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Trading statements

City of London FUM falls

12 January 2016 08:21

City of London Investment Group's total funds under management at the half year end on 31 December stood at USD3.8 billion compared with USD4.2 billion at the company's year-end on 30 June.

The fall in FUM of 11% compares with a drop of 17% in the MSCI Emerging Markets TR Index (NDUEEGF). Despite the fall in the index, the group is pleased to report continued net inflows and outperformance over the period. With "wins" of just under USD200m expected to fund over the next 3-6 months, chief executive Barry Olliff states "we consider that we are in a good place within both our peer group and also from a client stability perspective. Therefore, we are increasing the net new money assumption for our EM CEF strategy to USD500m for the next financial year.

"In addition, recent mandates are spread across GTAA, Frontier also EM and three specialist China mandates. This level of asset allocation diversity is not something that we have experienced in the past."

At 8:21am: (LON:CLIG) City of London Investment Group PLC share price was 0p at 330p

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