City of London Investment Group (CLIG): Entering a new phase
City of London has published its full results and Annual Report for FY2017. With the headline figures having already been announced, there are no surprises in the new information. With Emerging Markets performing well, assets under management have grown significantly to $4.7bn at the year end. When combined with beneficial exchange rate movements, profitability has improved significantly, with earnings up 57% to £9.14m. With dividend cover back at a comfortable level, City of London has put a difficult period behind it and is able to move forward from a position of strength.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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