An increasingly strong US dollar was a boon to emerging markets specialist Ashmore Group, helping to lift revenues and profits at the firm despite a drop in assets under management.

Revenues for the six months to the end of December were up 22% year-on-year to £164 million, the firm said Tuesday, helped by an increase in performance fees as well as a stronger US dollar that more than offset a decline in management fees, which fell 11% to £133 million.