Funds under Management, Trading Update

RNS Number : 5117S

City of London Investment Group PLC

03 December 2012

 



3 December 2012

 

CITY OF LONDON INVESTMENT GROUP PLC

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

 

FUNDS UNDER MANAGEMENT AS AT 30 NOVEMBER 2012, TRADING UPDATE

City of London (LSE: CLIG) announces that total funds under management (FuM) at the Group's half year end on 30 November 2012 were US$3.9 billion (£2.4 billion).  This compares with US$4.8 billion (£3.0 billion) at 30 November 2011 and US$4.5 billion (£2.9 billion) at 31 May 2012.  As previously announced, FuM on 30 September 2012 were US$4.5 billion (£2.8 billion).

The decrease of US$0.6 billion (13%) over the period includes a single client redemption of $0.5 billion.  As announced on 15 November, this redemption was due to a decision to internalise the client's emerging markets investment management function.  The MSCI Emerging Markets Index (MXEF) was unchanged over the same period.

Unaudited profit before taxation for the six months ended 30 November 2012 is expected to be approximately £4.6 million, which compares to £5.7 million for the equivalent period to 30 November 2011 (excluding a gain in that prior period of £0.4 million on the sale of an investment in options on unquoted equity).  The monthly "run-rate" of unaudited pre-tax profit (profit after deduction of profit share) at the current level of FuM is approximately £0.7 million per month.

A close period for the Company began on 1 December 2012 and will end with the publication of results for the six months ended 30 November 2012 on 21 January 2013.

 

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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
Financial Adviser & Broker
Tel: [phone]

 

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