Hardman & Co Research
Hardman & Co Research: City of London Investment Group (CLIG): Handling
challenging markets well
22-Apr-2020 / 15:05 GMT/BST
Hardman & Co Research: Handling challenging markets well
City of London has announced a trading update for 3Q'20. Market conditions
have been challenging for fund managers. With a largely institutional investor
base, there has been a mixture of subscriptions and withdrawals, with net
withdrawals in the quarter of $35m. Falling markets weighed more heavily on
FUM and, at the end of March, total FUM were $4.40bn, down from $6.01bn three
months earlier. We do note that markets have recovered somewhat so far in
April, suggesting current FUM will have clawed some of that back. No decision
has been taken on the dividend, but near-term increases look unlikely
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1027663 22-Apr-2020
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(END) Dow Jones Newswires
April 22, 2020 10:05 ET (14:05 GMT)
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