City of London Investment Group (CLIG) AGM Report

Report by Roger Lawson

I attended the City of London Investment Group (CLIG) Annual General Meeting this morning (21st October) – not of course to be confused with other City of London companies. CLIG is primarily an investment company that invests in Closed End funds/trusts via a very specific process. It encourages such trusts to close any discount to NAV. Historically it has had a strong focus on emerging markets funds but has been diversifying into other markets and into REITS more recently.

Barry Oliff was the founder and has acted as investment manager until recently but he is retiring in December. He plans to dispose of some shares but he has pre-announced the number he would sell and at what price. He has set an example of open disclosure at the company and they provide voluminous information on Funds Under Management (FUM) and likely future profits. They also make the investment process used absolutely clear which is of some importance if you wish to be able to trust a fund manager….

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