Small blessings

Success is a fickle jade, particularly for specialist asset managers reliant on a limited product suite and outsize performance to compete in today's challenging market environment. Cold comfort, perhaps, for emerging markets supremo Ashmore Group, which plummeted down the master group rankings in August with outflows of €1bn, after spending a good part of the year at the top end of the leaderboard. At least Ashmore was in good company, as several other high-flying boutiques, including Wellington and Baillie Gifford, also lost momentum, although redemptions were modest in comparison.

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