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City of London Investment Group funds under management grow

23rd Feb 2024 10:26

(Alliance News) - City of London Investment Group PLC on Friday said it saw a slight uptick in profit over its half-year, as funds under management grew.

The specialist asset manager offering institutional and retail products investing in closed-end funds reported that funds under management rose 2.1% to USD9.6 billion at the end of December from USD9.4 billion at the end of June.

Net fee income over the six-month period grew 2.2% to USD32.6 million from USD31.9 million a year before, while pretax profit edged up to USD11.1 million from USD11.0 million.

However, underlying pretax profit for the six month period fell by 2.2% to USD13.3 million from USD13.6 million at December 2022 due to the adjustment of higher gains on investments of USD600,000, compared to USD200,000 of gains a year ago.

The firm also declared an unchanged interim dividend of 11 pence per share.

Shares in City of London Investment Group rose 4.4% to 358.00 pence each in London on Friday morning.

By Sabrina Penty, Alliance News reporter

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