City of London has announced a merger with Karpus Management Inc, a US SEC-registered investment adviser. Based in upstate New York, it is focused on wealth management for HNW individuals and, as of end-March, it had FUM of $3.22bn. Like City of London, it primarily invests through funds. Its primary focus is closed-end funds (CEFs) but it also uses mutual funds, ETFs and other vehicles. With a range of balanced mandates, on an underlying basis, 39% of assets are equities, predominantly in the US, and 61% fixed income. City of London will be significantly diversifying its exposure by asset class and client type.
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