City of London assets steady

Michael Bow
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CITY of London Investment Group, the emerging market money manager, yesterday said funds under management nudged up slightly last quarter to $4bn (£2.6bn), despite customers redeeming a net $203m over the period.

The increase was driven by rising equities in fast-growing economies, with the MSCI Emerging Markets index up 4.9 per cent since the start of December, increasing the value of its funds from $3.9bn in the three months to 28 February.

The group said despite a further net redemption of $195m due within the next quarter, rising equity markets should be able to offset the withdrawal.