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City of Lon Inv Grp (CLIG)

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Wednesday 08 April, 2015

City of Lon Inv Grp

Interim Management Statement

RNS Number : 5417J
City of London Investment Group PLC
08 April 2015
 

City of London Investment Group PLC

08 April 2015

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 an Interim Management Statement for the period 1 January 2015 to 31 March 2015.

Funds under Management

As at 31 March 2015 FuM were US$4.2 billion (£2.8 billion). This compares with US$4.0 billion (£2.6 billion) at 31 December 2014.

FuM rose 5% over the quarter, while the MSCI Emerging Markets TR Index (NDUEEGF) rose 2.2% over the same period.

Operations

 

The Group's income accrues at a weighted average rate of approximately 85 basis points, net of commissions and custody charges. "Fixed" costs are in line with budget at £0.8 million per month, and accordingly the current run-rate for operating profit, before profit-share at 30%, is approximately £1.2 million per month based upon current FuM and a US$/£ exchange rate of US$1.48 to £1.

 

Dividends

 

The interim dividend of 8 pence per share was paid on 6 March 2015, signalling the board's current intention to recommend a final dividend of not less than 16 pence, subject to no marked deterioration in our markets and our continuing current profitability.

 

 

-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


Canaccord Genuity Limited


Financial Adviser & Broker


Tel: +44 (0)20 7523 8000


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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