City of London Investment Group PLC Funds Under Management - 31/3/21

TIDMCLIG

RNS Number : 9601V

City of London Investment Group PLC

20 April 2021

City of London Investment Group PLC

20 April 2021

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Group" or "the Company")

FUNDS UNDER MANAGEMENT AS AT 31 March 2021,

TRADING UPDATE

City of London (LSE: CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds, announces that on a consolidated basis, as at 31 March 2021, FuM were US$11.1 billion (GBP8.0 billion). This compares with US$11.0 billion (GBP8.0 billion) as at 31 December 2020. A breakdown by strategy follows:

 
                  FuM ($ million)                     Strategy Index 
               Mar-21   Dec-20         %     Net                                % 
           (estimate)            inc/dec   Flows                          inc/dec 
 EM             5,250    5,196        1%   (127)   MSCI EM Net TR            2.3% 
 KIM            3,815    3,749        2%     (7)   Not applicable 
 INTL           1,734    1,700        2%    (57)   MSCI ACWI ex US           3.5% 
                                                   ACWI/Barclays Global 
 OV               233      306      -24%    (85)    Agg                      0.0% 
 Other*            25       27       -6%     (2) 
               11,057   10,978             (278) 
          -----------  -------            ------

* includes Frontier, REIT and seed investments

Strong investment performance across CLIG's investment strategies was largely a result of good NAV performance.

During the period under review, CLIG flows were negative as clients continued to rebalance following significant equity market gains, with net outflows of circa US$278 million across the Group's strategies.

With regard to business development, the Group continues to maintain an active pipeline across all of its major products.

Operations

Despite the ongoing restrictions imposed by the COVID -19 pandemic, important progress has been achieved in harmonising the infrastructure of both operating subsidiaries, CLIM and KIM, in the first two quarters of the post-merger period, particularly in the finance and IT areas.

The Group's income currently accrues at a weighted average rate of approximately 73 basis points of CLIM's FuM and at approximately 77 basis points of KIM's FuM, net of third party commissions. "Fixed" costs are c.GBP1.6 million per month, and accordingly the run-rate for operating profit, before profit-share is approximately GBP3.3 million per month based upon current FuM and a US$/GBP exchange rate of US$1.3783 to GBP1 as at 31 March 2021.

Dividend

An interim dividend of 11 pence per share was paid on 19 March 2021. The Board will announce the final dividend on Tuesday 13 July 2021 in its pre-close trading update.

For further information, please visit http://www.citlon.co.uk/ or contact:

Tom Griffith, CEO

City of London Investment Group PLC

Tel: 001-610-380-0435

Martin Green/Pippa Hamnett

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

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April 20, 2021 02:00 ET (06:00 GMT)

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