TIDMCLIG

RNS Number : 2764J

City of London Investment Group PLC

26 April 2022

City of London Investment Group PLC

26 April 2022

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Group" or "the Company")

FUNDS UNDER MANAGEMENT ("FuM") AS AT 31 March 2022,

TRADING UPDATE

City of London (LSE: CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds, announces that on a consolidated basis, as at 31 March 2022, FuM were US$10.3 billion (GBP7.8 billion). This compares with US$11.1 billion (GBP8.2 billion) as at 31 December 2021. A breakdown by strategy follows:

 
                  FuM ($ million)                     Strategy Index 
               Mar-22   Dec-21         %     Net                                % 
           (estimate)            inc/dec   Flows                          inc/dec 
 EM             4,221    4,800      -12%      31   MSCI EM Net TR           -7.0% 
 KIM            3,766    3,949       -5%    (13)   Not applicable 
 INTL           1,950    2,147       -9%      39   MSCI ACWI ex US          -5.4% 
                                                   ACWI/Barclays Global 
 OV               225      232       -3%      11    Agg                     -5.7% 
 Other*           103       22      361%      79 
               10,265   11,150               147 
          -----------  -------            ------ 
 
 

* includes Frontier, REIT and seed investments

FuM figures are rounded

During the period under review, CLIG flows were positive with net inflows of circa US$147 million across the Group's strategies. With regard to business development, the Group continues to maintain an active pipeline across all of its major Closed-End Fund ("CEF") offerings with an increased interest in the diversification CEF strategies.

IM Performance

Both absolute and relative performance was weak across CLIM's investment strategies during the period. The EM strategy was impacted by the Russian invasion of Ukraine and both country allocation and NAV performance detracted in this regard. The CLIM International strategy underperformed due to poor NAV performance and widening discounts. KIM's investment strategies had positive relative performance.

Operations

The Group's income currently accrues at a weighted average rate of approximately 71 basis points of CLIM's FuM and at approximately 76 basis points of KIM's FuM, net of third party commissions. "Fixed" costs are c.GBP1.6 million per month, and accordingly the post-merger run-rate for operating profit, before profit-share is approximately GBP3.0 million per month based upon current FuM and a US$/GBP exchange rate of US$1.3138 to GBP1 as at 31 March 2022.

Dividend

Interim dividend of 11 pence per share and a special dividend of 13.5p per share were paid on 25 March 2022. The Board will announce the final dividend on Tuesday 19 July 2022 in its pre-close trading update. For further information, please visit http://www.clig.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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTPPUCACUPPGMA

(END) Dow Jones Newswires

April 26, 2022 02:01 ET (06:01 GMT)

City Of London Investment (LSE:CLIG)
Gráfica de Acción Histórica
De Jul 2022 a Ago 2022 Haga Click aquí para más Gráficas City Of London Investment.
City Of London Investment (LSE:CLIG)
Gráfica de Acción Histórica
De Ago 2021 a Ago 2022 Haga Click aquí para más Gráficas City Of London Investment.