City of London has announced a trading update for 3Q’20. Market conditions have been challenging for fund managers. With a largely institutional investor base, there has been a mixture of subscriptions and withdrawals, with net withdrawals in the quarter of $35m. Falling markets weighed more heavily on FUM and, at the end of March, total FUM were $4.40bn, down from $6.01bn three months earlier. We do note that markets have recovered somewhat so far in April, suggesting current FUM will have clawed some of that back. No decision has been taken on the dividend, but near-term increases look unlikely.
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