First quarter trading update
​City of London issued a trading statement this morning about their first quarter performance. Funds under management were $3.6bn as of the end of September. This is down on the $4.2bn as of the end of June, but slightly ahead of the last figure given with the annual results of $3.5bn. Profitability in the first quarter was £1.2m after tax. As well as weak markets weighing on fees, they have had an adverse effect on the company's seed investment holdings, which has led to an unrealised loss of £0.2m.
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