City of London Investment Group (CLIG): Positive markets offset by revenue margins
City of London has announced its trading update results for 3Q’23. The headline figures are positive, with FUM increasing 3%, from $9.15bn at December 2022 to $9.47bn at the quarter-end. This was underpinned by good market performance: the MSCI Emerging Markets TR Index increased by 4.0% and the MSCI All Country World Index ex US rose by 6.9%. These were slightly offset at CLIM by some net outflows. Weak sentiment towards the end of the quarter led to widening discounts in closed-ended funds, and, as a consequence, there was some slight underperformance across the strategies.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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