City of London unveils special dividend

A heavy exposure to emerging markets – which were hindered by stronger US growth and ongoing trade disputes – hampered City of London Investment Group’s (CLIG) performance during the last six months of 2018. Emerging market strategies suffered $156m (£121m) in net outflows, which the popularity of developed market strategies with clients failed to offset, resulting in group net outflows of $43m. Together with negative market movements, that pushed funds under management down 10 per cent during the first half to $4.6bn, reducing net management fee income.