Business
Funds under Management - Repl
Funds under Management - Repl.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n RNS Number : 6910J City of London Investment Group PLC 08 December 2008 \n \nThis annoucement replaces that released at 0700h today. The last paragraph should have read: ' City of London expects to announce interim results for the six months ended 30 November 2008 on 29 January 2009.'\n\n8 December 2008\n\n\n\nCITY OF LONDON INVESTMENT GROUP PLC\n('City of London' or 'the Company')\n\nFUNDS UNDER MANAGEMENT AS AT 30 NOVEMBER 2008\n\nCity of London Investment Group PLC (AIM: CLIG), a leading emerging market asset management group, announces its total funds under management (FUM) quarterly. At the Company's half year end on 30 November 2008 the FUM were US$2.1 billion (£1.38 billion). This compares to US$3.9 billion (£2.2 billion) at the end of the first quarter in August 2008, US$4.7 billion (£2.4 billion) at the May 2008 year end and US$4.6 billion (£2.2 billion) at the end of November 2007.\n\nThe quarter on quarter decline in FUM of 46% is approximately in line with the 45% fall in the MSCI Emerging Markets Index (MXEF) during the same period. The year on year FUM decline, at 54%, compares with a 57% fall in MXEF.\n\nIn what has proven to be a difficult market environment, CLIG continues to adhere to its core values. Emphasis is placed upon delivering superior investment performance to its clients' accounts, thereby enabling CLIG to maintain its strong record of client retention whilst benefitting from significant inflows. Rebalancing by existing clients in favour of their emerging market investments, together with future subscriptions from new clients, total c. $400m over the next quarter, including a subscription of c. $300m which would represent CLIG's largest client to date. While profitability has been significantly reduced as a result of global market conditions, current trading is broadly in line with market expectations, and the Company's balance sheet continues to demonstrate strong liquidity free of any leverage or discernible counterparty risk.\n\nCity of London expects to announce interim results for the six months ended 30 November 2008 on 29 January 2009.\n\nFor further information contact:\n\n\n\n\n\nDoug Allison\n\n\nJeff Keating\n\n\nSimon Hudson\n\n\n\n\nFinance Director\n\n\nSimon Brown\n\n\nAndrew Dunn\n\n\n\n\nCity of London Investment Group plc\n\n\nTeathers\n\n...