City of London Investment Group (CLIG) suffered $42m in net outflows during the first-half, primarily from its emerging market strategies. Funds under management declined to $4.6bn by the end of 2018 from $5.1bn on 1 July, management fee revenue by 9 per cent to �15.6m. However, management maintained the interim dividend of 9p a share and declared a special 13.5p dividend. We place our buy recommendation under review.
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