According to his LinkedIn profile, Johan Hattingh is now based in Saudi Arabia. He was formerly CEO and chief investment officer of Ashmore Investment Management, Turkey.
The emerging markets specialist asset manager confirmed in its full year results, published today, that it was granted a licence to establish a local investment platform in Saudi Arabia in April 2014.
Explaining its rationale for entering the country, Ashmore said Saudi Arabia’s real GDP growth is expected to average approximately 5% over the medium term, “supporting GDP per capita convergence from a level that is only half that of the US today”.
It added: “The country has favourable demographics and a high domestic savings rate relative to neighbouring countries, yet its asset management industry is fragmented and under-penetrated, reflecting the dominance of small family offices.
“This backdrop provides the potential for Ashmore to build and grow a meaningful independent asset management business over time, to add to its existing network of Emerging Markets-domiciled platforms.”
Earlier this year, Ashmore became the first foreign asset manager to be granted a licence by the Chinese authorities to invest in China’s domestic securities market.
The company described its results as “resilient” today, given the backdrop of market volatility and the relative strength of sterling. It’s assets under management fell slightly, dipping by 3% to $75bn (£46.4bn), from $77.4bn last year.
Meanwhile pre-tax profit dropped 34% to £170m in the year to June 30 2014. This was largely caused by the impact of sterling’s strength on its results, the group said.
Net revenue for the year stood at £263m, which is 26% lower than in the prior year. The group again attributed this to the effect of the sterling’s strength against the US dollar, as well as its impact on the translation of US dollar-denominated revenues and non-Sterling assets and liabilities.
Earnings before interest, tax, depreciation and amortisation was £174m. This is down 31% from £252.2m last year.
