City of London Investment Group shares fall as hit by net outflows

City of London Investment Group PLC on Monday said that its first quarter was hurt by net outflows.

Funds under management as at September 30 were USD11.52 billion, down 6.5% from USD12.31 billion at June 30.

The asset management company said that net outflows during the quarter totalled USD667 million, while the market and investment performance hit assets under management by a further USD127 million, "reflecting volatile market conditions during the period".

The firm noted: "Net outflows were primarily driven by client rebalancing and portfolio allocation decisions across the City of London Investment Management business following periods of strong relative and absolute investment performance. These withdrawals were concentrated in Emerging Markets, International Equity and Other."

Looking ahead, the company said: "Despite volatile market conditions, the group believes that it retains a strong investment and financial position. Our success continues to be built on investment outcomes for clients, delivered by long-tenured investment teams applying disciplined, repeatable processes across market cycles."

City of London Investment Group shares fell 9.3% to 471.90 pence each on Monday afternoon in London.

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