City of London Investment Group (CLIG): Boost from positive markets and deal completion
City of London has announced a trading statement covering its first quarter FUM and financial performance. With the Karpus merger taking place on 1 October, all figures refer to the pre-transaction entity. Markets were very supportive over the quarter, with a smaller offset from net outflows. At the quarter-end, FUM were $5.94bn, an increase of 8% on the $5.50bn at the financial year-end. Fund performance was good in the main strategies, with Frontier being the exception. It was also the source of the majority of the outflows, as the largest client reallocated away from the sector.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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