- City of London said Monday annual profits rose amid a double-digit jump in funds under management, though performance was stifled by weak emerging market performance.

For the year ended 30 June, pre-tax profits rose to £12.8m from £11.6m a year earlier, revenues rose to £33.9m from £31.3m a year earlier and funds under management rose 10% to $5.14bn.

Earnings rose to 39.5p a share, up from 36.9p a year earlier

The upbeat performance was held back somewhat by poor emerging market returns, which undershot the benchmark. This was a result of widening discounts and to a lesser extent poor net asset value performance from the underlying investments in closed-end funds, the company said.

'EM problems are various and range from Argentina (debt) to Turkey (politics) to China (trade wars), with Donald Trump's policies creating significant uncertainty,' the company said.

The company declared a further 1p increase for the final dividend to 18p a share, up from 17p a share last year, taking the total for the year to 27p.

At 9:11am: [LON:CLIG] City of London Investment Group PLC share price was -0.5p at 410p

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