21st Aug 2015 07:35
LONDON (Alliance News) - City of London Investment Group PLC on Friday said that Business Development Director Carlos Yuste will leave the group at the end of 2015.
"This is a great disappointment as Carlos has been with CLIG for fifteen years and has overseen significant growth in funds under management at the firm. He has been an excellent person to work with, but Carlos has decided for personal reasons that the time is right to move on. Carlos's responsibilities will be re-allocated internally thus there will be no need for an additional appointment," Chief Executive Barry Olliff said in a statement.
The company is seeking shareholder approval to appoint to the board Mark Dwyer as chief investment officer responsible for the emerging markets closed-end fund business and Tracy Rodrigues as finance director.
"Mark has been progressively taking over responsibility as CIO for our emerging markets closed-end fund business which currently represents the majority of our funds under management and it is therefore entirely appropriate that he is represented on our board. Since the departure of our previous finance director in April 2013, Tracy has assumed those responsibilities and her appointment to the board will formalise that position," Chairman David Cardale said in a statement.
Shares in the group were down 2.8% at 345.12 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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