City Lon Inv Regulatory News (CLIG)

7 Dec 2009 07:00



7 December 2009

CITY OF LONDON INVESTMENT GROUP PLC

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

FUNDS UNDER MANAGEMENT AS AT 30 NOVEMBER 2009

City of London Investment Group Plc (AIM: CLIG), a leading emerging markets asset management group, announces its total funds under management (FuM) quarterly. At the Group's half year end on 30 November 2009, FuM were US$4.7 billion (£2.9 billion). This compares with US$2.1 billion (£1.4 billion) at 30 November 2008, US$3.5 billion (£2.2 billion) at 31 May 2009 and US$4.0 billion (£2.4 billion) at 31 August 2009. The quarter on quarter rise of 17% in FuM (in US$ terms) compares to a 14% rise in the MSCI Emerging Markets Index (MXEF) over the same period, while year on year FuM (in US$) rose by 123%, compared to an increase in MXEF of 81%.

Unaudited profit before taxation for the six months ended 30 November 2009 stands at approximately £4.8 million, which compares to £2.7 million for the equivalent period to 30 November 2008. The monthly run-rate of unaudited pre tax profit at the current level of FuM is approximately £0.9 million. 

In November the board instructed the trustees of the Company's Employee Share Option Plan ("ESOP") to purchase up to 250,000 additional shares for the ESOP, in support of the Company's share option programme. As already announced, the trustees, in the event, acquired 100,000 shares at £3.0175 and 143,350 shares at £2.95, the latter being sourced principally from directors and staff. 

A close period for the Company began on 1 December 2009 and will end with the publication of results for the six months ended 30 November 2009 on 26th January 2010.

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