City of London Investment Group (CLIG): Weak markets weigh on FUM
City of London has announced its trading statement for 1Q’24. The main feature of the quarter was soft markets, with the MSCI Emerging Markets total return index declining 2.9% and the MSCI All-Country World ex US Index down 3.8%. Widening discounts also led to underperformance across the CLIM strategies and group FUM declined 6% to $8.88bn from $9.42bn. There were net outflows as well. The Emerging Markets strategy’s net outflow of $53m was in line with our forecast rate, while the International strategy also saw $71m of net outflows. KIM also experienced net withdrawals of $25m.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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