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Somerset Capital profits halved to £4.1m before winding down
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investmentweek.co.ukIn 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...
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