The emerging market fund manager’s assets under management swelled US$6.8bn to 9% to US$83.6bn in the three months to June 30.
This represented US$2.2bn of net outflows but positive market movements and investment performance of US$9bn.
With markets staging a recovery from the levels seen in March, Ashmore said relative performance in the equities theme has been good over all time periods but the relative performance of all its fixed-income themes over one and three years remains below benchmarks.
Ashmore said its active investment processes strongly outperformed over the quarter and were recovering the mark-to-market underperformance generated by the sharp market declines in February and March, “as is normal for the Ashmore process”.
Despite the recent market rally, the FTSE 250 group feels valuations across fixed income and equity markets still offer substantial upside and opportunities for further outperformance.
Chief executive Mark Coombs added: “The global macroeconomic outlook remains uncertain, and the experience of individual countries will vary considerably, but it is increasingly apparent that the emerging markets in aggregate are less likely to suffer a recession as severe as that in the developed world.
“Current valuations are discounting a different scenario with emerging markets assets trading at significantly more attractive levels than the equivalent developed world bond and equity markets.”
Investors in Ashmore shares seemed less sure, with the stock falling more than 2% to 416.4p in early trading on Tuesday.