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City of London profits tumble
CITY of London Investment Group, the emerging markets fund manager, has warned investors its pre-tax proffell by half in the year to end May to £5.4m, as “significant market declines” took their toll.
In an unaudited trading update it warned it is likely to report the fall in profits, from £10.7m in the period to May 2008, after funds under management fell to $3.5bn (£2.2bn) compared with $4.71bn a year earlier.
But in the “exceptionally difficult year” this 26 per cent asset fall compares to a fall of 36 per cent in emerging equities, the group added.