City of London Investment Group PLC
30 October 2006
For release at 11:30h, 30 October 2006
CITY OF LONDON INVESTMENT GROUP PLC
('City of London', 'the Company')
AGM STATEMENT
Current Trading Update
At the Company's Annual General Meeting held today at 11.30 am., Chairman of
City of London Investment Group, Andrew Davison, will update shareholders as
follows:
'Throughout the first five months of City of London's new financial year the
Company has been progressing well. Unaudited pre-tax profit for the first five
months is £2.6m (2005: £1.6m).
'Funds Under Management (FUM) are US$2.9bn, which is in line with budget,
despite the falls in the market earlier in the year. There continue to be
inflows from new mandates as well as outflows resulting from clients'
re-allocations and re-balancings. City of London remains confident of meeting or
exceeding the market expectations for year end for both pre-tax profit (£6.4m)
and FUM ($3.0bn), subject to there being no significant market movements.
'The Company will next update shareholders with its quarterly FUM announcement
as at 30 November in early December.'
For further information contact:
Doug Allison (CFO) / Barry Olliff (CEO) Simon Hudson / Clemmie Carr
City of London Investment Group PLC Tavistock Communications
Tel: 020 7711 0771 Tel: 020 7920 3150
NOTES TO EDITORS
City of London is an asset management group whose principal activity is
providing emerging market asset management products and services predominantly
to institutional investors via its principal operating company City of London
Investment Management Company Limited. The Group is based in the UK and also has
offices in the US and Singapore. Clients include some of the US's leading blue
chip institutions and endowment funds.
With total funds under management of approximately US$2.9 billion, the Group
manages several Open Ended Funds as well as a number of segregated accounts. The
Group's fund mandates are mainly in emerging markets, although the Group has
more recently diversified its asset management product portfolio by the launch
of a natural resources fund and has also seeded three new funds: a global fund,
a frontier fund and an emerging markets yield fund. The Group seeks to provide
capital growth for clients through active country allocation and stock
selection.
This information is provided by RNS
The company news service from the London Stock Exchange