Somers Limited
| Public company | |
| Traded as | SOM.BH |
| Industry | Finance |
| Founded | 2012 |
| Headquarters | Hamilton, Bermuda |
| Website | http://somers.limited/ |
Somers Limited is an investment holding company based in Hamilton, Bermuda. Its shares are traded on the .
Somers Limited is a financial services investment platform, and the company targets investments primarily in the banking, wealth management and asset financing sectors. Somers Limited has contracted with an external investment manager, ICM Limited to manage its investments.
Somers' investments are predominantly in Bermuda, UK and Australia with these three jurisdictions together accounting for over 95% of total investments. Somers' gross assets at December 31, 2016 was US$328 million.
As at September 30, 2016 Somers Limited (Somers) has a relatively concentrated portfolio with investments which are primarily focused on the financial services sector (91.9% of the portfolio). Geographically, Bermuda accounts for 40.1% of the portfolio (2015: 60.3%), while the UK 29.6% (2015: 37.3%) and Australia 28.0% (2015: 0.3%), make up most of the balance. The Somers' portfolio consists of the following:
Bermuda Commercial Bank Limited is one of Bermuda’s four licensed banks and remained Somers’ largest investment in 2016. It accounts for 31.9% of the portfolio at the year end (2015).
Homeloans Limited (merged with RESIMAC Limited in 2016) is a leading non-bank lending and multi-channel distribution business in Australia and New Zealand with a managed mortgage loan portfolio of A$10.2 billion as at June 2017. Its primary activities are as mortgage manager, mortgage broker and in addition, originating, servicing and securitising mortgage assets. Its shares are listed on the Australian Stock Exchange and Somers owns approximately 59% of Homeloans with the balance owned by institutional and retail investors.
PCF Group (formerly Private and Commercial Finance Group) is a long established AIM-listed finance group that has recently been awarded a UK Bank Deposit Taking Licence. PCF Group's bank is PCF Bank, which offers both specialist bank providing vehicle and asset finance to consumers and businesses.
Waverton Investment Management Limited is a London-based specialist investment manager with £5.2 billion AUM which accounts for 23.4% of Somers’ portfolio (2015: 30.5%). Somers has a 62.5% holding in Waverton Investment Management Limited.
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