Patient institutional investors contributed to strong net inflows for emerging market specialist Ashmore in the three months to the end of June in a tumultuous period for developing markets that weighed on performance.

Negative investment performance offset those robust inflows and, as a result, the fund manager's assets were relatively stable at the end of June, Ashmore said in a fourth quarter statement today. The firm attracted $4.5bn in net inflows during the period, but reported negative investment performance of $4.8bn.