City Of London Investment Group (CLIG): Keeping steady against weak markets
City of London has announced a trading update for 1Q’20. Weak markets were largely offset by inflows and outperformance in the Emerging Markets strategy, meaning FUM finished the quarter at $5.34bn, down $61m from the June figure of $5.39bn. The main beneficiary of inflows was the Developed Markets strategy, which received a net $142m, and assets rose 16.5% to $849m. In the Emerging Markets strategy, outperformance came from positive NAV performances and narrowing discounts. The Developed Markets strategy was impacted by European and UK weakness, while Frontier Markets saw an impact from exposure to Argentina.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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