City of London Investment Group (CLIG): Robust profits in tough markets
City of London has announced its trading update for the final quarter of FY’22. It has been another tough quarter for fund managers, with global markets suffering significant setbacks. CLIM’s two main benchmarks, the MSCI Emerging Markets Net TR Index and the MSCI All Country World Index ex US, declined 11% and 14%, respectively. Against that, it is no surprise that City of London’s total FUM declined from $10.26bn to $9.22bn. This was helped by another quarter of net inflows, with the International strategy adding $183m of net new assets. Against that was underperformance in most of CLIM’s strategies.City of London Group is a closed-ended investment company. Co.'s investments are companies in financial services sectors where major national and foreign banks have limited new lending to these borrowers. Co.'s investee companies operated one product platform namely Credit Asset Management Limited, and its subsidiary Professions Funding Limited, which provide asset backed finance and commercial loans to small and medium-sized enterprises and loans to professional practice firms.
City of London Investment Group is the holding company for a number of subsidiaries. The principal operating subsidiary is City of London Investment Management Company Limited, which acts as an investment manager on 38 accounts with a total of £3.58 billion under management as at June 30 2017. Co. is an asset management group with an institutional client focus specializing in Emerging Market closed-end fund investments. Co.'s range also include Developed, Frontier and Global Tactical Asset Allocation closed-end fund strategies.
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