City of London Investment Group funds under management drop

City of London Investment Group said it’s hopeful of adding at least a net $250m to funds under management in the next six to nine months.

The emerging markets asset management group said FuM were $3.6bn (£2.4bn) at the end of September, down from $4.2bn (£2.7bn) at the end of June.

The company said that in US dollar terms, this represents a drop of around 14% compared to the MSCI Emerging Markets Index, which fell around 18% over the same period.

Despite recent market volatility, the company said it is encouraged by the diversity in the current pipeline of potential mandates, with around $750m spread across EM, Frontier, Developed and Tactical Asset Allocation asset classes.