LONDON (Alliance News) - City of London Investment Group PLC said Monday it has seen no hit to its funds under management from the result of the UK's vote to leave the European Union and its funds have grown in line with the emerging markets benchmark over the first quarter of the financial year.
The emerging markets asset manager said its funds under management have grown by around 9% to USD4.3 billion at September 30, from USD4.00 billion at the end of its most recent financial year, at June 30. The company said the growth was in line with the rise in the MSCI Emerging Markets Net TR Index over the same period.
The company reiterated that "virtually all" its income is US dollar-based and approximately 40% of its costs are in sterling. City of London estimated its operating profit run-rate at around GBP1.4 million a month, up from GBP1.0 million per month in 2015.
City of London also confirmed its final dividend of 16.0 pence a share will be paid on October 31, subject to shareholder approval, bringing its total dividend for the most recent financial year to 24.0p.
Shares in City of London Investment Group were untraded at 385.50p early Monday.
By Adam Clark; adamclark@alliancenews.com
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City Lon Inv (CLIG)