- City of London Investment Group says total funds under management at the half year end on 31 December totalled US$4.1 billion. This compares with US$4.0 billion at the company's year-end on 30 June. This rise in FuM of 2.5% compares with a gain of 4.5% in the MSCI Emerging Markets TR Index (NDUEEGF) over the six month period to 31 December.

An update says: "Investment performance in the Emerging closed-end fund (CEF) strategy over the short term has been challenging. Our country allocation in 2016 was weak and this was compounded by poor net asset value (NAV) performances of the underlying CEFs. Discounts remain wide across the sector, with the current size-weighted average discount (SWAD) at c. 13%-14%, indicating significant value in the strategy."

As of the end of December the monthly "run-rate" for operating profit, before profit-share of c.30%, is approximately £1.4 million per month based upon current FuM. The Group estimates the unaudited profit before taxation for the six months ended 31 December to be approximately £5.8 million, which compares with £3.6 million for the equivalent period to 31 December 2015.

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