City of London Inv. Group's profits rise

6th Dec 2010 16:32

Asset manager City of London Investment Group saw funds under management (FuM) rise in the year to 30 November.FuM at the end of the reporting period totalled $5.5bn (£3.5bn), up from $4.7bn (£2.9bn) a year earlier and an improvement on the the end-May figure of $4.4bn (£3.0bn).On a quarterly comparison FuM showed an improvement of $0.7%, or 13.7%, reflecting net new client monies as well as outperformance over and above the MSCI Emerging Markets Index (MXEF), which increased by 11.3% over the same period.In the six months to the end of November the company made a profit before tax of £6.1m, excluding listing costs of £0.4m; at the interim stage last year the company's pre-tax profit was £4.8m.The monthly "run-rate" of unaudited pre tax profit (profit after deduction of profit share) at the current level of FuM is about £1.1m per month.