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City of London Investment Group sees funds under management dip

Investment management performance was slightly behind benchmark over the quarter, CLIG said

Dollar bills
The emerging markets funds saw FUM fall to £4,016mln from £4,207mln, with net outflows of US$95mln

Asset management group City of London Investment Group PLC (LON:CLIG) saw its funds under management (FUM) ebb a little in the third quarter.

The group, which offers a range of institutional products investing in closed-end funds, said FUM at the end of September stood at US$5.0 billion (£3.8 billion), compared with US$5.1 billion (£3.9 billion) at the end of June.

Net inflows totalled US$8mln.

The Emerging Market and Frontier strategies lost value – down 5% and 12% respectively – and underperformed their relevant benchmark indices.

In the Developed strategy, relative returns were affected by widening discounts but the funds still saw a 20% increase in value, compared to a 4% increase in the benchmark index over the same period.

The Opportunistic Value funds increased by 15% versus a 2% gain on the corresponding benchmark index.

The group estimates that the post-tax profit for the first three months of the fiscal year will be roughly £2.2mln, down from £2.5mln in the corresponding period of last year.  

Quick facts: City of London Investment Group

Price: 435.5 GBX

Market: AIM
Market Cap: £115.67 m

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