7th Oct 2013 07:22
LONDON (Alliance News) - City of London Investment Group PLC Monday said its funds under management have declined by 8.1% since its year-end on May 31, a bigger decline than that of its benchmark index.
The asset management group said it had USD3.4 billion in funds under management on September 30, down from USD3.7 billion on May 31.
The decline, which allows for client withdrawals, compared to a 1% decline in the MSCI Emerging Markets Index over the same period.
Meanwhile, City of London Investment Group said it expects its post-tax profit for the first four months of the year to be approximately GBP1.6 million.
The asset manager said its costs were under control, with its fixed costs in line with budget at GBP800,000 per month.
The group said it is hopeful it can maintain its dividend at 24 pence per share in the current financial year. But it said this likely would require it to continue to relax its 1.5x dividend cover policy.
The asset manager said it was aware of shareholders' concerns over its remuneration policy, but said details of its payments to its former chief executive and finance director could not be disclosed for legal reasons.
City of London Investment said it will publish its half-year results on January 20, 2014.
The firm's shares were Monday quoted at 264.00 pence, down 8.00 pence, or 2.9%.
By Samuel Agini; [email protected]; @samuelagini
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