12th Jun 2006 07:01
City of London Investment Group PLC12 June 2006 For release at 0700h, 12 June 2006 CITY OF LONDON INVESTMENT GROUP PLC ("City of London", "the Group", or "the Company") PRE-CLOSE TRADING UPDATE City of London Investment Group PLC (AIM: CLIG), a leading emerging market assetmanagement group, was admitted to AIM on 12 April 2006 after placing 24.51% ofits issued share capital in order to provide existing institutional shareholderswith liquidity and the ability to realise part of their investment. The Companyraised no new money. In the admission document, the audited accounts for thenine months ended 28 February 2006 showed operating profit of £3.4 million andprofit after tax of £1.9 million, with funds under management of approximatelyUS$2.7 billion. The Company's year end was 31 May and for the year to that date, City of Londonreports that operating profit will be approximately £5.2 million (2005: £2.1million) and that profits after interest receivable of £0.1 million, AIMadmission costs of £0.5 million and tax of £1.7 million will be approximately£3.1 million (2005: £1.9 million). At the year end, funds under managementtotalled US$2.8 billion. Stock markets across the world declined throughout May, and the Group's fundsunder management fell from US$3.1billion at the end of April to the year endlevel of $2.8bn, a decrease of 9.7%. This compares to a fall in the MSCIEmerging Markets Composite Total Return Index of approximately 11% in the sameperiod. Since the year end markets have fallen further, but the company hascontinued to outperform its benchmarks. City of London expects to announce preliminary results for the year to 31 May2006 on 5 September 2006. For further information, please visit www.citlon.com or 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$2.8 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