City Somerset Financial News
12.04 / 17:07
reports
Somerset Capital profits halved to £4.1m before winding down
In its annual report and financial statement for the period, the company posted an operating profit of £4.1m, down from £9.1m the year prior – around a 55% drop. Somerset Capital Management funds seek new home as firm set to close following SJP redemptions Net profits suffered a similar fall, from £6.5m to £3m, while turnover dropped from £23.5m to £16.6m last year. Somerset Capital revealed it would be winding down the business in December 2023, after St James's Place decided to sever ties with the firm, resulting in a loss of more than 70% of its assets, from $3.5bn to $1bn. A...
21.12 / 12:22
companies
St James's Place
Polen Capital takes over Somerset Capital Management's UK funds
As part of the transition, a team of Somerset portfolio managers, including Mark Williams, the portfolio manager of the Asia Income and Emerging Market Dividend Growth strategies, will be moved into Polen Capital’s emerging markets team in London and Asia.
11.12 / 15:47
companies
Sky News
Acquisition
AssetCo
St James's Place
AssetCo eyes takeover of Somerset Capital Management funds
Martin Gilbert (pictured) is executive chair of AssetCo.
07.12 / 12:45
companies
Unit trusts/OEICs
SJP
Redemptions
Somerset Capital Management funds seek new home as firm set to close following SJP redemptions
The firm was co-founded by MP Jacob Rees-Mogg (pictured).
04.12 / 15:31
companies
emerging markets
St James's Place
Somerset Capital loses two-thirds of assets as SJP severs ties - reports
Somerset went from managing $3.5bn in assets at the end of October to about $1bn, after SJP transitioned about £2bn away from Somerset on 20 November.
17.09 / 15:53
18.07 / 11:09
FIVE
Telegram
Ex-Credit Suisse trader's hedge fund hires top Deutsche trader
Last time we wrote about Ardacan Celebi, it was 2018, he was 30 years old, and he was making a ton of money as a comparatively junior trader on Deutsche Bank's credit desk in London. Five years later, Celebi is five years older and five years richer, and he's just left Deutsche for a hedge fund.
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