City of London Investment Group (CLIG): Karpus transaction looks a winner
City of London has announced a merger with Karpus Management Inc, a US SEC-registered investment adviser. Based in upstate New York, it is focused on wealth management for HNW individuals and, as of end-March, it had FUM of $3.22bn. Like City of London, it primarily invests through funds. Its primary focus is closed-end funds (CEFs) but it also uses mutual funds, ETFs and other vehicles. With a range of balanced mandates, on an underlying basis, 39% of assets are equities, predominantly in the US, and 61% fixed income. City of London will be significantly diversifying its exposure by asset class and client type.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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