City of London has issued a trading statement for the first half of the 2017 financial year. As we noted previously, emerging market equities performed poorly in November, offsetting some of the good performance in the previous quarter and the MSCI Emerging Markets Index finished the half up 4.5%. City of London’s FUM were $4.1bn at 31 December, up 2.5% from the $4.0bn as of the end of June. Investment performance has been challenging in the main emerging strategy market, with country allocation and underlying CEF performance contributing to a lagging of the market.
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