Profits dip at City of London IG

City of London Investment Group yesterday posted a 12 per cent drop in full year profits and said funds under management had fallen 18 per cent over the period to £2.9bn. Pre-tax profits dropped to £11.5m from £13.1m, reducing basic earnings per share from 35.1p to 33.8p. It kept its full year dividend of 24p. Chairman Andrew Davison said the results proved the group could generate dividends even in difficult market conditions.