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City of London FUM up

20 February 2017 07:52

City of London Investment Group's funds under management rose to $4.1bn (£3.3bn) in the six months to the end of December from $4.0bn (£3.0bn) at the beginning of its financial year on 1 July and US$3.8bn (£2.6bn) at the end of 2015.

Revenues representing the group's management charges on FuM were £15.4m (2015: £11.8m) and profit before tax rose to £5.8m (2015: £3.6m).

Chairman David Cardale said: "The six months to December 2016 have, arguably, been politically the most eventful period for decades.

"Waking to the consequences of Brexit and then absorbing and analysing the implications of the Trump victory have guaranteed employment for legions of political and economic commentators.

"These have been challenging times for fund managers focused on the emerging markets which in themselves have diverged on an almost unprecedented scale.

"If, for example, equivalent investments had been made on 1st January 2016 in both a Brazilian ETF and in China through a representative basket of A shares then by 31st December the Chinese investment would have been worth just half of the Brazilian investment!

"I fear not even our experienced fund managers at City of London were able to foresee such divergences.

"Nevertheless over the six month period we increased funds under management (FuM) from US$4.0bn (£3.0bn) at the June 2016 year end to US$4.1bn (£3.3bn) at 31st December 2016, a product of an increase in the level of emerging markets, offset by our recent underperformance and net client redemptions."

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