City of London Investment Group (CLIG): FUM, profits and dividend all moving on up
City of London has published a trading statement this morning covering 1HFY2018. The headline figures are very positive, with funds under management (FUM) growing 14% over the six-month period to $5.33bn. This was driven by positive market performance and inflows from the diversifying strategies, with an offset from net outflows in the Emerging Market strategy. Fund performance was mostly good, with outperformance across all the diversifying strategies, although Emerging Markets underperformed. The interim dividend has been increased by 1p to 9p.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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