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City of London Investment Group PLC - specialist asset manager offering institutional and retail products investing in closed-end funds - Founder Barry Olliff willl retire as a director on July 31. Olliff formed CLIG over 30 years ago. Chair Barry Aling says Olliff was the "architect and driving force in the development of the business". The announcement comes as CLIG sets out a board restructure that will increase the proportion of independent directors. To achieve this, executives Carlos Yuste, Mark Dwyer and Dan Lippincott will step down from the CLIG board but join a newly created executive committee.
CLIG also reports funds under management as of March 31 total USD10.27 billion, down 7.9% from GBP11.15 billion on December 31. The company receives net inflows of USD147 million during the quarter but "both absolute and relative performance was weak" across investment strategies, CLIG says, partly due to Russia's invasion of Ukraine.
Paid interim dividend of 11 pence per share and a special dividend of 13.5p in March and will declare a final dividend in its pre-closing trading update on July 19.
Current stock price: 478.34 pence
12-month change: down 12%
By Tom Waite; thomaslwaite@alliancenews.com
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