Founder looking to cash in at City of London

26th Oct 2009 07:16

The City of London Investment Group, the asset manager focused on emerging markets, said funds under management are still on the rise.Funds under management (FuM) rose to $4.7bn as at 22 October from $3.5bn at the end of May and from $4bn since the middle of September.The growth in the last month or so reflects the funding of around $350m of the $500 million new mandates that the company mentioned in its annual report. ‘We are still to receive slightly in excess of $150 million. Against this, however, it is likely that rebalancing activity may increase in the event that the emerging markets continue to outperform at the rate they have recently achieved,’ the company said.The AIM-listed company is still putting off plans to move to a full listing.Company founder and largest shareholder Barry Olliff has disclosed that he will sell half a million shares in the company should the share price reach or rise above 310p, with similar sized disposals planned at prices of 350p and 400p. Should these intentions alter, perhaps as a result of a material change in market conditions, Olliff has undertaken to inform the board promptly, the company said.