Ashmore, the emerging markets-focused asset manager, posted a 14% increase in profits in the final six months of last year following a sharp rise in performance fee revenues and assets under management.

According to a half year update from the FTSE 250 listed group, performance fees more than doubled to £7.7m during the six-month period, while its pre-tax profit rose to £150.6m at the end of December. The bulk of performance fees were generated by the asset manager's corporate debt and alternatives products.