Trading Update

RNS Number : 0986C
City of London Investment Group PLC
11 April 2017
 

City of London Investment Group PLC

11 April 2017

 

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Group" or "the Company")

 

INTERIM MANAGEMENT STATEMENT

QUARTERLY FUNDS UNDER MANAGEMENT ("FUM") UPDATE

 

City of London (LSE: CLIG), a leading emerging markets asset management group, provides a third quarter trading update for the period 1 January 2017 to 31 March 2017.

 

Funds under Management

 

As at 31 March 2017 FuM were US$4.4 billion (£3.5 billion), up approximately 8% from US$4.1 billion (£3.3 billion) at 31 December 2016. The MSCI Emerging Markets TR Index (NDUEEGF) in USD terms rose c11% over the same period.

 

Investment Performance

 

Investment Performance improved significantly during the quarter with over 90% of CLIM exposure outperforming relevant benchmarks YTD. The recent narrowing of our Size Weighted Average Discount has aided recent performance.

 

Business Development

 

With regards to business development, although the Group has seen net redemptions of cUS$140 million during the quarter, it continues to maintain an active pipeline across all of its major CEF offerings, in particular the diversification CEF strategies.  The active pipeline is in excess of US$350 million.  

 

Operations

 

The Group's income accrues at a weighted average rate of approximately 84 basis points, net of commissions and custody charges. "Fixed" costs are c£1.0 million per month, and accordingly the current run-rate for operating profit, before profit-share at 30%, is approximately £1.5 million per month based upon current FuM and a US$/£ exchange rate of US$1.25 to £1.

 

Dividends

 

The interim dividend of 8 pence per share was paid on 17 March 2017. The Board will announce the final dividend on Monday 17 July 2017 in its pre-close trading update.

 

-ends-

 

For further information, please visit www.citlon.co.uk or contact:

 

Barry Olliff (CEO)            

City of London Investment Group PLC   

Tel: 001 215 313 3774     

               

 

Martin Green    

Zeus Capital Limited     

Financial Adviser & Broker         

Tel: +44 (0)20 3829 5000               


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTSFIFDSFWSEIL
UK 100

Latest directors dealings