City of London published a trading statement yesterday morning, covering 3Q’18. Over a volatile quarter for markets, City of London’s FUM rose by 1.7% to $5.4bn. Most of this increase came from inflows, with asset gains of $115m in the developed market and GTAA strategies offset by $38m outflow from emerging markets. There was a small positive market contribution, with the MSCI Emerging Markets Index up 1% in the quarter. Short term performance was mixed. The market volatility led to discounts widening in emerging markets. In developed markets, strong NAV movements contributed to outperformance.