Funds under Management Update

RNS Number : 2671R

City of London Investment Group PLC

15 November 2012

 



15^th 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 14^th November 2012 are estimated at US$3.8bn (£2.4bn).  This compares with US$4.5bn (£2.8bn) on 30^th 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 30^th November 2012 will be announced on 23^rd 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: [phone]	Tel: [phone]
Martin Green
Canaccord Genuity Limited
Broker
Tel: [phone]

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