Ashmore Investment Management, a specialist emerging-markets fund manager, lost more than a fifth of the money it runs in the fourth quarter, as the markets it invests in fell and clients withdrew their assets. Some analysts have predicted worse to come.

Ashmore's assets under management fell 23%, from $31.9bn (€24.1bn) to $24.6bn, as of December 31. Slightly less than half the fall was thanks to clients pulling $3.1bn from the company's funds. Most of the company's business is in emerging-market debt, with only about $100m in public equities.