City of London Investment Group, an institutional asset manager, agreed to acquire Karpus Management, an investment management business, for $100m. The addition of Karpus Management will reinforce CLIG’s presence in the US. Karpus Management invests predominately in closed-end funds, which relates to CLIM’s core market, is committed to active management, and has delivered strong investment performance for its clients. The directors believe that the merger will accelerate the long-term strategy of diversification, thereby further reducing earnings volatility.