City of London Investment Group profit falls

Money manager City of London Investment Group yesterday reported declining revenues and profits for the six months ending November 2012. Chairman David Cardale said the period was “not an easy one” for the asset manager, as funds under management dropped £500,000 to £2.4bn, with revenues down 12 per cent and pre-tax profits falling 18 per cent. The group was hit after a client took a large fund mandate in-house.