City of London Investment is undaunted by market turmoil

ASSET manager City of London Investment Group said its funds under management had risen by a third in the year to the end of May, and to more than $5bn (£3.1bn) yesterday.

City said the jump outstripped the 29 per cent growth seen in the MSCI emerging market index over the same period, while its pre-tax profits jumped 27 per cent to £13.1m.

City, which listed on the LSE main market last October, added that the recent market turbulence had cut its funds under management by 10.3 per cent to $5.3bn by the end of August.

But it said this also outperformed its MSCI comparator, which fell 10.6 per cent, and said the turmoil helped it to “significantly benefit” in terms of its investment performance.

“We are confident that our investment process can continue to produce good returns,” said chairman Andrew Davison yesterday.