City of London has announced its trading update for 3Q’22. It has been a tough quarter, with the Russia/Ukraine conflict leading to weakness in markets, albeit they have partially recovered from their initial reaction. Overall, FUM fell from $11.1bn at the end of 2021 to $10.3bn at the quarter-end, a decline of 8%. This compares with declines in the MSCI Emerging Markets total return Index of 7.0% and the MSCI All Country World ex US Index of 5.4%. CLIM saw net inflows across all the strategies, but also underperformance in each of them. KIM experienced small outflows, but positive relative performance.
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