15th Jul 2014 09:04
LONDON (Alliance News) - City of London Investment Group PLC Tuesday said it expects pretax profit for the 13 months to June 30 to dip to GBP7.2 million from GBP8.9 million, following a period of mixed trading.
The company said as a result of declines in emerging markets, and client redemptions during the first half of the financial year, earnings cover will be reduced for the 13 months to June 30, but given its strong cash position, the company will maintain its final dividend at 16 pence per share.
The fund management group, which operates from offices in the UK, US and Singapore, said funds under management at June 30 rose to USD3.9 billion from USD2.3 billion a year earlier, which represents a 5.4% increase in USD dollar terms. Over the same the period the MSCI Emerging Markets Index increased 4.2% in US dollar terms.
City of London said during the period, mandates for two new strategies, the Special Situations Close End Fund Strategy and the Tactical Asset Allocation Closed End Fund Strategy, were funded.
"This will assist in efforts to raise the profile of our extension closed-end fund products with institutional consultants and plan sponsors," the company said.
City of London Investment Group said it expects to announce final results for the 13 months to 30 June on September 15.
City of London shares were quoted down 2.8% at 290.03 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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