Emerging Markets Volatility Risk: Ashmore's specialization in emerging markets exposes it to higher volatility, political instability, and economic uncertainty, which can lead to significant fluctuations in asset values and investor sentiment.

Net Outflows and AuM Decline Risk: Persistent client redemptions and a failure to attract new capital can lead to a decrease in assets under management (AuM), directly impacting management fees and the company's profitability.

Investment Performance Risk: Underperformance of Ashmore's investment funds relative to benchmarks or competitors could result in client dissatisfaction, redemptions, and difficulty in attracting new clients and capital.