Asset managers LionTrust and Ashmore two big losers in the FTSE 250 as economic uncertainty deters investors from riskier assets
Asset and investment managers LionTrust and Ashmore were the two biggest losers in the FTSE 250 as economic uncertainty deters investors from riskier assets.
Shares in LionTrust fell 9.7 percent, or 69 pence, to 640 pence after its trading update reported a 6 percent drop in assets under management and outflows of £1.6bn in the latest quarter.
Ashmore slumped 8.3 per cent, or 18 pence, to 198.8 pence, as it said there had been a 3 per cent drop in its assets under management and net outflows of £2.6bn over the three months. prior to June.
Recession: Economic uncertainty is deterring investors from riskier assets
The Lion Trust, which focuses primarily on UK equities, blamed its results on the underperformance of the UK equity market.
Mark Coombs, chief executive of emerging markets specialist Ashmore, commented: “There remains some global macro uncertainty and therefore some investors have reduced risk during the quarter.”