30th Oct 2006 11:30
City of London Investment Group PLC30 October 2006 For release at 11:30h, 30 October 2006 CITY OF LONDON INVESTMENT GROUP PLC ("City of London", "the Company") AGM STATEMENT Current Trading Update At the Company's Annual General Meeting held today at 11.30 am., Chairman ofCity of London Investment Group, Andrew Davison, will update shareholders asfollows: "Throughout the first five months of City of London's new financial year theCompany has been progressing well. Unaudited pre-tax profit for the first fivemonths is £2.6m (2005: £1.6m). "Funds Under Management (FUM) are US$2.9bn, which is in line with budget,despite the falls in the market earlier in the year. There continue to beinflows from new mandates as well as outflows resulting from clients're-allocations and re-balancings. City of London remains confident of meeting orexceeding the market expectations for year end for both pre-tax profit (£6.4m)and FUM ($3.0bn), subject to there being no significant market movements. "The Company will next update shareholders with its quarterly FUM announcementas at 30 November in early December." For further information contact: Doug Allison (CFO) / Barry Olliff (CEO) Simon Hudson / Clemmie CarrCity of London Investment Group PLC Tavistock CommunicationsTel: 020 7711 0771 Tel: 020 7920 3150 NOTES TO EDITORS City of London is an asset management group whose principal activity isproviding emerging market asset management products and services predominantlyto institutional investors via its principal operating company City of LondonInvestment Management Company Limited. The Group is based in the UK and also hasoffices in the US and Singapore. Clients include some of the US's leading bluechip institutions and endowment funds. With total funds under management of approximately US$2.9 billion, the Groupmanages several Open Ended Funds as well as a number of segregated accounts. TheGroup's fund mandates are mainly in emerging markets, although the Group hasmore recently diversified its asset management product portfolio by the launchof a natural resources fund and has also seeded three new funds: a global fund,a frontier fund and an emerging markets yield fund. The Group seeks to providecapital growth for clients through active country allocation and stockselection. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
City Lon Inv