Reports

UK Boutique Investment Firm Logs Rise In Assets

Tom Burroughes Editor London 14 September 2009

UK Boutique Investment Firm Logs Rise In Assets

City of London Investment Group, an emerging market and natural resource asset management firm, said assets under management rose to $4.0 billion at the end of August from $3.5 billion at the end of May this year.

In the year to 31 May – the firm’s financial year – pre-tax profits fell by half to £5.4 million from a year before.

"We believe that leveraging our expertise in closed end funds and global markets represents a risk-managed route to enhancing the quality and stability of the Group's earnings and is a strategy which plays to our proven strengths,” said Andrew Davison, chairman.

Fee income, predominantly dollar denominated, for the year to 31 May 2009 fell by 19 per cent to £20.2 million (2008: £24.9 million) reflecting the significantly lower funds under management resulting from the falls in emerging markets during the second and third quarters but benefiting from the relative weakness of sterling during most of the period.

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