Source: Sharecast
The FTSE 250 firm, a specialist in emerging markets, said AUM fell by $2.4bn in fourth quarter to 30 June, to $49.5bn.
Within that, the negative investment performance was $0.4bn while net outflows were $2bn, unchanged on the previous quarter.
Ashmore attributed the level of net outflows to institutional decisions to reduce exposure to emerging markets, with investor risk appetite remaining "subdued".
Mark Coombs, chief executive, said: "Emerging markets have demonstrated resilience over the past few years, with effective monetary and fiscal policies underpinning superior GDP growth; further growth is supported by structural economic reforms in many emerging countries.
"In contrast, the developed world faces numerous headwinds following a period of pro-cyclical fiscal expansion and a sharp increase in the cost of government debt.
"As the trajectories of emerging and developed countries continue to diverge, investor appetite for emerging markets exposure will improve and capital flows will follow."
Ashmore is due to announce results for the year to 30 June on 5 September.