Emerging and frontier market specialist fund manager City of London Investment Group has reported a jump in assets under management for the final six months of 2017.
The company managed £5.3bn of assets at 31 December, compared with £4.66bn at the end of June, a 14 per cent growth in its AUM.
The company’s emerging market strategies actually underperformed during the period under consideration. It said this was a result of having little exposure to the Chinese technology stocks that performed well during the period.
According to the company its performance was aided by strong returns from its developed market and global products.
It expects profit for the period to be £6.6m, compared with £5.8m for the equivalent period in 2016.
The divided will be 9p per share, compared with 8p for the equivalent period in 2016.
In 2016 the company had reported a drop in its assets under management, as the strength of the dollar at that time dented sentiment towards emerging market assets.
The dollar has been weak this year, and the MSCI Emerging Markets Index returned 37 per cent in 2017, compared with 28 per cent for the MSCI All Country World Index in the same time period.
David.Thorpe@ft.com
