City of London has announced its pre-close trading update for FY2019. After a volatile fourth quarter, FUM finished ahead of the end-March figure, at $5.39bn. This was an increase of $282m (5.5%) over a year ago, of which $96m was net inflows, with the balance from market movements. As indicated in the quarterly statements, both the Developed Markets and Opportunistic Value strategies saw net inflows over the year. Emerging Markets and Frontier Markets experienced net outflows. Performance in the Emerging Markets strategy was good, with outperformance of ca.300bps over the year.
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