16th Apr 2019 11:57
LONDON (Alliance News) - City of London Investment Group PLC on Tuesday reported a rise funds under management as three of the asset manager's strategies outperformed their relevant benchmarks.
At March 31, City of London's total funds under management stood at USD5.27 billion, 14% higher than the USD4.62 billion reported at December 31.
The company's Emerging Market funds under management increased 12% over the same period to USD4.18 billion, outperforming the MSCI Emerging Markets Index, which increased 10%.
City of London's Developed funds jumped 33% to USD660 million, outperforming the MSCI ACWI index which gained 12%. The company's Opportunistic Value funds increased 14% to USD227 million versus the ACWI/Barclays Global Aggregate index returning 7%.
City of London's Frontier funds increased 2% to USD201 million, the MSCI Frontier index gained 7% in the period, however.
"The Emerging Market, Developed and Opportunistic Value Strategies outperformed due to narrowing discounts and to a lesser extent, positive NAV performance. The Frontier Strategy underperformed largely due to unfavourable NAV performance," City of London said.
During the period, the Developed and Emerging Market strategies recorded net inflows of USD101 million and USD45 million, respectively. Net flows in the Opportunistic Value and Frontier strategies were essentially flat.
Separately, the company announced Peter Roth will be joining the board as a non-executive director on June 1 and Mark Driver will be leaving the board on June 30.
Roth is a managing partner at Rothpoint Group LLC and a trustee of the Guggenheim Credit Income Fund.
Shares in City of London Investment Group were up 2.8% Tuesday at 409.96 pence each.
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