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.
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
