Hardman & Co Research: Solid FUM update offset by margin changes

City of London has released its trading update for 2Q of FY'19. In this period, market weakness dominated movements in FUM: the 7% fall in the MSCI Emerging Markets Index was trumped by a 13% fall in the MSCI ACWI. Fund flows, in contrast, had a quieter quarter, with a net $15m of inflows to the Opportunistic Value strategies offset by net outflows of $62m from Emerging Markets. City of London has indicated that there may be some positive rebalancing, with $125m of net inflows expected to be funded over the next quarter. The MSCI Emerging Markets is up 4% so far in 2019, suggesting an improvement since the year-end.

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