RNS Number : 2989T
City of London Investment Group PLC
05 December 2011
5 December 2011
CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "the Group" or "the Company")
FUNDS UNDER MANAGEMENT AS AT 30 NOVEMBER 2011, TRADING UPDATE
City of London (LSE: CLIG) announces that total funds under management (FuM) at the Group's half year end on 30 November 2011 were US$4.8 billion (GBP3.0 billion). This compares with US$5.5 billion (GBP3.6 billion) at 30 November 2010, and US$5.8 billion (GBP3.5 billion) at 31 May 2011. At the previous quarter end, on 31 August 2011, FuM were US$5.2 billion (GBP3.2 billion), and the decrease of 8.4% over this quarter compares to a fall of 9.7% in the MSCI Emerging Markets Index (MXEF) over the same period. While markets have been very volatile our clients have remained loyal. Since 1 September 2011, we have experienced client redemptions of US$89.8 million, while rebalancing inflows have totalled US$134.8 million. Notified but unfunded subscriptions and withdrawals are not material in either number or value terms.
Unaudited profit before taxation for the six months ended 30 November 2011 is expected to be approximately GBP6.1 million, which is in line with the equivalent period to 30 November 2010 (excluding Listing costs incurred in that period). This year's interim figure includes a gain of US$0.7 million (GBP0.4 million) on the sale of an investment in options on unquoted equity, which could potentially increase during the second half year to a total gain of US$1.2 million, in accordance with a contingency clause in the sale agreement. The monthly "run-rate" of unaudited pre tax profit (profit after deduction of profit share) at the current level of FuM is approximately GBP0.9 million per month.
A close period for the Company began on 1 December 2011 and will end with the publication of results for the six months ended 30 November 2011 on 23 January 2012.
For further information, please visit www.citlon.co.uk or contact:
Doug Allison (Finance Director) Simon Hudson / Andrew Dunn
City of London Investment Group Tavistock Communications
Tel: +44 (0) 20 7860 8347 Tel: +44 (0)20 7920 3150
Claes Spang Simon Bridges
Singer Capital Markets Limited Canaccord Genuity Limited
Financial Adviser & Joint Broker Joint Broker
Tel: +44 (0)20 3205 7500 Tel: +44 (0)20 7050 6500
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