The City of London Investment Group has posted a rise in funds under management (FUM) to $4bn (£2.6bn) in the six months to December 31 2014, in spite of “less than favourable” market conditions.
In its interim results the group reported that FUM increased from $3.5bn (£2.1bn) at the end of November 2013, having changed its financial year from May to June in 2014.
It confirmed profits before tax of £4.3m in its latest set of results, compared to £3.3m in 2013, and maintained an interim dividend of 8p per share, to be paid on March 6 this year.
David Cardale, chairman of the City of London Investment Group, said the results had been achieved “in the face of less than favourable market conditions, particularly in respect of our core focus, emerging markets”.
He added: “With the MSCI Emerging Markets index falling 8 per cent over the period, this was achieved through a combination of both good performance and net new client subscriptions.”
During the six month period, the group reported revenues of £12.2m, up from £11.8 in 2013.
Barry Olliff, chief executive of the group, said: “During the period under review we have gained significant traction regarding all of our closed end fund diversification products, with Frontier, Developed and Tactical Asset Allocation all winning mandates.”
