15th Jul 2015 09:22
LONDON (Alliance News) - City of London Investment Group PLC, an emerging markets asset manager, Wednesday said it expects to report higher pretax profit for its recently completed financial year.
City of London Investment Group said it expects to report a GBP8.8 million pretax profit for the financial year that ended June 30, compared with GBP7.2 million over a period of 13 months the prior year.
The company is proposing to maintain its dividend for the year as a whole at 24 pence per share.
Funds under management increased to USD4.2 billion from USD3.9 billion over the course of the year.
Citing increased volatility, City of London Investment Group said it has reduced its assumptions regarding net new money from mandates next year to USD250 million for the emerging market strategy and an additional USD250 million in diversification products.
So far in July, the company said it is aware of new mandates of about USD35 million with minimal redemptions.
The company said it's reviewing its budget for 2015-16 because of recent market volatility.
It also will be "monitoring costs closely" as the year goes on.
Shares in the company were up 1.4% at 344.00 pence on Wednesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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