Ashmore, the emerging markets specialist fund manager, grew assets by a third in the six months to December 31 to $26.8bn (€21bn), but its shares fell back as it warned it expected to make "substantially" less in performance fees for the year to next June.

Ashmore's stock dropped 1.2% to 247p as of 9:44 GMT this morning. Since Ashmore floated in October its shares have advanced 45% from the issue price.