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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

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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

AIM:CLIG
Market: AIM
Market Cap: £115.67 m
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