Business
Interim Management Statement
Interim Management Statement.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n \nRNS Number : 8571U City of London Investment Group PLC 12 April 2016 \n\nCity of London Investment Group PLC\n12 April 2016\n \n CITY OF LONDON INVESTMENT GROUP PLC\n(\"City of London\", \"the Group\" or \"the Company\")\n \nINTERIM MANAGEMENT STATEMENT\nQUARTERLY FUNDS UNDER MANAGEMENT (\"FUM\") UPDATE\n \nCity of London (LSE: CLIG), a leading emerging markets asset management group, provides a third quarter trading update for the period 1 January 2016 to 31 March 2016.\n \nFunds under Management\n \nAs at 31 March 2016 FuM were US$3.9 billion (£2.7 billion), up approximately 3% from US$3.8 billion (£2.6 billion) at 31 December 2015. The MSCI Emerging Markets TR Index (NDUEEGF) rose c6% over the same period.\n \nOver the past three months inflows have marginally exceeded outflows. As referenced in the recent Interim Statement, the Group maintains a robust pipeline of potential business. This pipeline includes all three business lines. Investment Performance for the quarter has been disappointing with approximate underperformance of 3%. This has been due to discount widening and also greater exposure to small cap via the Closed End Funds in which the Group invests.\n \nInvestment performance remains in the 1st or 2nd quartile for all annualised periods.\n \nOperations\n \nThe Group's income accrues at a weighted average rate of approximately 85 basis points, net of commissions and custody charges. \"Fixed\" costs are c£0.9 million per month, and accordingly the current run-rate for operating profit, before profit-share at 30%, is approximately £1.0 million per month based upon current FuM and a US$/£ exchange rate of US$1.44 to £1.\n \nDividends\n \nThe interim dividend of 8 pence per share was paid on 11 March 2016. The Board will announce the final dividend on Monday 18 July 2016. \n \n-ends-\n \nFor further information, please visit www.citlon.co.uk or contact:\n \n\n\n\n\nBarry Olliff (CEO)\n\n\n\n\n\n\n\nCity of London Investment Group PLC\n\n\n\n\n\n\n\nTel: 001 215 313 3774\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nMartin Green\n\n\n\n\n\n\n\nZeus Capital Limited\n\n\n\n\n\n\n\nFinancial Adviser & Broker\n\n\n\n\n\n\n\nTel: +44 (0)20 3829 5000\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the Londo...