Business
AGM Statement
AGM Statement.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n City of London Investment Group PLC\n30 October 2006\n\n\n\n\n\nFor release at 11:30h, 30 October 2006\n\n\n\n CITY OF LONDON INVESTMENT GROUP PLC\n\n ('City of London', 'the Company')\n\n\n AGM STATEMENT\n\n\n Current Trading Update\n\n\n\nAt the Company's Annual General Meeting held today at 11.30 am., Chairman of\nCity of London Investment Group, Andrew Davison, will update shareholders as\nfollows:\n\n\n'Throughout the first five months of City of London's new financial year the\nCompany has been progressing well. Unaudited pre-tax profit for the first five\nmonths is £2.6m (2005: £1.6m).\n\n\n'Funds Under Management (FUM) are US$2.9bn, which is in line with budget,\ndespite the falls in the market earlier in the year. There continue to be\ninflows from new mandates as well as outflows resulting from clients'\nre-allocations and re-balancings. City of London remains confident of meeting or\nexceeding the market expectations for year end for both pre-tax profit (£6.4m)\nand FUM ($3.0bn), subject to there being no significant market movements.\n\n\n'The Company will next update shareholders with its quarterly FUM announcement\nas at 30 November in early December.'\n\n\n\n\n\n\nFor further information contact:\n\nDoug Allison (CFO) / Barry Olliff (CEO) Simon Hudson / Clemmie Carr\nCity of London Investment Group PLC Tavistock Communications\nTel: 020 7711 0771 Tel: 020 7920 3150\n\n\n\n\n\nNOTES TO EDITORS\n\n\nCity of London is an asset management group whose principal activity is\nproviding emerging market asset management products and services predominantly\nto institutional investors via its principal operating company City of London\nInvestment Management Company Limited. The Group is based in the UK and also has\noffices in the US and Singapore. Clients include some of the US's leading blue\nchip institutions and endowment funds.\n\n\nWith total funds under management of approximately US$2.9 billion, the Group\nmanages several Open Ended Funds as well as a number of segregated accounts. The\nGroup's fund mandates are mainly in emerging markets, although the Group has\nmore recently diversified its asset management product portfolio by the launch\nof a natural resources fund and has also seeded three new funds: a global fund,\na frontier fund and an emerging markets yield fund. The Group seeks to provide\ncapital gro...