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City of London Investment Group (LSE: CLIG) is a boutique fund manager whose core business is investing in emerging markets via closed end funds. CLIG currently has c.185 clients, almost entirely institutional, with over 90% based in the US.

Its investment process starts with macro-economic analysis to assess attractive economies, then it applies detailed manager analysis and valuation criteria to stock selection. Over the last few years it has added other strategies, including using the same process for Developed and Frontier markets, and is starting to diversify its asset base.

Funds under management at 31st January 2016 were US$3.8bn.

CLIG has consistently outperformed the benchmark throughout its 25 years of existence


David Cardale (NE Chair)
Extensive Corporate Finance & Private Equity experience.

Barry Olliff (CEO & CIO)
50yrs+ sector experience. Established Olliff & Partners in ’87, from which CLIG was founded in early ’90’s

Thomas Griffith (COO)
Held various positions in the institutional client division of The Vanguard Group

Tracy Rodrigues (FD)

Mark Dwyer (CIO EM CEF)

NED’s: Dr. Allan Bufferd, Rian Dartnell, Barry Aling

12 Months
13 Months
Net Fee Income22,34420,303
Admin Expenses(13.617)(13,305)
Profit before tax8,9327,416
Profit for the period6,6145,354


Cash & cash equivalents10,227
Total assets17,78816,579
(Total liabilities)(3,540)(2,154)
Net assets14,24814,425


Peer Group

Ashmore Group (LSE: ASHM):
Specialist Emerging Markets asset manager

LMS Capital (LSE:LMS):
Invests in range of small to mid size companies

Record Plc (LSE: REC):
Specialist currency manager & provider of currency hedging services for institutional clients



  • Barry Olliff – 9.77%
  • Thomas Griffth – 0.93%
  • Tracy Rodrigues – 0.26%
  • David Cardale – 0.2%
  • Dr Allan Bufferd – 0.11%
  • Carlos Yuste – 0.1%


  • BlackRock – 7.91%
  • CLIG PLC Trustees – 7.45%
  • Hargreave Hale – 6.18%
  • Hargreaves Lansdown – 5.28%
  • Slater Investments – 3.43%

Macro Indicators

Bloomberg Business, Nov 2015
Emerging stocks, currencies gain as Economic confidence returns (View)

Media Coverage

Investors Chronicle (Sep 2015)

City Of London Shrugs off the bears: “During a period when the MSCI Emerging Markets Index fell 5 per cent, City increased net funds by 8 per cent. That ability to attract money in tough times is vindication of a strategy from which revenues, cash and stronger dividend cover should flow. Buy” (View) (Feb 2015)
Ten of the best small company shares that pass a quality test (view)

Broker Coverage

Canaccord (Sep 2015 – House Broker)
“Despite the MSCI Emerging Markets Index falling by 7.8% over the year, CLIG has increased its FuM by 7.7% to $4.2bn, an increase of 17.4% in GBP terms due to the cross rate moving from 1.71 to 1.57 over the period…we remain positive about the company’s prospects for FuM growth both through investment performance and winning new business.”

Hardman & Co (Oct 2015)
“The movement in funds under management was ahead of the market – the decrease of 14% was ahead of the 18% fall in the MSCI Emerging Markets Index. Notably FUM have increased since the figure given with the annual results in mid September, though markets have fallen. “

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