CLIG reports 4.8pc rise in funds under management

21st Oct 2024 11:54

(Sharecast News) - City of London Investment Group (CLIG) reported a 4.8% increase in funds under management (FuM) for the quarter ended 30 September on Monday, rising to $10.7bn from $10.2bn at the end of June.

The London-listed specialist asset management group said that in terms of performance, its Opportunistic Value strategy outperformed its benchmark during the quarter, while other CLIM strategies underperformed.

Its subsidiary Karpus Investment Management (KIM) saw positive results from its municipal bond, US equity, and international equity strategies, though its fixed income, balanced, and SPAC strategies underperformed.

Despite strong market performance, the group said it experienced net outflows of $195m, mainly due to the rebalancing of International Equity mandates and withdrawals from a KIM cash management client.

However, it saw new inflows in Emerging Markets, with $46m added, including a new $70m account and a $20m Listed Private Equity account.

CLIG announced a final dividend of 22p per share for the year ended 30 June, bringing the total dividend for the year to 33p.

The final dividend was subject to approval at the annual general meeting on 28 October, and would be paid on 7 November.

At 1055 BST, shares in City of London Investment Group were up 0.8% at 380p.

Reporting by Josh White for Sharecast.com.