City of London Group's CEO and FD step down

City of London Investment Group's Chief Executive Officer (CEO) Doug Allison and Finance Director (FD) Valerie Tannahill have resigned from the board with immediate effect.

City of London Investment Group's Chief Executive Officer (CEO) Doug Allison and Finance Director (FD) Valerie Tannahill have resigned from the board with immediate effect.

Chief Information Officer, Barry Olliff, has been appointed interim CEO and the company has started looking for a new FD.

Finance Manager, Tracy Rodrigues, will step into the role of Financial Controller.

"All of the directors, including the parties stepping down, are of the mutual view that these changes reflect the best interests of the group," the firm said in a statement.

"The board would like to thank the departing directors for the contribution they have each made to the success of the company over many years."

The group also said it has continued to improve its client base since announcing its quarterly funds under management (FuM) update on March 4th.

The current run-rate for operating profit, before profit-share, is about £1.1m per month based upon current FuM and a dollar to sterling exchange rate of $1.535 to £1.

A final dividend of no less than 16p, subject to stable markets and profitability, has been recommended for the financial year. The pre-close trading update will be released on 17 June 2013.

Shares fell 2.38% to 246p at 10:15 Monday.

RD

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Could gold be the basis for a new global currency?
Gold

Could gold be the basis for a new global currency?

Gold has always been the most reliable form of money. Now collaboration between China and Russia could lead to a new gold-backed means of exchange – g…
22 Sep 2022
Paypal, bitcoin, and the weaponisation of money
Bitcoin & crypto

Paypal, bitcoin, and the weaponisation of money

Recent events have shown how both business and governments can “weaponise” money and shut down dissent. What to do? Buy bitcoin, says Dominic Frisby.
22 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022