City of London Investment profits rise on FuM growth

11th Feb 2015 14:03

Asset management company City of London Investment Group said its funds under management edged higher over the course of 2014, leading to an increase in pre-tax profit and revenue in the first half of the year.Pre-tax profit for the six months to 31 December rose 30% to £4.3m, while revenue from management charges rose 4.2% to £12.3m.The group, which specialises in closed-end funds, said the value of its assets under management rose from £3.9bn in July to £4bn at the end of December."I anticipate good progress in the further development of your company over the rest of the current year and beyond," said group chairman David Cardale.City of London Investment Group shares were up 3.90% to 339.75p at 14:22 on Wednesday.