City of London Investment Group (CLIG): Solid FUM update offset by margin changes
City of London has released its trading update for 1Q of FY’19. The statement shows a continuation of the trends seen in recent statements. Aggregate inflows into the newer strategies were largely offset by rebalancing outflows from the Emerging Markets strategy, resulting in a small amount of net inflows of $8m. Market movements were mixed, with only developed markets rising during the quarter and MSCI EM index declining 1%. Fund performance was slightly behind benchmarks, with manager performance and widening discounts hampering different strategies. In aggregate, FUM declined slightly from $5.11bn to $5.01bn.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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