Hardman & Co Research | City of London Investment Group (CLIG) |
Positive markets offset by revenue margins
 

City of London has announced its pre-close update for FY’23. FUM has grown by 2% over the past year, to $9.42bn, from $9.22bn, albeit it has taken a volatile path in between and the total is slightly down from the end of 3Q’23. Broadly speaking, the rise was due to market and strategy outperformance, with the MSCI Emerging Markets Net TR Index rising 1.7% and the MSCI ACWI ex USA Index increasing 12.7%. This was offset by net outflows across most of the strategies (Opportunistic Value being the exception). Performance was generally strong, with outperformance across most strategies.

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.