City of London Investment Group plc (LON:CLIG) has announced half year results for the six months to 31st December 2020.
HALF YEAR SUMMARY
- Funds under Management (FuM) of US$10.9 billion (£8.0 billion) at 31st December 2020 (post-merger). This compares with US$5.5 billion (£4.4 billion) at the beginning of this financial year on 1st July 2020 and US$6.0 billion (£4.5 billion) at 31st December 2019 (pre-merger).
- FuM at 31st January 2021 of US$11.1 billion (£8.1 billion)
- Net fee income representing the Group’s management fees on FuM was £22.6 million (31st December 2019: £16.4 million)
- Underlying profit before tax* was £11.2 million (31st December 2019: £6.2 million). Profit before tax was £8.8 million (31st December 2019: £6.3 million)
- Increased interim dividend to 11p per share (31st December 2019: 10p) payable on 19th March 2021 to shareholders on the register on 5th March 2021
*This is an Alternative Performance Measure (APM). Please refer to CEO statement for more details on APMs.
For access to the full interim report, please follow the link below:
This release includes forward-looking statements, which may differ from actual results. Any forward-looking statements are based on certain factors and assumptions, which may prove incorrect, and are subject to risks, uncertainties and assumptions relating to future events, the Group’s operations, results of operations, growth strategy and liquidity.
SENIOR MANAGEMENT CHANGES
City of London Investment Group is pleased to announce that Deepranjan Agrawal has been appointed as the Chief Financial Officer (CFO) and Alan Hoyt has been appointed as the Chief Technology Officer (CTO) with immediate effect. Both individuals will continue to report to Tom Griffith, Chief Executive Officer of the Group.
Deep Agrawal joined the Company in January 2020 and has been managing the Group’s finance function. Deep’s experience includes over sixteen years in public practice with Deloitte and, more recently, three years with RSM, serving clients within the asset management industry. Deep has a wealth of relevant knowledge having served a range of asset management companies including large and small investment managers, Investment Trusts and UK authorised funds. Deep completed his Master of Commerce degree from the University of Pune, India and is a Chartered Accountant.
Alan Hoyt joined the Company in 2009 and has over 25 years of experience in the IT industry. Prior to joining CLIM, Alan worked as the Chief Technology Officer for PLANCO, a Hartford Life Company, where his role was expanded to include Vice President. Before PLANCO, Alan held positions at The Vanguard Group, New York Life Benefit Services, and as a Technology Consultant in Boston. Alan holds a Masters in Computer Information Services from Bentley College and a Bachelors in Science from the University of Massachusetts as well as certificates from the Wharton Executive Management program.
Barry Aling, Chairman of City of London Investment Group, said: “In the wake of our merger with Karpus Management Inc. towards the end of 2020, the integration of the Group finance and IT functions is a key element to realising the benefits of the transaction. In that regard, both Deep and Alan’s contribution take on additional importance and we welcome them in their new roles.”