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20 Apr 2021 07:00
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City of London Investment Group PLC
20 April 2021
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CITY OF LONDON INVESTMENT GROUP PLC
("City of London", "the Group" or "the Company")
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FUNDS UNDER MANAGEMENT AS AT 31 March 2021,
TRADING UPDATE
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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 2021, FuM were US$11.1 billion (Β£8.0 billion). This compares with US$11.0 billion (Β£8.0 billion) as at 31 December 2020. A breakdown by strategy follows:
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Β | FuM ($ million) | Β | Β | Β | Strategy Index | Β | Β | ||
Β | Mar-21 | Dec-20 | % | Β | Net | Β | Β | Β | % |
Β | (estimate) | Β | inc/dec | Β | Flows | Β | Β | Β | inc/dec |
EM | 5,250 | 5,196 | 1% | Β | (127) | Β | MSCI EM Net TR | Β | 2.3% |
KIM | 3,815 | 3,749 | 2% | Β | (7) | Β | Not applicable | Β | Β |
INTL | 1,734 | 1,700 | 2% | Β | (57) | Β | MSCI ACWI ex US | Β | 3.5% |
OV | 233 | 306 | -24% | Β | (85) | Β | ACWI/Barclays Global Agg | Β | 0.0% |
Other* | 25 | 27 | -6% | Β | (2) | Β | Β | Β | Β |
Β | 11,057 | 10,978 | Β | Β | (278) | Β | Β | Β | Β |
Β | Β | Β | Β | Β | Β | Β | Β | Β | Β |
* includes Frontier, REIT and seed investments
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Strong investment performance across CLIG's investment strategies was largely a result of good NAV performance.
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During the period under review, CLIG flows were negative as clients continued to rebalance following significant equity market gains, with net outflows of circa US$278 million across the Group's strategies.
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With regard to business development, the Group continues to maintain an active pipeline across all of its major products.Β
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Operations
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Despite the ongoing restrictions imposed by the COVID -19 pandemic, important progress has been achieved in harmonising the infrastructure of both operating subsidiaries, CLIM and KIM, in the first two quarters of the post-merger period, particularly in the finance and IT areas.
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The Group's income currently accrues at a weighted average rate of approximately 73 basis points of CLIM's FuM and at approximately 77 basis points of KIM's FuM, net of third party commissions. "Fixed" costs are c.Β£1.6 million per month, and accordingly the run-rate for operating profit, before profit-share is approximately Β£3.3 million per month based upon current FuM and a US$/Β£ exchange rate of US$1.3783 to Β£1 as at 31 March 2021.
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Dividend
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An interim dividend of 11 pence per share was paid on 19 March 2021. The Board will announce the final dividend on Tuesday 13 July 2021 in its pre-close trading update.
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For further information, please visit http://www.citlon.co.uk/ or contact:
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Tom Griffith, CEO
City of London Investment Group PLC
Tel: 001-610-380-0435
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Martin Green/Pippa Hamnett
Zeus Capital Limited
Financial Adviser & Broker
Tel: +44 (0)20 3829 5000
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