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Trading statements

City of London FUM up

12 April 2016 07:34

City of London Investment Group's funds under management rose to $3.9bn at the end of March - up around 3% from $3.8bn at the end of December.

The MSCI Emerging Markets TR Index (NDUEEGF) rose c6% over the same period. Over the past three months inflows have marginally exceeded outflows. As referenced in the recent Interim Statement, the Group maintains a robust pipeline of potential business. This pipeline includes all three business lines. Investment Performance for the quarter has been disappointing with approximate underperformance of 3%. This has been due to discount widening and also greater exposure to small cap via the Closed End Funds in which the Group invests.

Investment performance remains in the 1st or 2nd quartile for all annualised periods.

The group also announced that Rian Dartnell will be resigning from the board from 1 July in order to focus on his recent appointment as chief executive of SHL Capital. The board thanked him for his contribution over the last five years and said his experience and advice will be greatly missed. Dartnell said: "It has been an honour and a pleasure to serve with such an able Board, overseeing an exceptional team and process at City of London. I will miss my time with my colleagues. I am confident the firm remains in strong hands and anticipate continued success at City of London."

And the group also announced the appointment of Zeus Capital as sole broker and financial adviser with immediate effect.

Story provided by StockMarketWire.com

Related Company: CLIG

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