City of London Investment Group's total funds under management fell to $4.5bn at 26 February - down from $4.7bn at the end of November.
In sterling terms, the firm's FuM was unchanged at £2.9bn
The figures compare with $3.5bn (£2.3bn) at the end of May and $2.2bn (£1.5bn) on 27 February 2009.
The firm said that in dollar terms, the quarter on quarter decrease in FuM of 6.7% compares with a fall of 1.8% in the MSCI Emerging Markets Index (MXEF) during the same period, as client rebalancing led to approximately US$223m of redemption activity, but it is notable that in sterling terms FuM has actually increased by 1.2% over the quarter as a result of sterling weakness.
Story provided by Business Financial Newswire
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