City of London Investment Group PLC Funds Under Management - 31/3/22 - Trading Update (2764J)
26 Abril 2022 - 1:01AM
UK Regulatory
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
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END
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April 26, 2022 02:01 ET (06:01 GMT)
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