Somers' investments are predominantly Bermuda, UK and Australia based with these three jurisdictions together accounting for 97.7% of total investments. In total, the Company's significant holdings account for 98.6% of total investments at December 31, 2016.
|Company||Country||Fair Value ($)||% of Total Investments|
|1||Bermuda Commercial Bank Limited||Bermuda||104,365,208||32.9%|
|2||Homeloans Limited (previously RESIMAC Limited)||Australia||86,025,390||27.1%|
|3||Waverton Investment Management Limited||UK||68,898,284||21.7%|
|4||West Hamilton Holdings Limited||Bermuda||27,077,532||8.5%|
|5||Ascot Lloyd Holdings Limited||UK||12,129,649||3.8%|
|6||Resimac Treasury Services (UK) Limited||UK||4,420,244||1.4%|
|7||MJH Group Holdings Limited||Jersey||3,697,500||1.2%|
|8||Stockdale Securities Limited
|9||Merrion Capital Holdings Limited||Ireland||3,051,694||1.0%|
Fair value figures are based on fair values as at December 31, 2016.
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Bermuda Commercial Bank Limited ("BCB") was formed by an Act of Parliament in February 1969 when it operated under the management of Barclays Bank plc.
While BCB is one of the four licensed banks in Bermuda, it is the only one dedicated solely to the needs of commercial, corporate and high net worth clients. BCB offers a full array of banking solutions, including private banking and wealth management, business banking, corporate administration, global custody and brokerage, trust administration and, through the recent acquisition of a 75% holding in the UK-listed Private & Commercial Finance Group plc, asset financing.
Homeloans Limited is a leading non-bank lending and multi-channel distribution business in Australia and New Zealand with a loan portfolio in excess of A$8 billion. Its shares are listed on the ASX and Somers owns approximately 59% of Homeloans with the balance owned by institutional and retail investors.
In October 2016, Homeloans merged with RESIMAC Limited to create a significant independent mortgage provider and mortgage securitization business with new annual originations of A$3 billion for the 12 months ended 30 June 2016.
Somers, in conjunction with Waverton Investment Management Limited’s ("Waverton") management and staff, acquired Waverton from Credit Suisse AG in August 2013. Somers owns 62.5% of Waverton with management and staff owning the balance.
Waverton is a London-based specialist investment manager which focuses on discretionary portfolio management for private clients, charities and institutions as well as offering a suite of in-house managed investment funds. Waverton is also the investment manager to nine Dublin-domiciled specialist funds.
Ascot Lloyd originated back in the 1930s but following a corporate transaction in 2003 was renamed Ascot Lloyd Financial Services Limited. On a fully diluted basis, Somers would be interested in approximately 44% of Ascot Lloyd.
Ascot Lloyd is an Independent Financial Adviser (IFA) with a number of offices across the UK. It provides a financial planning service for personal and corporate clients incorporating the use of protection products, investment products, pension planning and tax planning.
West Hamilton Holdings Limited ("West Hamilton") is a property holding and management company whose assets include a commercial property, the Belvedere Building, a 309-space car parking facility and a recently completed mixed use apartment building. The Belvedere Building is approximately 90% let and the car parking facility is 100% occupied with a significant waiting list.
Merrion plc ("Merrion") was established in 1999 as an independent financial services firm providing stockbroking, corporate finance advisory and fund management services to a mainly domestic Irish client base. Somers has a fully diluted interest in Merrion of 21%.
Merrion has a number of revenue streams including Private Clients, Retail Asset Management, Fixed Income, Corporate Finance and Merrion Investment Management ("MIM"). Between MIM and the private client business, Merrion has approximately €832 million of Assets under Management (AuM) .
Stockdale Securities Limited ("Stockdale"), formerly Westhouse Securities Limited, was formed in 2004 with the demerger of Brown Shipley’s corporate finance and broking business into a new company part owned by Kredietbank SA Luxembourgeoise and part by management. It acquired Arbuthnot Securities in 2012 and was subsequently renamed Stockdale in 2016. As at 30 September 2015, Somers was interested in 84.6% of Stockdale.
Stockdale is a corporate and institutional stockbroking group with a focus on sectors such as growth companies and investment funds. Its targeted market is the small and mid-market capitalised companies listed in London and it generates its revenue through equity research, sales, trading and corporate finance and broking revenues.