Emerging markets-focused fund manager Ashmore Group said investors pulled $6.2 billion from its funds in Q1.
A full $4 billion of the outflow was from funds providing currency hedging for investment portfolio, while funds focused on local currency, blended debt and multi-strategy funds saw smaller outflows.
It wasn't all bad news for Ashmore in the first quarter: it recorded a positive investment performance of $1 billion in the quarter.
Ashmore head Mark Coombs told Reuters he was "comparatively more positive about outlook for investment returns than at this time last year.”
Ashmore had assets under management of $70.1 billion as of end-March.