Volatility unsettles City of London Investment

6th Sep 2011 15:04

The City of London Investment group has warned that it has already felt the effects of the recent widespread market concerns. The group said that, despite this, it remains confident that its investments will continue to pay off. In a statement, the company said: "This year has already felt the effects of the economic turbulence resulting from the difficulties of governments to manage their economies satisfactorily. We believe that our core products, together with our newer strategies, will place us in a relatively good position to confront the future uncertainties. "Our growing equity and developed closed-end fund capability will be the focus of our product diversification and business development activities."The news came as the company announced its final results, which showed that revenue had risen 27% from £29.97m to £36.5m resulting in a pre-tax profit of £13m (2010: £10.3m). Funds under management fell 10.3% to $5.22bn between the fiscal year-end and August. The group increased its final dividend for the year by 1p to 16p. The share price was down 2.47% to 365.75p at 15.29. NR