Emerging markets investor Ashmore sees a drop of $14.3 billion in assets under management (AUM) each quarter.

London (Reuters) – Assets managed by the Ashmore Group, a company that invests in emerging markets, dropped by $14.3 billion during the quarter ending June 30. This was because key global markets were hurt by rising geopolitical tensions and inflation scared investors.

Ashmore said that the fall was caused by net withdrawals of $6.6 billion and a loss of $7.7 billion from investments.

“Asset values fell and investors lowered the risk in their portfolios during the quarter, which led to a drop in Ashmore’s AUM,” said Chief Executive Mark Coombs.