MEETING
THE CHALLENGE WITH CONTINUED FOCUS
Annual Report and Accounts 2020
Contents
2020 highlights
Strategic report
Strategy | 2 |
Business model | 4 |
Investment processes | 6 |
COVID-19 | 10 |
Culture | 12 |
Chief Executive's review | 14 |
KPIs | 18 |
Market review | 20 |
Investment themes | 24 |
Business review | 28 |
Risk management | 35 |
Engaging with Ashmore's stakeholders | 42 |
Sustainability | 46 |
Governance
Board of Directors | 61 |
Chairman's statement | 63 |
Corporate governance | 65 |
Audit and Risk Committee report | 70 |
Nominations Committee report | 74 |
Remuneration report | 75 |
Statement of Directors' responsibilities | 110 |
Directors' report | 111 |
Financial statements
Independent auditor's report | 116 |
Consolidated financial statements | 123 |
Company financial statements | 127 |
Notes to the financial statements | 130 |
Five-year summary | 171 |
Information for shareholders | 172 |
Assets under management (AuM)
US$83.6bn
2019: US$91.8bn -9% YoY
AuM outperforming benchmarks (3 years)
17%
2019: 97%
Net revenue
£330.5m
2019: £314.3m +5% YoY
Adjusted
EBITDA margin
68%
2019: 66%
Profit before tax
£221.5m
2019: £219.9m +1% YoY
Diluted EPS
25.7p
2019: 25.0p +3% YoY
Dividends per share
16.90p
2019: 16.65p +2% YoY
For the online version of the annual report, other announcements and details of upcoming events, please visit the Investor Relations section of the Ashmore Group plc website at www.ashmoregroup.com
More information
Non-GAAP alternative performance measures are defined on page 34.
Five-year comparatives for other alternative performance measures are included in the five-year summary on page 171.
MEETING
THE CHALLENGE WITH CONTINUED FOCUS
Ashmore's purpose, as a specialist Emerging Markets investment manager, is to deliver long-term investment performance for clients and generate value for shareholders through market cycles. In pursuing these objectives, Ashmore aims to ensure that its culture and working practices recognise its broader set of stakeholders.
How Ashmore's purpose aligns with and benefits its stakeholders
report Strategic
Governance
statements Financial
Focuses on | Creates value | Promotes a | Recognises the | Manages the complexity |
delivering long-term | for shareholders | team-based culture | impact the Group's | and requirements of |
performance | through market cycles, | with a clear 'tone | activities may have | multiple regulatory |
for clients | underpinned by a | from the top' and a | on broader society | jurisdictions across the |
strong alignment of | collaborative working | and takes this | Group's operations and | |
interests through | environment for the | responsibility seriously | investments in emerging | |
employee equity | Group's employees, | countries | ||
ownership | its most important asset |
Read on to learn about how Ashmore delivers value through market cycles
ENABLING | DESIGNED | A CONSISTENT | A TEAM-BASED | FOR ALL |
GROWTH: | TO DELIVER: | APPROACH: | CULTURE: | STAKEHOLDERS: |
Ashmore's strategy | Ashmore's business | Ashmore's investment | Performance | Section 172 |
model | processes | and reward | statement | |
PAGE 2 | PAGE 4 | PAGE 6 | PAGE 12 | PAGE 42 |
Ashmore Group plc | Annual Report and Accounts 2020 | 1 |
FOCUS ON THE OPPORTUNITY
A consistent strategy
Ashmore's strategy is aligned with the significant growth opportunity available across the broad range of Emerging Markets asset classes. The three distinct phases are focused on growing and diversifying Ashmore's business and creating value for clients and shareholders.
1
2
3
Establish Emerging Markets asset classes
Ashmore is recognised as an established specialist Emerging Markets manager, and is therefore well positioned to capture investors' rising allocations
Diversify investment themes and developed world capital sources
Ashmore is diversifying its revenue mix to provide greater revenue stability through the cycle. There is particular focus on growing intermediary retail, equity and alternatives AuM
Mobilise Emerging Markets capital
Ashmore's growth is enhanced through accessing rapidly growing pools of investable capital in Emerging Markets
2 | Ashmore Group plc | Annual Report and Accounts 2020 |
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Ashmore Group plc published this content on 16 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2020 17:19:07 UTC