FUM doubles at City of London Inv.

7th Dec 2009 08:18

Emerging markets asset management group City of London Investment has seen funds under management (FUM) double in the last year.At the company’s half-year end of November 30, FUM stood at $4.7bn (£2.9bn), compared to $2.1bn (£1.4bn) a year earlier and $4bn (£2.4bn) at the end of August 2009.The 17% rise in FuM (in dollar terms) in the company’s second quarter compares to a 14% rise in the MSCI Emerging Markets Index (MXEF) over the same period.The year-on-year rise, in dollar terms, of 123% outstrips the 81% rise on the MXEF.Profit before tax at the interim stage was around £4.8m, up from £2.7m a year earlier. The monthly run-rate of unaudited pre tax profit at the current level of FuM is approximately £0.9m, the company said.