City of London Investment Group PLC Trading Update 1st Quarter Funds under Management (2626P)
October 09 2019 - 2:55AM
UK Regulatory
TIDMCLIG
RNS Number : 2626P
City of London Investment Group PLC
09 October 2019
City of London Investment Group PLC
9 October 2019
9th October 2019
CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "the Company" or "the Group")
Trading Update - 1st Quarter Funds under Management (FuM)
City of London (LSE: CLIG), a leading specialist asset
management group offering a range of institutional products
investing in closed-end funds, announces that as at 30th September
2019, FuM were US$5.3 billion (GBP4.3 billion). This compares with
US$5.4 billion (GBP4.3 billion) at the Company's year-end on 30th
June 2019. A breakdown by strategy follows:
FuM ($mn) Strategy Index
Sep-19 Jun-19 % Net %
(estimate) inc/dec Flows inc/dec
EM 4,058 4,221 -3.9% -12 MSCI EM -4.2%
DEV 849 729 16.5% 142 MSCI ACWI xUS -1.8%
Opportunistic ACWI/Barclays
Value 245 233 5.2% 10 Global Agg 0.4%
Frontier 186 206 -9.7% - S&P Frontier 150 -5.6%
------
5,338 5,389 140
---------------- ------ ------- -------- ------ ----------------- --------
Funds under Management excludes seed investments
IM Performance
IM performance was ahead of the benchmark over the quarter.
Specifically, in the Emerging Market strategy NAV performances were
positive and discounts narrowed marginally. In the Developed
strategy relative returns were impacted by weak NAV performance
from European and UK securities. In the Frontier strategy
performance was negative due to exposure to Argentina.
There were continued flows into the Developed and Opportunistic
Value strategies totaling $152 million, while flows were negative
in the Emerging strategy and neutral in the Frontier strategy.
Operations
The Group's income currently accrues at a weighted average rate
of approximately 75 basis points of FuM, net of third party
commissions. "Fixed" costs are c. GBP1.1 million per month, and
accordingly the current run-rate for operating profit, before
profit-share of 30% and an estimated EIP charge of 5%, is
approximately GBP1.6 million per month based upon current FuM and a
US$/GBP exchange rate of US$1.23 to GBP1 as at 30th September
2019.
The Group estimates that the post-tax profit for the first three
months of the year will be approximately GBP2.4 million (2018:
GBP2.2 million).
Dividends
The final dividend of 18 pence per share, subject to approval at
the AGM on 21st October 2019, will be paid on the 29th October
2019, bringing the total dividend for the financial year 2018-19 to
40.5 pence, including the special dividend of 13.5 pence paid in
March (2017-18: 27 pence, special dividend : nil).
Board Change
City of London Investment Group is pleased to announce that Mr.
Carlos M Yuste will be joining the Board as an Executive Director
as of 1st January 2020. Carlos is the Head of Business Development.
He served on the Board as the Business Development Director from
CLIG's initial listing in 2006 through 2015.
There is no further information required to be disclosed
pursuant to paragraph 9.6.13R of the Listing Rules.
For further information, please visit http://www.citlon.co.uk/
or contact:
Tom Griffith, CEO
City of London Investment Group PLC
Tel: 001-610-380-0435
Martin Green
Zeus Capital Limited
Financial Adviser & Broker
Tel: +44 (0)20 3829 5000
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END
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