 June 2025, over which it continues to have significant influence:
Type
Nature of business
Country of incorporation/
formation and principal
place of operation
% of equity
shares held by
the Group
Taiping Fund Management Company
Associate
Investment management
China
5.23%
The movement in the carrying value of investment in associate for the year is provided below:
2025
£m
2024
£m
At the beginning of the year
2.7
2.3
Share of profit for the year
0.3
0.5
Foreign exchange revaluation
(0.2)
(0.1)
At the end of the year
2.8
2.7
The summarised financial information for the associate is shown below.
2025
£m
2024
£m
Total assets
61.2
59.7
Total liabilities
(7.0)
(7.5)
Net assets
54.2
52.2
Group’s share of net assets
2.8
2.7
Revenue for the year
22.8
20.7
Profit for the year
5.7
9.6
Group’s share of profit for the year
0.3
0.5
The carrying value of the investment in associate represents the cost of acquisition subsequently adjusted for share of profit or loss
and other comprehensive income or loss. No impairment is believed to exist relating to the associate as at 30 June 2025. The Group
had no undrawn capital commitments (30 June 2024: £nil) to investment funds managed by the associate.
Ashmore Annual Report and Accounts 2025 145
27) Interests in structured entities
The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group
holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is
accounted for either as a consolidated structured entity or as a financial asset, depending on whether the Group has control over the
fund or not.
The Group’s interest in structured entities is reflected in the Group’s AuM. The Group is exposed to movements in AuM of
structured entities through the potential loss of fee income as a result of client withdrawals. Outflows from funds are dependent
on market sentiment, asset performance and investor considerations. Further information on these risks can be found in the
Strategic report.
Considering the potential for changes in AuM of structured entities, management has determined that the Group’s unconsolidated
structured entities include segregated mandates and pooled funds vehicles. Disclosure of the Group’s exposure to unconsolidated
structured entities has been made on this basis.
The reconciliation of AuM reported by the Group within unconsolidated structured entities is shown below.
Less: AuM within
AuM within unconsolidated
consolidated structured
Total AuM funds entities
US$bn US$bn US$bn
30 June 2024
49.3
0.3
49.0
30 June 2025
47.6
0.5
47.1
Included in the Group’s consolidated management fees of £131.7 million (FY2024: £162.6 million) are management fees amounting
to £130.6 million (FY2024: £161.9 million) earned from unconsolidated structured entities.
The table below shows the carrying values of the Group’s interests in unconsolidated structured entities, recognised in the Group
balance sheet, which are equal to the Group’s maximum exposure to loss from those interests.
2025 2024
£m £m
Management fees receivable
26.8
37.6
Trade and other receivables
1.4
1.5
Seed capital investments
1
83.3
90.0
Total exposure
111.5
129.1
1. Comprise financial assets measured at fair value and non-current financial assets measured at fair value (refer to note 20).
The main risk the Group faces from its beneficial interests in unconsolidated structured entities arises from a potential decrease in
the fair value of seed capital investments. The Group’s beneficial interests in seed capital investments are disclosed in note 20.
Note 21 includes further information on the Group’s exposure to market risk arising from seed capital investments.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 145
Notes to the financial statements continued
146 Ashmore Annual Report and Accounts 2025
28) Related party transactions
Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries,
associates, Ashmore funds, the EBT and The Ashmore Foundation.
Key management personnel – Group and Company
The compensation paid to or payable to key management personnel is shown below:
2025 2024
£m £m
Short-term benefits
1.0
1.6
Defined contribution pension costs
–
–
Share-based payment benefits (note 10)
2.2
2.0
3.2
3.6
Short-term benefits include salary and fees, benefits and cash bonus.
Share-based payment benefits represent the cost of equity-settled awards charged to the consolidated statement of
comprehensive income.
Details of the remuneration of Directors are given in the Remuneration report on pages 70 to 88.
During the year, there were no other transactions entered into with key management personnel (FY2024: none). Aggregate key
management personnel interests in consolidated funds at 30 June 2025 were £32.7 million (30 June 2024: £32.2 million).
Transactions with subsidiaries – Company
Details of transactions between the Company and its subsidiaries are shown below:
2025 2024
£m £m
Transactions during the year
Management fees
46.4
57.0
Net dividends
79.9
99.6
Loans advanced to subsidiaries
(22.0)
(53.3)
Amounts receivable or payable to subsidiaries are disclosed in notes 17 and 24 respectively.
146 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
146 Ashmore Annual Report and Accounts 2025
28) Related party transactions
Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries,
associates, Ashmore funds, the EBT and The Ashmore Foundation.
Key management personnel – Group and Company
The compensation paid to or payable to key management personnel is shown below:
2025
£m
2024
£m
Short-term benefits 1.0 1.6
Defined contribution pension costs – –
Share-based payment benefits (note 10) 2.2 2.0
3.2 3.6
Short-term benefits include salary and fees, benefits and cash bonus.
Share-based payment benefits represent the cost of equity-settled awards charged to the consolidated statement of
comprehensive income.
Details of the remuneration of Directors are given in the Remuneration report on pages 70 to 88.
During the year, there were no other transactions entered into with key management personnel (FY2024: none). Aggregate key
management personnel interests in consolidated funds at 30 June 2025 were £32.7 million (30 June 2024: £32.2 million).
Transactions with subsidiaries – Company
Details of transactions between the Company and its subsidiaries are shown below:
2025
£m
2024
£m
Transactions during the year
Management fees 46.4 57.0
Net dividends 79.9 99.6
Loans advanced to subsidiaries (22.0)
(53.3)
Amounts receivable or payable to subsidiaries are disclosed in notes 17 and 24 respectively.
146 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
146 Ashmore Annual Report and Accounts 2025
28) Related party transactions
Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries,
associates, Ashmore funds, the EBT and The Ashmore Foundation.
Key management personnel – Group and Company
The compensation paid to or payable to key management personnel is shown below:
2025
£m
2024
£m
Short-term benefits
1.0
1.6
Defined contribution pension costs
–
–
Share-based payment benefits (note 10)
2.2
2.0
3.2
3.6
Short-term benefits include salary and fees, benefits and cash bonus.
Share-based payment benefits represent the cost of equity-settled awards charged to the consolidated statement of
comprehensive income.
Details of the remuneration of Directors are given in the Remuneration report on pages 70 to 88.
During the year, there were no other transactions entered into with key management personnel (FY2024: none). Aggregate key
management personnel interests in consolidated funds at 30 June 2025 were £32.7 million (30 June 2024: £32.2 million).
Transactions with subsidiaries – Company
Details of transactions between the Company and its subsidiaries are shown below:
2025
£m
2024
£m
Transactions during the year
Management fees
46.4
57.0
Net dividends
79.9
99.6
Loans advanced to subsidiaries
(22.0)
(53.3)
Amounts receivable or payable to subsidiaries are disclosed in notes 17 and 24 respectively.
Ashmore Annual Report and Accounts 2025 147
Transactions with Ashmore funds – Group
During the year, the Group received £48.4 million of gross management fees and performance fees (FY2024: £61.7 million) from the
92 funds (FY2024: 96 funds) it manages and which are classified as related parties. As at 30 June 2025, the Group had receivables
due from funds of £7.7 million (30 June 2024: £4.9 million) that are classified as related parties.
Transactions with the EBT – Group and Company
The EBT has been provided with an interest free loan facility to allow it to acquire Ashmore shares in order to satisfy outstanding
unvested share awards. The EBT is included within the results of the Group and the Company. As at 30 June 2025, the loan
outstanding was £146.7 million (30 June 2024: £138.4 million).
Transactions with The Ashmore Foundation – Group and Company
The Ashmore Foundation is a related party to the Group. The Foundation was set up to provide financial grants to worthwhile causes
within the Emerging Markets countries in which Ashmore invests and/or operates with a view to giving back to the countries and
communities. The Group donated £0.4 million to the Foundation during the year (FY2024: £0.6 million).
29) Commitments
The Group has undrawn investment commitments relating to seed capital investments as follows:
2025 2024
Group £m £m
Ashmore I – CAF Colombian Infrastructure Senior Debt Fund
–
4.4
Ashmore II – CAF Colombian Infrastructure Senior Debt Fund
8.7
–
Ashmore Andean Fund II, LP
0.1
0.1
Fondo Ashmore Andino III – FCP
0.6
2.7
Total undrawn investment commitments
9.4
7.2
Company
The Company has undrawn loan commitments to other Group entities totalling £399.1 million (30 June 2024: £432.0 million) to
support their investment activities but has no investment commitments of its own (30 June 2024: none).
30) Contingent assets and liabilities
The Company and its subsidiaries can be party to legal claims arising in the normal course of business. The Directors do not
anticipate that the outcome of any such potential proceedings and claims will have a material adverse effect on the Group’s financial
position and at present there are no such claims where their financial impact can be reasonably estimated. There are no other
material contingent assets or liabilities.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 147
Notes to the financial statements continued
148 Ashmore Annual Report and Accounts 2025
31) Non-controlling interests
The Group’s material NCI as at 30 June 2025 was held in PT Ashmore Asset Management Indonesia Tbk.
Set out below is summarised financial information and the amounts disclosed are before intercompany eliminations.
40% NCI
Ashmore Indonesia
2025 2024
Summarised balance sheet £m £m
Total assets
17.1
18.4
Total liabilities
(4.4)
(3.9)
Net assets
12.7
14.5
Non-controlling interests
5.0
5.8
Summarised statement of comprehensive income
Net revenue
7.7
10.3
Profit for the period
3.5
5.3
Other comprehensive loss
(0.8)
(1.2)
Total comprehensive income
2.7
4.1
Profit allocated to NCI
1.4
2.1
Dividends paid to NCI
1.8
1.9
Summarised cash flows
Cash flows from operating activities
3.2
5.4
Cash flows generated from investing activities
0.6
2.5
Cash flows used in financing activities
(4.6)
(5.2)
Net increase/(decrease) in cash and cash equivalents
(0.8)
2.7
148 Ashmore Annual Report and Accounts 2025
Summarised balance sheet
Summarised statement of comprehensive income
Summarised cash flows
Notes to the financial statements continued
148 Ashmore Annual Report and Accounts 2025
31) Non-controlling interests
The Group’s material NCI as at 30 June 2025 was held in PT Ashmore Asset Management Indonesia Tbk.
Set out below is summarised financial information and the amounts disclosed are before intercompany eliminations.
40% NCI
Ashmore Indonesia
2025
£m
2024
£m
Total assets 17.1 18.4
Total liabilities (4.4)
(3.9)
Net assets 12.7 14.5
Non-controlling interests 5.0 5.8
Net revenue 7.7 10.3
Profit for the period 3.5 5.3
Other comprehensive loss (0.8)
(1.2)
Total comprehensive income 2.7 4.1
Profit allocated to NCI 1.4 2.1
Dividends paid to NCI 1.8 1.9
Cash flows from operating activities 3.2 5.4
Cash flows generated from investing activities 0.6 2.5
Cash flows used in financing activities (4.6)
(5.2)
Net increase/(decrease) in cash and cash equivalents (0.8)
2.7
148 Ashmore Annual Report and Accounts 2025
Summarised balance sheet
Summarised statement of comprehensive income
Summarised cash flows
Notes to the financial statements continued
148 Ashmore Annual Report and Accounts 2025
31) Non-controlling interests
The Group’s material NCI as at 30 June 2025 was held in PT Ashmore Asset Management Indonesia Tbk.
Set out below is summarised financial information and the amounts disclosed are before intercompany eliminations.
40% NCI
Ashmore Indonesia
2025
£m
2024
£m
Total assets
17.1
18.4
Total liabilities
(4.4)
(3.9)
Net assets
12.7
14.5
Non-controlling interests
5.0
5.8
Net revenue
7.7
10.3
Profit for the period
3.5
5.3
Other comprehensive loss
(0.8)
(1.2)
Total comprehensive income
2.7
4.1
Profit allocated to NCI
1.4
2.1
Dividends paid to NCI
1.8
1.9
Cash flows from operating activities
3.2
5.4
Cash flows generated from investing activities
0.6
2.5
Cash flows used in financing activities
(4.6)
(5.2)
Net increase/(decrease) in cash and cash equivalents
(0.8)
2.7
Ashmore Annual Report and Accounts 2025 149
32) Post-balance sheet events
There are no post-balance sheet events that require adjustment or disclosure in the Group consolidated financial statements.
33) Subsidiaries and related undertakings
The following is a full list of the Ashmore Group plc subsidiaries and related undertakings as at 30 June 2025, along with the
registered address and the percentage of equity owned by the Group. Related undertakings comprise significant holdings in
associated undertakings and Ashmore sponsored public funds in which the Group owns greater than 20% interest.
% voting
Name
Classification
interest
Registered address and place of incorporation
Ashmore Investments (UK) Limited
1
Subsidiary
100.00
61 Aldwych, London WC2B 4AE
Ashmore Investment Management Limited
Subsidiary
100.00
United Kingdom
Ashmore Investment Advisors Limited
Subsidiary
100.00
Aldwych Administration Services Limited (dormant)
Subsidiary
100.00
Ashmore Asset Management Limited (dormant)
Subsidiary
100.00
Ashmore Investment Management (Ireland) Limited
Subsidiary
100.00
32 Molesworth Street, Dublin 2, D02
Y512, Ireland
Ashmore Group plc 2024 Employee Benefit Trust
Subsidiary
100.00
First Floor, Le Marchant House,
Le Truchot, St. Peter Port, GY1 1GR,
Channel Islands, Guernsey
Ashmore Investment Management India LLP
Subsidiary
100.00
Units 206, 207, 208
Ceejay House,
Ashmore India Equities Fund
Consolidated fund
80.31
Shivsagar Estate, Dr. Annie Besant
Road, Worli, Mumbai 400 018, India
Ashmore Investment Management (US) Corporation
Subsidiary
100.00
437, Suite 1904, Madison Avenue, New
Ashmore Investment Advisors (US) Corporation
Subsidiary
100.00
York, New York, NY 10022, United
States
Ashmore EM Blended Debt Fund GP, LLC
Subsidiary
100.00
The Corporation Trust Center, 1209
Ashmore EM Active Equity Fund GP, LLC
Subsidiary
100.00
Orange Street, Wilmington, DE 19801,
USA
Ashmore EM Equity Fund GP, LLC
Subsidiary
100.00
Ashmore Healthcare International Limited
Subsidiary
100.00
P.O. Box 61, 4th Floor Harbour Centre,
Rex Healthcare Limited
Subsidiary
100.00
North Church Street, Grand Cayman
KY1-1102, Cayman Islands
KCH Malaysia (Cayman) Ltd
Subsidiary
100.00
KCH Holding Company Limited
Subsidiary
100.00
2462
ResCowork01, 24th Floor, Al Sila
Tower, Abu Dhabi Global Market
Square, Abu Dhabi, Al Maryah Island,
UAE
Ashmore QFC LLC
Subsidiary
100.00
9th Floor, QFC Tower 1, Westbay, Doha,
Qatar
1. Ashmore Investments (UK) Limited (registered number 3345198) is exempt from the requirements relating to the audit of accounts under section 479A of the UK
Companies Act 2006.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 149
Notes to the financial statements continued
150 Ashmore Annual Report and Accounts 2025
33) Subsidiaries and related undertakings continued
% voting
Name
Classification
interest Registered address and place of incorporation
Ashmore Investment Management (Singapore) Pte. Ltd.
Subsidiary
100.00
1 George Street, #15–04, Singapore 049145
KCH Cairo Pte. Ltd (dormant)
Subsidiary
100.00
KCH Cairo S.A.E. (dormant)
Subsidiary
99.20
Zone (T) –
Emaar, Up Town Cairo,
Mokattam, Cairo, Egypt
PT Ashmore Asset Management Indonesia Tbk
Subsidiary
60.04
Pacific Century Place, 18
th
Floor,
Ashmore Dana Pasar Uang Syariah
Consolidated fund
83.18
SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
52–53
Jakarta 12190, Indonesia
Ashmore Dana USD Fixed Income
Consolidated fund
41.39
Ashmore Management Company Colombia SAS
Subsidiary
57.73
Carrera 7 No. 75–66,
Ashmore-CAF-AM Management Company SAS
Subsidiary
52.58
Office 701 & 702,
Bogotá, Colombia
Ashmore Holdings Colombia SAS
Subsidiary
100.00
Ashmore Investment Advisors S.A. Sociedad Fiduciaria
Subsidiary
100.00
Ashmore Backup Management Company SAS
Subsidiary
100.00
Ashmore Peru Backup Management
Subsidiary
100.00
Av. Circunvalación del Club Golf Los Incas
No. 134, Torre 1, Of. 505, Surco. Lima, Perú
Ashmore Japan Co. Limited
Subsidiary
100.00
11F, Shin Marunouchi Building 1–5–1
Marunouchi, Chiyoda–ku,
Tokyo 100–6511, Japan
Ashmore Investments (Colombia) SL
Subsidiary
100.00
Calle Suero de Quiñones 34-36, 28002
Madrid, Spain
Ashmore Management (DIFC) Limited
Subsidiary
100.00
Unit L30–07, Level 30, ICD Brookfield Place,
Dubai International Financial Centre,
Dubai, UAE
Ashmore Investment Saudi Arabia
Subsidiary
100.00
3rd Floor Tower B, Olaya Towers,
Olaya Main Street, Riyadh, Saudi Arabia
Ashmore AISA (Cayman) Limited
Subsidiary
100.00
PO Box 309, Ugland House, Grand Cayman,
KY1–1104, Cayman Islands
Ashmore Investments (Holdings) Limited (in liquidation)
Subsidiary
100.00
Les Cascades Building,
33 Edith Cavell Street, Port Louis,
Mauritius
150 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
150 Ashmore Annual Report and Accounts 2025
33) Subsidiaries and related undertakings continued
Name Classification
% voting
interest
Registered address and place of incorporation
Ashmore Investment Management (Singapore) Pte. Ltd. Subsidiary 100.00 1 George Street, #15–04, Singapore 049145
KCH Cairo Pte. Ltd (dormant) Subsidiary 100.00
KCH Cairo S.A.E. (dormant) Subsidiary 99.20 Zone (T) –
Emaar, Up Town Cairo,
Mokattam, Cairo, Egypt
PT Ashmore Asset Management Indonesia Tbk Subsidiary 60.04 Pacific Century Place, 18
th
Floor,
SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
52–53 Jakarta 12190, Indonesia
Ashmore Dana Pasar Uang Syariah Consolidated fund 83.18
Ashmore Dana USD Fixed Income Consolidated fund 41.39
Ashmore Management Company Colombia SAS Subsidiary 57.73 Carrera 7 No. 75–66,
Office 701 & 702,
Bogotá, Colombia
Ashmore-CAF-AM Management Company SAS Subsidiary 52.58
Ashmore Holdings Colombia SAS Subsidiary 100.00
Ashmore Investment Advisors S.A. Sociedad Fiduciaria Subsidiary
100.00
Ashmore Backup Management Company SAS Subsidiary
100.00
Ashmore Peru Backup Management Subsidiary 100.00 Av. Circunvalación del Club Golf Los Incas
No. 134, Torre 1, Of. 505, Surco. Lima, Perú
Ashmore Japan Co. Limited Subsidiary 100.00 11F, Shin Marunouchi Building 1–5–1
Marunouchi, Chiyoda–ku,
Tokyo 100–6511, Japan
Ashmore Investments (Colombia) SL Subsidiary 100.00 Calle Suero de Quiñones 34-36, 28002
Madrid, Spain
Ashmore Management (DIFC) Limited Subsidiary 100.00 Unit L30–07, Level 30, ICD Brookfield Place,
Dubai International Financial Centre,
Dubai, UAE
Ashmore Investment Saudi Arabia Subsidiary 100.00 3rd Floor Tower B, Olaya Towers,
Olaya Main Street, Riyadh, Saudi Arabia
Ashmore AISA (Cayman) Limited Subsidiary 100.00 PO Box 309, Ugland House, Grand Cayman,
KY1–1104, Cayman Islands
Ashmore Investments (Holdings) Limited (in liquidation) Subsidiary 100.00 Les Cascades Building,
33 Edith Cavell Street, Port Louis,
Mauritius
150 Ashmore Annual Report and Accounts 2025
Notes to the financial statements continued
150 Ashmore Annual Report and Accounts 2025
33) Subsidiaries and related undertakings continued
Name
Classification
% voting
interest
Registered address and place of incorporation
Ashmore Investment Management (Singapore) Pte. Ltd.
Subsidiary
100.00
1 George Street, #15–04, Singapore 049145
KCH Cairo Pte. Ltd (dormant)
Subsidiary
100.00
KCH Cairo S.A.E. (dormant)
Subsidiary
99.20
Zone (T) – Emaar, Up Town Cairo,
Mokattam, Cairo, Egypt
PT Ashmore Asset Management Indonesia Tbk
Subsidiary
60.04
Pacific Century Place, 18
th
Floor,
SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
52–53 Jakarta 12190, Indonesia
Ashmore Dana Pasar Uang Syariah
Consolidated fund
83.18
Ashmore Dana USD Fixed Income
Consolidated fund
41.39
Ashmore Management Company Colombia SAS
Subsidiary
57.73
Carrera 7 No. 75–66,
Office 701 & 702,
Bogotá, Colombia
Ashmore-CAF-AM Management Company SAS
Subsidiary
52.58
Ashmore Holdings Colombia SAS
Subsidiary
100.00
Ashmore Investment Advisors S.A. Sociedad Fiduciaria
Subsidiary
100.00
Ashmore Backup Management Company SAS
Subsidiary
100.00
Ashmore Peru Backup Management
Subsidiary
100.00
Av. Circunvalación del Club Golf Los Incas
No. 134, Torre 1, Of. 505, Surco. Lima, Perú
Ashmore Japan Co. Limited
Subsidiary
100.00
11F, Shin Marunouchi Building 1–5–1
Marunouchi, Chiyoda–ku,
Tokyo 100–6511, Japan
Ashmore Investments (Colombia) SL
Subsidiary
100.00
Calle Suero de Quiñones 34-36, 28002
Madrid, Spain
Ashmore Management (DIFC) Limited
Subsidiary
100.00
Unit L30–07, Level 30, ICD Brookfield Place,
Dubai International Financial Centre,
Dubai, UAE
Ashmore Investment Saudi Arabia
Subsidiary
100.00
3rd Floor Tower B, Olaya Towers,
Olaya Main Street, Riyadh, Saudi Arabia
Ashmore AISA (Cayman) Limited
Subsidiary
100.00
PO Box 309, Ugland House, Grand Cayman,
KY1–1104, Cayman Islands
Ashmore Investments (Holdings) Limited (in liquidation)
Subsidiary
100.00
Les Cascades Building,
33 Edith Cavell Street, Port Louis,
Mauritius
Ashmore Annual Report and Accounts 2025 151
% voting Registered address and place of
Name
Classification
interest incorporation
Ashmore Management Company Limited
Subsidiary
100.00
Trafalgar Court,
Ashmore Global Special Situations Fund 3 (GP) Limited (in liquidation)
Subsidiary
100.00
Les Banques,
Ashmore Global Special Situations Fund 4 (GP) Limited (in liquidation)
Subsidiary
100.00
St Peter Port,
Ashmore Global Special Situations Fund 5 (GP) Limited (in liquidation)
Subsidiary
100.00
GY1 3QL,
Guernsey
Ashmore Venezuela Recovery Fund 2 Ltd
Financial asset
39.98
Ashmore Emerging Markets Debt and Currency Fund Limited
Consolidated fund
57.15
Ashmore SICAV Emerging Markets Middle East Equity Fund
Consolidated fund
86.59
10, rue du Chateau d’Eau,
Ashmore SICAV Emerging Markets Total Return Debt Fund 2
Consolidated fund
100.00
L–3364
Leudelange,
Grand–Duchy of Luxembourg
Ashmore SICAV Emerging Markets Equity Ex China Fund
Consolidated fund
49.17
Ashmore SICAV Emerging Markets India Equity Fund
Consolidated fund
93.63
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund
Consolidated fund
47.47
Ashmore SICAV Emerging Markets Investment Grade Total
Consolidated fund
100.00
Return Fund
Ashmore SICAV Emerging Markets Indonesian Equity Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Local Currency Bond Fund 2
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Shariah Active Equity Fund
Consolidated fund
78.02
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund
Consolidated fund
69.20
Ashmore SICAV Emerging Markets Sovereign Debt Fund
Consolidated fund
70.69
Ashmore SICAV Emerging Markets Impact Debt Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Mexico Equity Fund
Consolidated fund
100.00
Ashmore SICAV Emerging Markets Equity ESG Fund
Financial asset
21.99
Ashmore Emerging Markets Equity Ex China Fund
Consolidated fund
100.00
50 South LaSalle Street,
Ashmore Emerging Markets Debt Fund
Consolidated fund
100.00
Chicago, Illinois 60603, USA
Ashmore Emerging Markets Active Equity Fund
Consolidated fund
94.77
Ashmore Emerging Markets Local Currency Bond Fund
Consolidated fund
96.01
Ashmore Emerging Markets Equity ESG Fund
Consolidated fund
100.00
Ashmore EM Equity Fund LP
Consolidated fund
100.00
Ashmore EM Active Equity Fund LP
Consolidated fund
100.00
Ashmore China Real Estate Debt Recovery Fund
Financial asset
26.35
Cautionary statement regarding forward-looking statements
It is possible that this document could or may contain forward-looking statements that are based on current expectations or beliefs,
as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend,
plan, goal, believe, will, may, should, would, could or other words of similar meaning.
Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown
risks and uncertainties and can be affected by other factors that could cause actual results, and the Group’s plans and objectives,
to differ materially from those expressed or implied in the forward-looking statements. There are several factors that could cause
actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the forward-looking statements are changes in global, political, economic,
business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business
combinations or dispositions. The Group undertakes no obligation to revise or update any forward-looking statements contained within
this document, regardless of whether those statements are affected as a result of new information, future events or otherwise.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 151
Five-year summary
152 Ashmore Annual Report and Accounts 2025
2025
£m
2024
£m
2023
£m
2022
£m
2021
£m
Management fees 131.7
162.6
185.4
247.0
276.4
Performance fees 10.2
22.7
5.1
4.5
11.9
Other revenue 2.5
3.7
2.7
2.9
4.6
Total revenue 144.4
189.0
193.2
254.4
292.9
Distribution costs (2.0)
(2.2)
(2.2)
(3.5)
(5.5)
Foreign exchange gains 1.7
2.5
5.4
11.6
4.3
Net revenue 144.1
189.3
196.4
262.5
291.7
Net gains/(losses) on investment securities 11.8 (17.2)
(25.0)
(44.8)
70.9
Personnel expenses (31.5)
(32.2)
(31.4)
(27.8)
(26.7)
Variable compensation (39.5)
(52.9)
(34.8)
(45.6)
(53.6)
Other expenses (27.7)
(29.8)
(27.8)
(25.1)
(24.0)
Total operating expenses (98.7)
(114.9)
(94.0)
(98.5)
(104.3)
Operating profit 57.2
57.2
77.4
119.2
258.3
Finance income/(expense) 51.1
70.4
33.9
(2.1)
23.9
Share of profit from associate 0.3
0.5
0.5
1.3
0.3
Profit before tax 108.6
128.1
111.8
118.4
282.5
Tax expense (23.5)
(29.9)
(25.3)
(26.5)
(40.7)
Profit for the year 85.1 98.2
86.5
91.9
241.8
EPS (basic) 12.2p 13.9p 12.4p 13.4p 36.4p
Dividend per share 16.9p 16.9p 16.9p 16.9p 16.9p
Other operating data (unaudited)
AuM at year end (US$bn) 47.6
49.3
55.9
64.0
94.4
Average AuM (US$bn) 48.9
52.4
58.2
83.6
90.0
Average GBP:USD exchange rate for the year 1.30
1.26
1.21 1.33
1.35
Period end GBP:USD exchange rate for the year 1.37
1.26
1.27 1.21
1.38
152 Ashmore Annual Report and Accounts 2025
Five-year summary
152 Ashmore Annual Report and Accounts 2025
2025
£m
2024
£m
2023
£m
2022
£m
2021
£m
Management fees 131.7
162.6
185.4
247.0
276.4
Performance fees 10.2
22.7
5.1
4.5
11.9
Other revenue 2.5
3.7
2.7
2.9
4.6
Total revenue 144.4
189.0
193.2
254.4
292.9
Distribution costs (2.0)
(2.2)
(2.2)
(3.5)
(5.5)
Foreign exchange gains 1.7
2.5
5.4
11.6
4.3
Net revenue 144.1
189.3
196.4
262.5
291.7
Net gains/(losses) on investment securities 11.8 (17.2)
(25.0)
(44.8)
70.9
Personnel expenses (31.5)
(32.2)
(31.4)
(27.8)
(26.7)
Variable compensation (39.5)
(52.9)
(34.8)
(45.6)
(53.6)
Other expenses (27.7)
(29.8)
(27.8)
(25.1)
(24.0)
Total operating expenses (98.7)
(114.9)
(94.0)
(98.5)
(104.3)
Operating profit 57.2
57.2
77.4
119.2
258.3
Finance income/(expense) 51.1
70.4
33.9
(2.1)
23.9
Share of profit from associate 0.3
0.5
0.5
1.3
0.3
Profit before tax 108.6
128.1
111.8
118.4
282.5
Tax expense (23.5)
(29.9)
(25.3)
(26.5)
(40.7)
Profit for the year 85.1 98.2
86.5
91.9
241.8
EPS (basic) 12.2p 13.9p 12.4p 13.4p 36.4p
Dividend per share 16.9p 16.9p 16.9p 16.9p 16.9p
Other operating data (unaudited)
AuM at year end (US$bn) 47.6
49.3
55.9
64.0
94.4
Average AuM (US$bn) 48.9
52.4
58.2
83.6
90.0
Average GBP:USD exchange rate for the year 1.30
1.26
1.21 1.33
1.35
Period end GBP:USD exchange rate for the year 1.37
1.26
1.27 1.21
1.38
152 Ashmore Annual Report and Accounts 2025
Ashmore discloses APMs to assist shareholders’ understanding of the Group’s operational performance during the accounting
period and to allow consistent comparisons with prior periods.
The calculation of APMs is consistent with the financial year ended 30 June 2024. Historical disclosures relating to APMs, including
explanations and reconciliations, can be found in the respective interim financial reports and Annual Reports and Accounts.
Net revenue
As shown in the CSCI, net revenue is total revenue less distribution costs and including FX. This provides a comprehensive view of
the revenues recognised by the Group in the period.
Reference
FY2025
£m
FY2024
£m
Total revenue CSCI 144.4 189.0
Distribution costs CSCI (2.0) (2.2)
FX gains CSCI 1.7 2.5
Net revenue 144.1 189.3
Net management fees
The principal component of the Group’s revenues is management fees, net of associated distribution costs, earned on AuM.
Reference
FY2025
£m
FY2024
£m
Management fees CSCI 131.7 162.6
Distribution costs CSCI (2.0) (2.2)
Net management fees 129.7 160.4
Net management fee margin
The net management fee margin is defined as the ratio of annualised net management fees to average AuM for the period, in US
dollars since this is the primary currency in which fees are received and it matches the Group’s AuM disclosures. The average AuM
excludes assets where fees are not recognised in revenues, for example AuM related to associates. The margin is a principal
measure of the firm’s revenue-generating capability and is a commonly used industry performance measure.
FY2025 FY2024
Net management fee income (US$m) 168.5 202.1
Average AuM (US$bn) 48.4 51.9
Net management fee margin (bps) 35 39
Variable compensation ratio
The linking of variable annual pay awards to the Group’s profitability is one of the principal methods by which the Group controls its
operating costs. The variable compensation ratio is defined as the charge for VC divided by EBVCT.
The charge for VC is a component of personnel expenses and comprises share-based payments and performance-related cash
bonuses, and has been accrued at 35.0% of EBVCT (FY2024: 31.0%).
EBVCT is defined as PBT excluding the charge for VC, charitable donations, share of profit from associate, realised gains on disposal
of investments and unrealised seed capital-related items; and including net seed capital gains realised in the period on a life-to-date
basis. The unrealised seed capital items are net gains or losses on investment securities, expenses in respect of consolidated funds
and net unrealised gains or losses in finance income.
Reference
FY2025
£m
FY2024
£m
Profit before tax CSCI 108.6 128.1
Remove:
Seed capital-related gains CSCI, note 20 (40.1) (21.7)
Realised gains on disposal of investments Note 8 (0.3) (5.2)
Share of profit from associate CSCI (0.3) (0.5)
Variable remuneration 39.5 52.9
Charitable donations 0.4 0.6
Add:
Realised life-to-date seed capital gains 5.2 16.1
EBVCT 113.0 170.3
Alternative performance
measures
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 153
Alternative performance measures continued
Adjusted net revenue, adjusted operating costs and adjusted EBITDA
Adjusted figures exclude items relating to FX translation and seed capital. Management assesses the Group’s operating
performance by excluding the volatility associated with these items.
EBITDA provides a view of the operating performance of the business before certain non-cash items, financing income and charges,
and taxation.
Reference
FY2025
£m
FY2024
£m
Net revenue CSCI 144.1 189.3
Remove:
FX translation (gains)/losses Note 7 2.4 (1.5)
Adjusted net revenue 146.5 187.8
Reference
FY2025
£m
FY2024
£m
Personnel expenses CSCI (71.0) (85.1)
Other expenses CSCI (27.7) (29.8)
Remove:
Other expenses in consolidated funds Note 20 2.4 1.4
VC % on FX translation Note 7 (0.8) 0.5
Adjusted operating costs (97.1) (113.0)
Reference
FY2025
£m
FY2024
£m
Operating profit CSCI 57.2 57.2
Remove:
Depreciation & amortisation 3.1 3.1
EBITDA 60.3 60.3
Remove:
FX translation Note 7 2.4 (1.5)
Seed capital-related (gains)/losses CSCI, note 20 (9.4) 18.6
VC % on FX translation Note 7 (0.8) 0.5
Adjusted EBITDA 52.5 77.9
Adjusted EBITDA margin
Defined as the ratio of adjusted EBITDA to adjusted net revenue. This is an appropriate measure of the Group’s operational
efficiency and its ability to generate returns for shareholders.
154 Ashmore Annual Report and Accounts 2025
Alternative performance measures continued
Adjusted net revenue, adjusted operating costs and adjusted EBITDA
Adjusted figures exclude items relating to FX translation and seed capital. Management assesses the Group’s operating
performance by excluding the volatility associated with these items.
EBITDA provides a view of the operating performance of the business before certain non-cash items, financing income and charges,
and taxation.
Reference
FY2025
£m
FY2024
£m
Net revenue CSCI 144.1 189.3
Remove:
FX translation (gains)/losses Note 7 2.4 (1.5)
Adjusted net revenue 146.5 187.8
Reference
FY2025
£m
FY2024
£m
Personnel expenses CSCI (71.0) (85.1)
Other expenses CSCI (27.7) (29.8)
Remove:
Other expenses in consolidated funds Note 20 2.4 1.4
VC % on FX translation Note 7 (0.8) 0.5
Adjusted operating costs (97.1) (113.0)
Reference
FY2025
£m
FY2024
£m
Operating profit CSCI 57.2 57.2
Remove:
Depreciation & amortisation 3.1 3.1
EBITDA 60.3 60.3
Remove:
FX translation Note 7 2.4 (1.5)
Seed capital-related (gains)/losses CSCI, note 20 (9.4) 18.6
VC % on FX translation Note 7 (0.8) 0.5
Adjusted EBITDA 52.5 77.9
Adjusted EBITDA margin
Defined as the ratio of adjusted EBITDA to adjusted net revenue. This is an appropriate measure of the Group’s operational
efficiency and its ability to generate returns for shareholders.
154 Ashmore Annual Report and Accounts 2025
Adjusted diluted EPS
Diluted EPS excluding items relating to FX translation and seed capital, as described above, and the related tax impact.
Reference
FY2025
pence
FY2024
pence
Diluted EPS CSCI 11.8 13.6
Remove:
FX translation Note 7 0.3 (0.2)
Tax on FX translation (0.1) 0.1
Seed capital-related gains CSCI, note 7, note 20 (5.8) (3.2)
Tax on seed capital-related items 0.9 0.2
Adjusted diluted EPS 7.1 10.5
Conversion of operating profits to cash
This compares cash generated from operations, excluding consolidated funds, to adjusted EBITDA, and is a measure of the
effectiveness of the Group’s operations in converting profits to cash flows for shareholders. Excluding consolidated funds also
ensures consistency between the cash flows and adjusted EBITDA.
Reference
FY2025
£m
FY2024
£m
Cash generated from operations Consolidated cash flow statement 66.0 112.5
Remove:
Cash flows relating to consolidated funds Note 20 2.4 1.0
Operating cash flow 68.4 113.5
Adjusted EBITDA 52.5 77.9
Conversion of operating profits to cash 130% 146%
Capital resources
Ashmore has calculated its capital resources in a manner consistent with the IFPR. Note that goodwill and intangible assets include
associated deferred tax liabilities and deferred acquisition costs, and foreseeable dividends relate to the proposed final dividend of
16.9 pence per share.
Reference
30 June 2025
£m
30 June 2024
£m
Total equity Consolidated balance sheet 782.6 882.6
Add:
Cash flow hedging reserve Consolidated statement of changes in equity (0.6) –
Deductions:
Goodwill and intangible assets (72.8) (79.3)
Deferred tax assets Balance sheet (16.2) (18.9)
Foreseeable dividends Note 14 (86.0) (85.1)
Investments in financial sector entities (2.8) (3.1)
Capital resources 604.2 696.2
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 155
In line with the Companies Act 2006 (Strategic Report and
Directors’ Report) Regulations 2013, all companies listed on the
main market of the London Stock Exchange are required to
report their GHG emissions within their annual report. In
addition, since1 April 2019, the Group is required to meet the
mandatory SECR requirements. These comprise disclosure of
Scope 1 and 2 emissions and energy consumption, at least one
intensity metric (e.g. emissions per revenue, or per FTE), a list of
energy efficiency actions taken (if applicable), and a comparison
with the emissions of the previous year, when available.
Accordingly, the disclosure of Total Operational Emissions
1
is in
line with the SECR requirements. An explanation of the
methodology and the sources of the conversion factors used is
also required.
Methodology
Operational control methodology
The Group has followed the operational control method of
reporting. The Group’s Total Operational Emissions reported
below are for 11 offices around the world where the Group
exercised direct operational control in FY2025. The office
emissions reported, as well as emissions originating from their
operations, are those which are considered material to the
Group and for which data was available.
Emission scopes
In accordance with mandatory GHG reporting, Scope 1 and
Scope 2 emissions are required to be reported. Scope 2
emissions have been reported in terms of ‘location-based’
emissions.
Except for fuel consumption in third-party vehicles, it is not
mandatory to report Scope 3. However, the Group continues to
report on selected Scope 3 operational emission categories to
provide more complete disclosure to stakeholders.
In accordance with FRC guidance, the Group has also disclosed
Scope 3, Category 15 (investment emissions), also known as
financed emissions, due to the relevance of these emissions to
the nature of the Group’s business.
Data estimations and exclusions
Exclusions and estimation of operational emissions
Each office has undertaken best endeavours to provide the
required data; however, in some cases certain data was not
available for reporting and estimation was required. As such, 8%
(117 tCO
2
e) of the Group’s Total Operational Emissions were
based on estimation.
Estimates were calculated in the following ways:
– For certain offices located within shared and leased buildings
it was possible to estimate the consumption rate based only
on the apportionment of the building’s total, as sub-metered
data was not available.
– Waste, electricity and natural gas data was estimated for the
UK office in the second half of the year due to lack of data
availability; this was done by extrapolating data for the first six
months to cover the full reporting year.
– Emissions from water supply and treatment were calculated
using FY2024 data.
In addition, for offices unable to provide any waste or water data
in either FY2024 or FY2025, it was decided that estimation was
inappropriate due to the significant differences in disposal rates
by building, office size and per employee, and because the
impact is not expected to be material; therefore no waste data
was included for these offices.
Exclusions were based on three criteria: relevance to the
Group’s operations, materiality
2
and data availability. Scope 1 and
2 emissions sources not covered in this analysis
3
are not
considered applicable to the Group; the excluded upstream
Scope 3 categories
4
are also not expected to have a material
impact to emissions, and none of the downstream Scope 3
categories
5
are applicable to the Group except for Category 15
(investment emissions), which has been included within
this report.
Quantification and reporting methodology
Data collection and analysis for Total Operational Emissions has
followed the GHG Protocol Corporate Accounting and Reporting
Standard
6
. The World Resources Institute and the World
Business Council for Sustainable Development developed the
standard to promote standardised global carbon accounting
methodologies and, as such, the GHG Protocol Standard is one
of the recommended methodologies under SECR guidelines.
The UK Government’s 2024 emission factors
7
, generated by the
Department for Energy Security and Net Zero, have been used
to quantify all emissions, except for overseas electricity, which
has been quantified using electricity emission factors calculated
1. Unless otherwise specified, ‘Total Operational Emissions’ should be taken to mean: Scope 1, 2 and 3 emissions excluding Scope 3, Category 15 (investment
emissions) calculated using the location-based approach for electricity consumption.
2. A materiality threshold of 5% is used to determine whether an emissions source is required to be included as per SECR requirements.
3. Process emissions, and heat and steam consumption.
4. Category 1 material use and supply chain, Category 2 capital goods, and Category 4 upstream freight.
5. Category 8 upstream leased assets, Category 9 downstream transportation and distribution, Category 10 processing of sold products, Category 11 use of sold
products, Category 12 end-of-life treatment of sold products, Category 13 downstream leased assets, Category 14 franchises.
6. http://www.ghgprotocol.org/
7. All UK-related emissions factors have been selected from the emissions conversion factors published annually by UK Government: https://www.gov.uk/
government/publications/greenhouse-gas-reporting-conversion-factors-2024
Mandatory GHG reporting and
SECR requirements
156 Ashmore Annual Report and Accounts 2025
In line with the Companies Act 2006 (Strategic Report and
Directors’ Report) Regulations 2013, all companies listed on the
main market of the London Stock Exchange are required to
report their GHG emissions within their annual report. In
addition, since1 April 2019, the Group is required to meet the
mandatory SECR requirements. These comprise disclosure of
Scope 1 and 2 emissions and energy consumption, at least one
intensity metric (e.g. emissions per revenue, or per FTE), a list of
energy efficiency actions taken (if applicable), and a comparison
with the emissions of the previous year, when available.
Accordingly, the disclosure of Total Operational Emissions
1
is in
line with the SECR requirements. An explanation of the
methodology and the sources of the conversion factors used is
also required.
Methodology
Operational control methodology
The Group has followed the operational control method of
reporting. The Group’s Total Operational Emissions reported
below are for 11 offices around the world where the Group
exercised direct operational control in FY2025. The office
emissions reported, as well as emissions originating from their
operations, are those which are considered material to the
Group and for which data was available.
Emission scopes
In accordance with mandatory GHG reporting, Scope 1 and
Scope 2 emissions are required to be reported. Scope 2
emissions have been reported in terms of ‘location-based’
emissions.
Except for fuel consumption in third-party vehicles, it is not
mandatory to report Scope 3. However, the Group continues to
report on selected Scope 3 operational emission categories to
provide more complete disclosure to stakeholders.
In accordance with FRC guidance, the Group has also disclosed
Scope 3, Category 15 (investment emissions), also known as
financed emissions, due to the relevance of these emissions to
the nature of the Group’s business.
Data estimations and exclusions
Exclusions and estimation of operational emissions
Each office has undertaken best endeavours to provide the
required data; however, in some cases certain data was not
available for reporting and estimation was required. As such, 8%
(117 tCO
2
e) of the Group’s Total Operational Emissions were
based on estimation.
Estimates were calculated in the following ways:
– For certain offices located within shared and leased buildings
it was possible to estimate the consumption rate based only
on the apportionment of the building’s total, as sub-metered
data was not available.
– Waste, electricity and natural gas data was estimated for the
UK office in the second half of the year due to lack of data
availability; this was done by extrapolating data for the first six
months to cover the full reporting year.
– Emissions from water supply and treatment were calculated
using FY2024 data.
In addition, for offices unable to provide any waste or water data
in either FY2024 or FY2025, it was decided that estimation was
inappropriate due to the significant differences in disposal rates
by building, office size and per employee, and because the
impact is not expected to be material; therefore no waste data
was included for these offices.
Exclusions were based on three criteria: relevance to the
Group’s operations, materiality
2
and data availability. Scope 1 and
2 emissions sources not covered in this analysis
3
are not
considered applicable to the Group; the excluded upstream
Scope 3 categories
4
are also not expected to have a material
impact to emissions, and none of the downstream Scope 3
categories
5
are applicable to the Group except for Category 15
(investment emissions), which has been included within
this report.
Quantification and reporting methodology
Data collection and analysis for Total Operational Emissions has
followed the GHG Protocol Corporate Accounting and Reporting
Standard
6
. The World Resources Institute and the World
Business Council for Sustainable Development developed the
standard to promote standardised global carbon accounting
methodologies and, as such, the GHG Protocol Standard is one
of the recommended methodologies under SECR guidelines.
The UK Government’s 2024 emission factors
7
, generated by the
Department for Energy Security and Net Zero, have been used
to quantify all emissions, except for overseas electricity, which
has been quantified using electricity emission factors calculated
1. Unless otherwise specified, ‘Total Operational Emissions’ should be taken to mean: Scope 1, 2 and 3 emissions excluding Scope 3, Category 15 (investment
emissions) calculated using the location-based approach for electricity consumption.
2. A materiality threshold of 5% is used to determine whether an emissions source is required to be included as per SECR requirements.
3. Process emissions, and heat and steam consumption.
4. Category 1 material use and supply chain, Category 2 capital goods, and Category 4 upstream freight.
5. Category 8 upstream leased assets, Category 9 downstream transportation and distribution, Category 10 processing of sold products, Category 11 use of sold
products, Category 12 end-of-life treatment of sold products, Category 13 downstream leased assets, Category 14 franchises.
6. http://www.ghgprotocol.org/
7. All UK-related emissions factors have been selected from the emissions conversion factors published annually by UK Government: https://www.gov.uk/
government/publications/greenhouse-gas-reporting-conversion-factors-2024
Mandatory GHG reporting and
SECR requirements
156 Ashmore Annual Report and Accounts 2025
by the European Investment Bank, the European Environment
Agency, or as reported directly by the relevant national
government.
Data inputs in relation to Total Operational Emissions have been
reviewed and processed by Carbon Responsible Limited. In
addition, Ashmore uses the Partnership for Carbon Accounting
Financials framework and TCFD recommendations to guide its
approach to disclosing Scope 3, Category 15 (investment
emissions) and has calculated these emissions using MSCI data
available for securities held in client portfolios, together with
issuer data available for selected investments held in funds in
the alternatives theme.
Consumption and operational emissions
The Group reported Total Operational Emissions of 1,452 tCO
2
e
across the 11 offices. Scope 3 operational emissions accounted
for 87% of Total Operational Emissions, Scope 2 accounted for
11% and Scope 1 accounted for 2%.
Total Operational Emissions were generated from various
sources across the three scopes. As a proportion of Total
Operational Emissions, the largest emissions source was
business travel (excluding third-party vehicle use and hotel stays)
at 1,168 tCO
2
e, or 80% of Total Operational Emissions, followed
by electricity (154 tCO
2
e, 11% of Total Operational Emissions),
fuel and electricity well-to-tank (39 tCO
2
e, 3% of Total
Operational Emissions), stationary fuel (32 tCO
2
e, 2% of Total
Operational Emissions), hotels (24 tCO
2
e, 2% of Total
Operational Emissions), and electricity transmission and
distribution (14 tCO
2
e, 1% of Total Operational Emissions).
Allother emissions sources contributed less than 1% of Total
Operational Emissions.
UK emissions as a proportion of Total Operational Emissions
were 45%.
Financed GHG emissions
As at 30 June 2025, Ashmore’s total Scope 3, Category 15
(investment emissions) were 3.9m tCO
2
e across the equities,
corporate debt and alternatives themes. These themes
represent 37% of Group AuM with data available for 84% of the
assets in these themes. The financed emissions increased YoY
(FY2024: 2.2m tCO
2
e) due to an increase in the data available
(FY2024: 66%).
The Group expects its financed emissions disclosures to evolve
in line with developments in regulation, data availability and
quality, industry guidance and stakeholder views.
Energy efficiency measures and mitigating the impact of
operational GHG emissions
The Group continues to promote energy efficiency and the
avoidance of waste throughout its operations.
The Group seeks to mitigate its operational GHG emissions via
The Ashmore Foundation (see Sustainability section on page 46).
It uses a carbon price methodology to establish a donation
amount and then The Ashmore Foundation identifies project(s)
to target the required offsets in the emerging countries in which
the Group invests and operates. The activities relating to the
FY2025 operational GHG emissions will be reported in the
Group’s 2026 Annual Report.
Consumption of operational GHG emitting sources
Scope emissions by source FY2025 FY2024 YoY % change
Scope 1
Natural gas (kWh) 172,346 208,165 -17%
Mobile fuels (kWh) – 20,044 –
Refrigerants (kg) 1 43 -97%
Scope 2
Electricity (kWh) 503,026 535,801 -6%
Scope 3
Air travel (passenger km) 5,859,923 5,491,504 +7%
Hotel stay (room nights) 1,166 2,446 -52%
Third-party vehicles (kWh) 21,762 24,731 -12%
Water (m
3
) 2,888 2,888 –
Waste (kg) 43,410 46,081 -6%
Operational GHG emissions by scope (tCO
2
e)
Scope FY2025 FY2024
Change in
tCO
2
e
% of total
change
1 33 71 -38 -54%
2 (location-based) 154 205 -51 -25%
3 (operational) 1,265 1,282 -17 -1%
Operational total
(location-based) 1,452 1,558 -106 -7%
YoY change in emissions (UK and global)
UK/non-UK FY2025 FY2024
Change in
tCO
2
e
% of total
change
Operational UK 654 691 -37 -5%
Operational global
(non-UK) 798 867 -69 -8%
Operational total 1,452 1,558 -106 -7%
Explanation of YoY operational emissions variance
Overall, Total Operational Emissions decreased by 7%, or 106
tCO
2
e, which was mainly due to a 25% decrease in electricity
consumption emissions. The decrease in electricity emissions
was due to a combination of lower electricity consumption and a
reduction in the location-based grid emission factors (tCO
2
e/kWh).
Operational emissions intensity metrics
Ashmore has calculated an intensity metric based on the
Group’s Total Operational Emissions and FTE employees.
Intensity metrics are a useful way to assess changes in
emissions and allow for peer comparisons.
The table below shows the operational emissions per FTE for
FY2024 and FY2025. The intensity metric is provided both for
Scopes 1, 2 and 3 Total Operational Emissions and for Scope 1
and 2 Total Operational Emissions only. While providing an
intensity metric based on all the reported emissions is a
requirement for SECR, the intensity metric regarding Scope 1
and 2 emissions is provided to facilitate comparison with other
companies in the same sector, who may disclose only Scope 1
and 2 emissions.
Intensity metrics
FY2025 FY2024
Operational Scope 1 and 2 tCO
2
e/FTE 0.7 0.9
Scope 1,2 and 3 tCO
2
e/FTE 5.3 5.3
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 157
Ashmore Group plc
Registered in England and Wales.
Company No. 3675683
Registered office
61 Aldwych
London WC2B 4AE
Tel: +44 (0) 20 3077 6000
Fax: +44 (0) 20 3077 6001
Principal UK trading subsidiary
Ashmore Investment Management Limited
Registered in England and Wales, Company No. 3344281.
Business address and registered office as above.
Further information on Ashmore can be found
on the Company’s website: www.ashmoregroup.com.
Financial calendar
First quarter AuM statement 14 October 2025
Annual General Meeting 6 November 2025
Ex-dividend date 6 November 2025
Record date 7 November 2025
Final dividend payment date 8 December 2025
Second quarter AuM statement January 2026
Announcement of unaudited interim
results for the six months ended
31December 2025
February 2026
Interim dividend payment date March 2026
Third quarter AuM statement April 2026
Fourth quarter AuM statement July 2026
Announcement of results for the year
ended 30 June 2026
September 2026
Registrar
Equiniti Registrars
Aspect House
Spencer Road
West Sussex
BN99 6DA
UK shareholder helpline: +44 (0) 371 384 2812. Lines are open
8.30am to 5.30pm, Monday to Friday. If calling from overseas,
please ensure the country code is used.
Further information about the Registrar is available on its
website www.shareview.co.uk.
Up-to-date information about current holdings on the register
isalso available at www.shareview.co.uk.
Shareholders will need their reference number (account number)
and postcode to view information on their own holding.
Share price information
Share price information can be found at
www.ashmoregroup.com or through your broker.
Share dealing
Shares may be sold through a stockbroker or share dealing
service. There are a variety of services available. The Registrar
offers an internet-based share dealing service known as
Shareview Dealing.
You can log on at www.shareview.co.uk/dealing to access this
service, or contact the helpline on +44 (0) 345 603 7037 to deal
bytelephone.
You may also use the Shareview service to access and manage
your share investments and view balance movements, indicative
share prices, information on recent dividends, portfolio
valuations and general information for shareholders.
Shareholders must register at www.shareview.co.uk,
enteringthe shareholder reference on the share certificate
andother personal details.
Having selected a personal PIN, shareholders will be issued with
a user ID bytheRegistrar.
Electronic copies of the 2025 Annual Report and
Accounts and other publications
Copies of the 2025 Annual Report and Accounts, the Notice
ofAnnual General Meeting, other corporate publications, press
releases and announcements are available on the Company’s
website at www.ashmoregroup.com.
Information for shareholders
158 Ashmore Annual Report and Accounts 2025
Ashmore Group plc
Registered in England and Wales.
Company No. 3675683
Registered office
61 Aldwych
London WC2B 4AE
Tel: +44 (0) 20 3077 6000
Fax: +44 (0) 20 3077 6001
Principal UK trading subsidiary
Ashmore Investment Management Limited
Registered in England and Wales, Company No. 3344281.
Business address and registered office as above.
Further information on Ashmore can be found
on the Company’s website: www.ashmoregroup.com.
Financial calendar
First quarter AuM statement 14 October 2025
Annual General Meeting 6 November 2025
Ex-dividend date 6 November 2025
Record date 7 November 2025
Final dividend payment date 8 December 2025
Second quarter AuM statement January 2026
Announcement of unaudited interim
results for the six months ended
31December 2025
February 2026
Interim dividend payment date March 2026
Third quarter AuM statement April 2026
Fourth quarter AuM statement July 2026
Announcement of results for the year
ended 30 June 2026
September 2026
Registrar
Equiniti Registrars
Aspect House
Spencer Road
West Sussex
BN99 6DA
UK shareholder helpline: +44 (0) 371 384 2812. Lines are open
8.30am to 5.30pm, Monday to Friday. If calling from overseas,
please ensure the country code is used.
Further information about the Registrar is available on its
website www.shareview.co.uk.
Up-to-date information about current holdings on the register
isalso available at www.shareview.co.uk.
Shareholders will need their reference number (account number)
and postcode to view information on their own holding.
Share price information
Share price information can be found at
www.ashmoregroup.com or through your broker.
Share dealing
Shares may be sold through a stockbroker or share dealing
service. There are a variety of services available. The Registrar
offers an internet-based share dealing service known as
Shareview Dealing.
You can log on at www.shareview.co.uk/dealing to access this
service, or contact the helpline on +44 (0) 345 603 7037 to deal
bytelephone.
You may also use the Shareview service to access and manage
your share investments and view balance movements, indicative
share prices, information on recent dividends, portfolio
valuations and general information for shareholders.
Shareholders must register at www.shareview.co.uk,
enteringthe shareholder reference on the share certificate
andother personal details.
Having selected a personal PIN, shareholders will be issued with
a user ID bytheRegistrar.
Electronic copies of the 2025 Annual Report and
Accounts and other publications
Copies of the 2025 Annual Report and Accounts, the Notice
ofAnnual General Meeting, other corporate publications, press
releases and announcements are available on the Company’s
website at www.ashmoregroup.com.
Information for shareholders
158 Ashmore Annual Report and Accounts 2025
Sharegift
Shareholders with only a small number of shares whose value
makes them uneconomic to sell may wish to consider donating
to charity through Sharegift, an independent charity share
donationscheme.
For further information, please contact either the Registrar or
seethe Sharegift website at www.sharegift.org.
Frequent shareholder enquiries
Enquiries and notifications concerning dividends, share
certificates or transfers, and address changes should be sent
to the Registrar; the Company’s governance reports, corporate
governance guidelines and the terms of reference of the
Board committees can be found on the Company’s website at
www.ashmoregroup.com.
Notifying the Company of a change of address
You should notify Equiniti Registrars in writing.
If you hold shares in joint names, the notification to change
address must be signed by the first-named shareholder.
You may choose to do this online, by logging on to
www.shareview.co.uk. You will need your shareholder
reference number to access this service – this can be found
on your share certificate or from a dividend counterfoil.
You will be asked to select your own PIN and a user ID will be
posted to you.
Notifying the Company of a change of name
You should notify Equiniti Registrars in writing of your new name
and previous name. You should attach a copy of your marriage
certificate or your change of name deed, together with your
share certificates and any un-cashed dividend cheques in your
old name, so that Equiniti Registrars can reissue them.
Dividend payments directly into bank or building
societyaccounts
We recommend that all dividend payments are made directly
into a bank or building society account. Dividends are paid via
BACS, providing tighter security and access to funds more
quickly. Toapply for a dividend mandate form, contact
Equiniti Registrars, oryou can find one by logging on to
www.shareview.co.uk (under Frequently Asked Questions) or
by calling the helpline on +44 (0) 371 384 2812 (lines are open
8.30am to 5.30pm, Monday to Friday). If calling from overseas,
please ensure the country code is used.
Transferring Ashmore Group plc shares
Transferring some or all of your shares to someone else (for
example your partner or a member of your family) requires
completion of a share transfer form, which is available from
Equiniti Registrars. The form should be fully completed and
returned with your share certificate representing at least the
number of shares being transferred. Equiniti Registrars will then
process the transfer and issue abalance share certificate to
you if applicable. Equiniti Registrars will beable to help you with
any questions you may have.
Lost share certificate(s)
Shareholders who lose their share certificate(s) or have their
certificate(s) stolen should inform Equiniti Registrars immediately
by calling the shareholder helpline on +44 (0) 371 384 2812
(linesare open 8.30am to 5.30pm, Monday to Friday). If calling
from overseas, please ensure the country code is used.
Disability helpline
For deaf and speech-impaired customers, Equiniti Registrars
welcomes calls via Relay UK. Please see www.relayuk.bt.com
for more information.
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 159
AGM Annual General Meeting
AIFMD Alternative Investment Fund Managers Directive
AIP Ashmore Incentive Plan 2025
Annual Report Annual Report and Accounts
ANZ The Australia and New Zealand Banking Group Limited
APM Non-GAAP financial alternative performance measures
Articles Articles of Association
Ashmore Ashmore Group plc
AuM Assets under management
bps basis points
CASS Client Assets Sourcebook
CEMBI BD J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Core Index
CEO Chief Executive Officer
CO
2
e Carbon dioxide equivalent
2018 Code 2018 UK Corporate Governance Code
2024 Code 2024 UK Corporate Governance Code
Code The 2018 Code and/or the 2024 Code as applicable
Companies Act UK Companies Act 2006
Company Ashmore Group plc
CPI Consumer Price Index
CSCI Consolidated statement of comprehensive income
DTR FCA’s Disclosure Guidance and Transparency Rules
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
EBT Ashmore Group plc 2024 Employee Benefit Trust
EBVCT Earnings before variable compensation and tax
EM Emerging markets
EMBI GD J.P. Morgan Emerging Market Bond Index Global Diversified
EPS Earnings per share
ESG Environmental, social and governance
ESGC ESG Committee
EU European Union
EY Ernst & Young LLP
FCA Financial Conduct Authority of the United Kingdom
Fed Federal Reserve of the United States of America
FRC Financial Reporting Council
FTE Full-time equivalent
FX Foreign exchange
GAAP Generally Accepted Accounting Principles
GBI-EM GD J.P. Morgan Government Bond Index – Emerging Markets Global Diversified
GBP British pound sterling, the official currency of the United Kingdom and its territories
GFD Group Finance Director
GHG Greenhouse gas
GIPS Global Investment Performance Standards
Group Ashmore Group plc and its subsidiaries
Guidance FRC’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting
HY High-yield
IASB International Accounting Standards Board
IC Investment Committee
ICARA Internal Capital Adequacy and Risk Assessment
IFPR Investment Firms Prudential Regime
IFRS International Financial Reporting Standards
Glossary
160 Ashmore Annual Report and Accounts 2025
AGM Annual General Meeting
AIFMD Alternative Investment Fund Managers Directive
AIP Ashmore Incentive Plan 2025
Annual Report Annual Report and Accounts
ANZ The Australia and New Zealand Banking Group Limited
APM Non-GAAP financial alternative performance measures
Articles Articles of Association
Ashmore Ashmore Group plc
AuM Assets under management
bps basis points
CASS Client Assets Sourcebook
CEMBI BD J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Core Index
CEO Chief Executive Officer
CO
2
e Carbon dioxide equivalent
2018 Code 2018 UK Corporate Governance Code
2024 Code 2024 UK Corporate Governance Code
Code The 2018 Code and/or the 2024 Code as applicable
Companies Act UK Companies Act 2006
Company Ashmore Group plc
CPI Consumer Price Index
CSCI Consolidated statement of comprehensive income
DTR FCA’s Disclosure Guidance and Transparency Rules
EBIT Earnings before interest and tax
EBITDA Earnings before interest, tax, depreciation and amortisation
EBT Ashmore Group plc 2024 Employee Benefit Trust
EBVCT Earnings before variable compensation and tax
EM Emerging markets
EMBI GD J.P. Morgan Emerging Market Bond Index Global Diversified
EPS Earnings per share
ESG Environmental, social and governance
ESGC ESG Committee
EU European Union
EY Ernst & Young LLP
FCA Financial Conduct Authority of the United Kingdom
Fed Federal Reserve of the United States of America
FRC Financial Reporting Council
FTE Full-time equivalent
FX Foreign exchange
GAAP Generally Accepted Accounting Principles
GBI-EM GD J.P. Morgan Government Bond Index – Emerging Markets Global Diversified
GBP British pound sterling, the official currency of the United Kingdom and its territories
GFD Group Finance Director
GHG Greenhouse gas
GIPS Global Investment Performance Standards
Group Ashmore Group plc and its subsidiaries
Guidance FRC’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting
HY High-yield
IASB International Accounting Standards Board
IC Investment Committee
ICARA Internal Capital Adequacy and Risk Assessment
IFPR Investment Firms Prudential Regime
IFRS International Financial Reporting Standards
Glossary
160 Ashmore Annual Report and Accounts 2025
IG Investment grade
ISAE 3402 International Standards on Assurance Engagements 3402
IT Information technology
KPI Key performance indicators
KRI Key risk indicator
Listing Rules FCA’s Listing Rules
LTIP Long-term incentive plan
NDC Nationally Determined Contributions
NGOs Non-governmental organisations
NZAMI Net Zero Asset Managers Initiative
Omnibus Plan Ashmore Group plc Executive Omnibus Incentive Plan 2015
PBT Profit before tax
PMVC Pricing Methodology and Valuation Committee
PRA Prudential Regulation Authority
PYF Plant Your Future
RAS Risk Appetite Statement
RCC The Group’s Risk and Compliance Committee
Scope 1 Direct emissions from owned or controlled sources, including fuel consumption, fugitive emissions and
vehicle usage
Scope 2 Indirect GHG emissions from the generation of purchased electricity
Scope 3 Indirect GHG emissions including air travel, hotels, water and waste
SECR Streamlined Energy and Carbon Reporting
SICAV Société d’Investissement à Capital Variable
SSAE 18 Statement on Standards for Attestation Engagements no. 18
TCFD Task Force on Climate-related Financial Disclosures
TSR Total shareholder return
UN PRI United Nations Principles for Responsible Investment
US$ US dollar, the official currency of the United States of America
VC Variable compensation
WACI Weighted Average Carbon Intensity
YoY Year-on-year
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 161
Notes
162 Ashmore Annual Report and Accounts 2025
Notes
162 Ashmore Annual Report and Accounts 2025
Strategic report
Governance Financial statements
Ashmore Annual Report and Accounts 2025 163
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Ashmore Group plc Annual Report and Accounts 2025
Ashmore Group plc
61 Aldwych
London WC2B 4AE
United Kingdom
www.ashmoregroup.com