22nd Oct 2014 09:05
LONDON (Alliance News) - City of London Investment Group PLC on Wednesday said its funds under management increased in the quarter to September 30 and said it is progressing with the fundraising for its emerging markets closed-end fund.
The emerging markets asset manager said its funds under management at September 30 hit USD4.0 billion, up from the USD3.9 billion posted in its year-end report on June 30.
It said the investment performance of its strategies was strong, with first or second quartile performance against peers in the quarter.
In addition, City of London said it has raised USD350 million of the USD500 million targeted for its emerging markets closed-end fund business. It is targeting a further USD250 million in the new financial year.
It said its current run-rate for its operating profit based on its funds under management and the current exchange rate for the US dollar against sterling is around GBP1 million per month. It said it expects post-tax profit in the first quarter to be around GBP1.6 million.
City of London said will post its half-year results for the six months to December 31 on February 11.
Shares in the fund manager were up 1.3% to 315 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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