Ashmore, an emerging markets asset manager, was hit hard by redemptions in the three months to September 30, particularly from investors moving out of dollar-denominated debt.

The groupâ??s funds under management fell 15 per cent during the quarter to $32bn as investors withdrew $2.6bn and falling markets shaved off a further $2.9bn in its first quarter.

The statement suggested things had got even worse since the quarter closed, saying conditions had been "extremely challenging, particularly in September and early October, which has clearly impacted the groupâ??s assets under management".

Ashmore, which has a market capitalisation of £1.1bn, did not release fee or pre-tax profit information but asserted that it was keeping its margins intact.