"Every time there is a swing in emerging markets, we in the West tend to exaggerate the difference," says City of London Investment Group (CLIG) chief executive Barry Olliff, referring to concerns surrounding a slowdown in Chinese growth. Since the asset manager has neither lost nor gained any clients since the end of its financial year in June, Mr Olliff has some reason to be confident.
Funds under management, which stood at $4.2bn (£2.7bn) on 30 June 2015, have averaged $3.8bn in the new financial year so far. But given the long-term approach of the investors in City's closed-end fund strategies - particularly coupled with the fund manager's consistent track record of benchmark outperformance - a decline in the value of client assets shouldn't alarm shareholders too much.