Hardman & Co Research: City of London Investment Group (CLIG): Robust profits in tough markets

Hardman & Co Research:

City of London Investment Group (CLIG): Robust profits in tough markets

City of London has announced its trading update for the final quarter of FY22. It has been another tough quarter for fund managers, with global markets suffering significant setbacks. CLIMs two main benchmarks, the MSCI Emerging Markets Net TR Index and the MSCI All Country World Index ex US, declined 11% and 14%, respectively. Against that, it is no surprise that City of Londons total FUM declined from $10.26bn to $9.22bn. This was helped by another quarter of net inflows, with the International strategy adding $183m of net new assets. Against that was underperformance in most of CLIMs strategies.

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