City of London Investment Group PLC shares jumped on Monday, after it reported an increase in quarterly funds under management.

City of London is an asset manager focused on investing in closed-end funds. Its shares were up 6.9% to 340.00 pence each in London on Monday afternoon.

It said funds under management rose to $10.1 billion at March 31, up 5.5% from $9.6 billion at December 31.

‘Relative investment performance of the group’s strategies was mixed over the period, with most Emerging Market and Fixed Income strategies outperforming, while Opportunistic Value and International Equity strategies underperformed,’ the company said.

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