City of London Investment Group's funds under management grow in 2015

City of London Investment Group reported an increase in funds under management in the year to end June.

The London-listed company said its funds under management totalled $4.2bn (£2.7bn), an 8% year-on-year increase in dollar terms and a 17% growth in sterling terms, as a result of the cross rate shifting from 1.71 to 1.57 over the last 12 months.

The group outperformed the MSCI Emerging Markets Index, which fell 5% in dollar terms over the period.

City of London Investment Group said it expects pre-tax profit for the year to 30 June to be approximately £8.8m compared with £7.2m over the previous 13 months, while profits will be approximately £6.5m, representing a 25% increase from 2014.

The group said it will recommend a final dividend of 16p per share, unchanged from last year.

City of London Investment Group shares were up 0.70% to 341.50p at 09:56 on Wednesday.