- City of London Investment Group's funds under management rose to $4.4bn in the three months to the end of March - up 8% - but lagged the MSCI Emerging Markets TR Index in US dollar terms which rose around 11% over the same period.

The group said the investment performance improved significantly during the quarter with over 90% of CLIM exposure outperforming relevant benchmarks YTD.

It added: "The recent narrowing of our size weighted average discount has aided recent performance."

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