Business
Quarterly Funds under Management ("FuM") Update
Quarterly Funds under Management ("FuM") Update.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n \nRNS Number : 3991B City of London Investment Group PLC 04 March 2014 \n \n\n4 March 2014\n \nCITY OF LONDON INVESTMENT GROUP PLC\n(\"City of London\" or \"the Group\")\n \nINTERIM MANAGEMENT STATEMENT\nQuarterly Funds under Management (\"FuM\") Update\n \n \nCity of London (LSE: CLIG), a leading emerging markets asset management group, provides an Interim Management Statement for the period 1 December 2013 to 28 February 2014.\n \nFunds under Management\n \nAs at 28 February 2014, FuM were US$3.4 billion (£2.0 billion). This compares to US$3.5 billion (£2.1 billion) at the end of the first six months of the year on 30 November 2013. In US dollar terms, this represents a fall of 3%, as compared to a 5% fall in the MSCI Emerging Markets Index over the same period. Net inflows of $55 million have been confirmed for funding during March 2014.\n \nOperations\n \nThe Group's income is currently accruing at a weighted average rate of approximately 86 basis points, net of commissions, which is consistent with the forward guidance provided in the half year report. \"Fixed\" costs are running to budget at £0.8 million per month, accordingly, the current run-rate for operating profit, before profit-share, is approximately £0.6 million per month based upon current FuM and a US$/£ exchange rate of US$1.67 to £1. Additional cost efficiencies in excess of £0.5 million are currently being implemented, some of which will accrue in this financial year and some of which will accrue next year.\n \nSubject to final agreement, the Board expects to extend Chief Executive Barry Olliff's employment agreement until 2019. This follows the previously announced handing over of his Emerging Market CIO responsibilities to Mark Dwyer by September 2015.\n \nDividends\n \nThe interim dividend of 8 pence per share was paid on 28 February 2014; the Board has not revised its position on the final dividend as communicated to shareholders in the Interim Statement released on 20 January 2014.\n \nDue to the change in year end from 31 May to 30 June the Group's pre-close trading update will now be released on 15 July 2014.\n \nFor further information, please visit www.citlon.co.uk or contact:\n \n\n\n\n\nBarry Olliff, Chief Executive Officer\n\n\nMartin Green\n\n\n\n\nCity of London Invest...