City of London Investment Group (CLIG): Q1 showing steady growth
City of London has published a trading statement this morning covering 1Q18. As indicated at the time of the release of the annual report, Funds under Management (FUM) have continued to grow and finished the quarter at $5.0bn, compared to $4.7bn at the end of June. Emerging Markets have continued to perform well, though this has continued to lead to redemptions from rebalancing. Over the quarter FUM growth of 6% slightly lagged the MSCI Emerging Markets total return Index figure of 8%, but was ahead of the MSCI World Index rate of 5%. The pipeline is described as ‘robust’.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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