UPDATE 1-Ashmore assets slump after emerging mkt sell-off

* Equities, multi-strategy, local currency products hardest hitLONDON, Oct 13 (Reuters) - Ashmore Group , the emerging markets-focused investment house, lost more than 10 percent of its assets in the quarter to end-September after the recent sharp sell-off in emerging markets hit its funds.Ashmore, which has the bulk of its assets in debt products, said assets droppped 10.5 percent to $58.9 billion in its first quarter, driven by $7.1 billion of negative performance in its range of funds, with the largest falls coming in local currency, multi-strategy and equities products.This weak performance was offset by $200 million of net inflows, principally into multi-strategy themes, during the quarter.The drop was slightly better than Numis analyst estimates, who had forecast assets would fall to $58.2 billion, citing weaker performance of Ashmore’s flagship funds – several of which underperformed their benchmarks in September – and the resulting outflows this implied.Shares in Ashmore have fallen close to 15 percent since its admission to Britain’s FTSE 100 blue chip index in mid-September, and closed at 331.4 pence on Wednesday, valuing the company at 2.27 billion pounds.