Emerging markets asset manager City of London Investment Group said it expected a net withdrawal of funds in the last three months of 2012.
Approximately $120m of net withdrawals is anticipated for the final quarter of the calendar year, based upon client instructions received.
Net client withdrawals since the end of May totalled $360m, the firm said in a trading update.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"As noted in the final results announcement of September 3rd, these were largely prompted by rebalancing of risk assets by asset allocators, although in some instances recent underperformance of the underlying net asset values and some discount widening was a factor," it said.
At the end of September funds under management were $4.5bn (£2.8bn).
This compared to US$4.5bn (£2.9bn) at the company's year-end on May 31st.
In US dollar terms, allowing for client withdrawals, this represented marginal underperformance against the MSCI Emerging Markets Index, which increased by 12% over the same period, the company said.
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
-
Investing for children this Christmas – five ideasIt might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
