City of London Investment Group’s 1Q Funds Under Management Fell

By Christian Moess Laursen

City of London Investment Group said its first-quarter funds under management fell sequentially on weaker market conditions and sentiment.
The U.K.-based investment company said Friday that its funds under management fell to $8.9 billion in the quarter ended Sep. 30 from $9.4 billion in the preceding quarter.

Weaker market conditions and poor sentiment pushed closed-end fund discounts wider and was compounded by weak net asset value performances, it said.
Net investment outflows in the period were $152 million.
Write to Christian Moess Laursen at [email protected]