July 17 (Bloomberg) -- Ashmore Group Plc, an emerging markets money manager, jumped the most since its initial public offering after saying assets under management increased, buoying earnings.

The company rose 14 percent in London trading, the biggest increase since its IPO in October 2006, after it said in a statement that assets rose 19 percent to $37.5 billion at the end of June from a year earlier. Full-year earnings will be ``in line'' with management's expectations.

``Ashmore's full year trading update was reassuring,'' Jason Streets, an analyst at Evolution Securities Ltd. said in a note to clients. The update should prompt a ``decent rally'' in the stock, he said.

Ashmore focuses on emerging markets and various so-called investment themes, including local currency, distressed debt, and private equity. It has attracted outside investors including the British venture capitalist Jon Moulton, founder of Alchemy Partners LLP, who has a 4.3 percent stake.

The company also said it expects to book performance fees of 12.8 million pounds ($25.6 million) in the six months to June 30.

Ashmore rose to 232.5 pence in London trading, giving the company a market value of 1.6 billion pounds.

Chief Executive Officer Mark Coombs and a team of former ANZ Investment Bank managers started Ashmore in 1999, buying ANZ's stake in a fund that then had assets of $500 million.

Yesterday, BlueBay Asset Management Plc jumped the most in 10 months after the manager of fixed-income funds said assets under management climbed 12 percent to $21 billion at the end of June from $18.7 billion at March 31.

In the three months to June 30, assets under management rose 3 percent and investment performance was ``neutral,'' Ashmore said.

To contact the reporters for this story: Joyce Moullakis in London at jmoullakis@bloomberg.net; Nandini Sukumar in London at nsukumar@bloomberg.net

Last Updated: July 17, 2008 11:57 EDT