City Of London Investment Group (CLIG): Solid results in volatile markets
City of London has announced its interim results for 1H’23. The headline figures were in line with those from the January trading statement. As previously indicated, weak markets meant that results were down on the year before. Gross revenue of £28.7m was 9% down, from £31.4m in 1H’22. Underlying earnings after tax were £8.99m, a decline of 25% from the previous year (note that these no longer need to be adjusted for part-years of Karpus). Underlying EPS of 18.4p represented a decline by the same percentage from 1H’22. FUM saw net inflows from a range of areas, including the KIM Institutional strategy showing a return to growth.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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