First half trading update
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City of London issued a trading update this morning with its figures to the end of 2015. Funds under management were $3.8 billion. This compares with $4.2bn at the start of the year and $3.6bn at the end of the first quarter. Markets have been the main driver of the decline, though this has been offset by good performance and new fund flows. The fall in FUM over the first half was 11%, compared to a decline of 17% in the MSCI Emerging Markets TR Index.
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