City of London Investment Group (CLIG): Performance pays dividends
City of London has announced its final results for FY’23. The headline figures were in line with those announced in the July trading statement. Weaker markets weighed on profitability, offset by outperformance across the majority of assets. A stronger US dollar also generally supported fee income. The lower average FUM led to a 6% reduction in net fee income to £54.6m. Costs were adversely affected by exchange rates and some adjustments for staff changes. This led to underlying EPS declining from 44.2p to 36.5p, a 17% reduction. The final dividend, as previously indicated, is 22p, bringing the full-year figure to 33p.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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