Ashmore, a fund management business that specialises in investing in emerging markets, continued to lose money to client redemptions during the first quarter in a sign that investors are not yet willing to recommit their funds to the developing world, despite an equities rally.

Ashmore's funds under management fell back 4% during the three months to March 31, to $23.5bn (€17.8bn). Most of the withdrawals came from the company's local-currency debt funds, which buy debt assets, such as corporate bonds, which are denominated in the currency of the country from which they come.