City of London has published a trading statement this morning covering 1HFY2018. The headline figures are very positive, with funds under management (FUM) growing 14% over the six-month period to $5.33bn. This was driven by positive market performance and inflows from the diversifying strategies, with an offset from net outflows in the Emerging Market strategy. Fund performance was mostly good, with outperformance across all the diversifying strategies, although Emerging Markets underperformed. The interim dividend has been increased by 1p to 9p.
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