CLIM Template - Not a Specific Forecast
Source: City of London Investment Management
Key Assumptions (June comparatives in italics)
- Starting point Current FuM (end December 2017)
- Net increase for the remainder of this financial year (straight-lined to June 2018):
- emerging market CEF strategy US$100m (US$250m over full year)
- non-emerging market CEF strategies US$125m (US$250m over full year)
- Net increase in 2018/2019 (straight-lined to June 2019):
- emerging market CEF strategy US$100m
- non-emerging market CEF strategies US$250m
- Operating margin adjusted monthly for change in product mix and commission run-off
- Market growth: 0%
- Overheads for 2017/18: +4% compared to 2016/17 (+3%)
- Overheads for 2018/19: +7% compared to 2016/17
- EIP charge for 2017/18: 2% of operating profit (2%)
- EIP charge for 2018/19: 4% of operating profit
- Corporation tax based on an estimated average rate of 23% (23%)
- Exchange rate assumed to be £1/$1.35 for entire period (£1/US$1.3)
- Number of CLIG Shares in issue (26.9m) less those held by the Employee Benefit Trust (1.4m) as at 31 December 2017 (26.9m CLIG shares in issue less 1.5m EBT holding)
*Any forward-looking statements are based on certain factors and assumptions, which may prove incorrect, and are subject to risks, uncertainties and assumptions relating to future events, the Group’s operations, results of operations, growth strategy and liquidity.
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