Six Months To 31 December 2024 Trading Update
FuM fell 2.9% to $9.9 billion in H1 FY25 due to net outflows of $564 million, partially offset by positive investment performance.
- Funds under Management $9.9 billion (prior $10.2 billion)
- Net flows ($564) million
- Market and investment performance $269 million
- EM FuM $3,471 million (prior $3,568 million)
- KIM FuM $3,947 million (prior $3,924 million)
- INTL FuM $2,091 million (prior $2,394 million)
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City of London (LSE: CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds, provides a trading update for its six months ended 31 December 2024. The numbers that follow are unaudited.
Funds under Management (FuM) were $9.9 billion at 31 December 2024, a decrease of 2.9% as compared to $10.2 billion at 30 June 2024. A breakdown by strategy follows:
FuM ($ million)
| Jun-24 Actual | Net flows | Market & investment performance | Dec-24 (estimate) | |
|---|---|---|---|---|
| EM | 3,568 | (157) | 60 | 3,471 |
| KIM | 3,924 | (138) | 160 | 3,947 |
| INTL | 2,394 | (332) | 30 | 2,091 |
| OV | 251 | 23 | 12 | 286 |
| Other* | 104 | 40 | 7 | 151 |
| 10,241 | (564) | 269 | 9,946 |
* Includes Frontier and alternatives
IM Performance
Investment performance for the rolling six months ending 31 December 2024 and calendar year 2024 were both ahead of benchmarks for the majority of CLIM & KIM core strategies. Strategy returns were in the first or second quartile vs peers over the same periods.
Flows
Strong market returns over the six months led to client rebalancing, asset allocation changes, and included a large client drawing down cash management capital for acquisitions. Net investment outflows were $564 million for the Group over the period, led by EM, International Equity and KIM strategies, while OV and alternatives had net inflows of $63 million.
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