City of London issued a trading statement for the 2016 financial year. The figures were a little better than expected, some of which was due to exchange rate effects. Funds under management finished the year at $4.0bn, which was a 5% decrease in dollar terms from a year ago but an 11% increase in sterling terms to £3.0bn. Pretax profits are expected to be £8.0m, with basic eps of 23.6 (0.1p higher than our estimate). As expected a final dividend of 16p was announced, bringing the total for the year to an unchanged 24p.
