TIDMCLIG

RNS Number : 0659P

City of London Investment Group PLC

14 October 2021

RNS Number:

City of London Investment Group PLC

14 October 2021

CITY OF LONDON INVESTMENT GROUP PLC

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

FUNDS UNDER MANAGEMENT AS AT 30 SEPTEMBER 2021,

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 30 September 2021, FuM were US$10.9 billion (GBP8.1 billion). This compares with US$11.4 billion (GBP8.3 billion) as at 30 June 2021. A breakdown by strategy follows:

 
                  FuM ($ million)                     Strategy Index 
               Sep-21   Jun-21         %     Net                                % 
           (estimate)            inc/dec   Flows                          inc/dec 
 EM             4,937    5,393      (8%)   (130)   MSCI EM Net TR          (8.1%) 
 KIM            3,890    3,919      (1%)       0   Not applicable 
 INTL           1,840    1,880      (2%)    (34)   MSCI ACWI ex US         (3.0%) 
                                                   ACWI/Barclays Global 
 OV               229      231      (1%)     (3)    Agg                    (0.9%) 
 Other*            22       26     (14%)     (5) 
               10,918   11,449             (172) 
          -----------  -------            ------ 
 
 

* includes Frontier, REIT and seed investments

Funds under Management figures are rounded

IM Performance

Solid performance across CLIG's investment strategies resulted from positive country allocation and good NAV performance at the underlying closed end funds. Discount effects were slightly negative.

Over the period, there were net outflows of circa US$172 million across the Group's strategies, primarily due to ongoing client rebalancing in the emerging markets strategies after strong gains last year.

Business development will focus on EM, International, Opportunistic Value strategies, and KIM balanced mandates, where additional capacity is now available for prospects.

Operations

The Group's income currently accrues at a weighted average rate of approximately 73 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 current run-rate for operating profit, before profit-share is approximately GBP3.3 million per month based upon current FuM and a US$/GBP exchange rate of US$1.3474 to GBP1 as at 30 September 2021.

Dividends

The final dividend of 22 pence per share, subject to approval at the AGM on 18 October 2021, will be paid on 29 October 2021, bringing the total dividend for the financial year 2020-21 to 33 pence (2019-20: 30 pence).

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/Pippa Hamnett

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

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END

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October 14, 2021 02:00 ET (06:00 GMT)

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