City of London Investment Group (LON: CLIG) is the topic of conversation when Brian Moretta, Analyst at Hardman & Co joins DirectorsTalk. Brian talks us through the highlights from he groups full year results, explains the roll changes in the asset mix have made, the company’s capital position and how changes at board and executive level are going.
City of London Investment Group has announced its results for FY2019. The headline figures of £11.4m PTP and undiluted EPS of 34.9p were in line with July’s trading statement, meaning the interest for investors was in the details. Although FUM ended the year up by more than 5%, at $5.39bn, average FUM for fee collection was slightly lower ($5.1bn in FY2019 compared with $5.2bn in FY2018). Combined with the ongoing decline in fee rates from the increase in the diversification areas, revenue declined almost 6% to $31.9m. Staff costs increased with the recruitment of the new REIT team, with offsets from reduced commissions and other administrative costs.