- City of London Investment Group total funds under management rose to $5.3bn in the six months to the end of December - up from $4.7bn at the end of June.

The group said positive relative investment performance was recorded across Developed, GTAA and Frontier strategies.

It added: 'Generally, a combination of strong NAV performance, discount narrowing and opportunistic participation in event driven US situations drove relative performance.

'The EM strategy underperformed due to widening discounts and an underweight to the Chinese IT sector which posted very strong returns.

'Net flows were positive in aggregate over the period, particularly in the Developed strategy which continues to benefit from a focused marketing strategy and excellent long term investment results.

'In addition, we have to date received notification of $110 million net inflows in aggregate across all strategies, which we expect to fund over the next quarter.'

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