Funds under Management Update

RNS Number : 2671R
City of London Investment Group PLC
15 November 2012
 



15th November 2012

 

 

 

CITY OF LONDON INVESTMENT GROUP PLC

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

 

FUNDS UNDER MANAGEMENT

Update

 

As a result of both falls in Emerging Markets, and client redemptions, City of London (LSE: CLIG), a leading emerging markets asset management group, announces that funds under management as of 14th November 2012 are estimated at US$3.8bn (£2.4bn).  This compares with US$4.5bn (£2.8bn) on 30th September 2012.  During this period the MSCI Emerging Market Index (which we use as a proxy index) has fallen from 1002 to 980.  The most significant redemption was due to a decision to internalise the client's emerging markets investment management function.

 

As shareholders know, we strive to maintain a conservative balance sheet with significant reserves, precisely to be able to navigate difficult periods.   Our team remains highly focused on performance for our clients.  As a result of careful planning and ongoing cost control, it is the Board's present intention to maintain the Interim dividend.

 

Half year results for the six months to 30th November 2012 will be announced on 23rd January 2013.

 

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

 

Doug Allison (Finance Director)

Simon Hudson / Kelsey Traynor

City of London Investment Group Plc

Tavistock Communications

Tel: +44 (0)20 7860 8347

Tel: +44 (0)20 7920 3150



Martin Green


Canaccord Genuity Limited


Broker


Tel: +44 (0)20 7523 8000


 

-ends-

 


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