City of London Investments expects pickup

Michael Bow
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CITY of London Investment Group, the money manager, yesterday said green shoots had started to spring at the beleaguered business after a torrid 12 months.

The listed firm, which was stunned by the exit of its chief executive in April after three months in charge, said despite a fall in profits and assets under management, the company was starting to turn around.

Chairman David Cardale said: “We have come through some difficult times but there really are now significant green shoots enabling us to take a rather more positive view of prospects for 2014.”

Managed assets at the end of November were $3.5bn (£2.1bn) down from $3.7bn at the start of June. Pre-tax profits fell to £3.3m from £4.7m. The firm said it has since seen renewed investment in its emerging market fund and better fund performance.