Somers Limited

Somers Limited is an investment holding company based in Hamilton, Bermuda.[1] Its shares are traded on the Bermuda Stock Exchange.[2]

Somers Limited
TypePublic company
SOM.BH
IndustryFinance
Founded2012
HeadquartersHamilton, Bermuda
Websitehttp://somers.limited/

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 to manage its investments.

Somers' investments are predominantly in Australia, Bermuda, and the UK, with these three jurisdictions together accounting for over 95% of total investments. Somers' gross assets at September 30, 2020 was US$508.6 million.[3]

Portfolio Summary

As at September 30, 2020 Somers Limited (Somers) has a relatively concentrated portfolio with investments which are primarily focused on the financial services sector. Geographically, Australia accounts for 56.9% (2019: 41.5%), Bermuda for 19.1% of the portfolio (2019: 26.8%), while the UK comes to 21.7% (2019: 28.4%). The Somers' portfolio consists of the following:[4]

Resimac Group Limited is a leading non-bank lending and multi-channel distribution business in Australia and New Zealand with a managed mortgage loan portfolio of A$15.0 billion as at September 30, 2020. 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 Securities Exchange and Somers owns 62.5% of Resimac Group Limited, with the balance owned by institutional and retail investors.

Bermuda Commercial Bank Limited is one of Bermuda’s four licensed banks and remains one of Somers’ largest investments. It accounts for approximately 13% of the portfolio at September 30, 2020.

Waverton Investment Management Limited is a London-based specialist investment manager with £6.5 billion AUM, and Somers has a 62.5% holding in this investment.

PCF Group (formerly Private and Commercial Finance Group) is a long established AIM-listed finance group that was awarded a UK Bank Deposit Taking Licence in 2016. PCF Group's bank is PCF Bank, which offers retail savings products and financing products for retail and corporate segments. Somers has a 64.6% holding in PCF Group.

West Hamilton Holdings Limited is a Bermuda Stock Exchange listed property investment and management company with property assets in Bermuda and in which Somers has a 57.0% equity interest.

AK Jensen is a hybrid business which provides brokerage and software to its clients as well as providing hedge fund services, including a hedge fund platform to hedge fund managers enabling them to set up a hedge fund at low cost, trade through AK Jensen’s proprietary technology platform, and operate under the AK Jensen regulatory framework. AK Jensen has created AKJ Crypto, a front-to-back, tier one solution for digital asset hedge fund managers, and they also offer participation in the platform security token AKJ Token.

Thorn Group Ltd is an Australian financial services organisation offering consumer and commercial options for leasing products and financing solutions.

MJ Hudson is a UK based specialist law firm and asset management services provider. MJ Hudson was founded in 2010 as a law firm, and it is now a multi-services and infrastructure business, and a one-stop outsourcer for asset managers and investors encompassing legal, operating and regulatory, fiduciary, administration and reporting, and investor relations services.

Other Investments: Somers Limited has a number of other smaller investments which are a mixture of both unlisted and listed holdings. As at September 30, 2020 Somers has funds directly and indirectly under management of over US$19.9 billion[5] (2019: US$17.7 million).

History

Somers Limited was founded in 2012 as Bermuda National Limited[1][6] when Bermuda Commercial Bank Limited, founded in 1969, created a new holding company.

In 2013, Somers made acquisitions including:

  • Private and Commercial Finance Group plc, and
  • Waverton Investment Management, formerly known as J. O. Hambro Investment Management from Credit Suisse Bank[6]

In the 2014 financial year, Somers' key acquisitions included:

  • An investment in Ascot Lloyd Holdings Limited bringing Somers' total potential economic interest to 32.5%
  • An increased shareholding in Westhouse Holdings plc to 84.6%
  • A 6.6% interest in Merrion Capital[7]
  • A 23.8% shareholding in Incol Limited (“Incol”).[8] Incol is a funding platform for financial institutions

In the 2015 financial year, Somers' key transactions included:

  • Sale of holding of shares and convertible loan notes in Private and Commercial Finance Group plc to its wholly owned subsidiary, Bermuda Commercial Bank Limited[9]
  • Acquisition of an additional 1,222,949 shares in West Hamilton Holdings Limited from BCB bringing Somers’ total holdings to 57.1%

In the 2016 financial year, Somers' key transactions included:

  • Acquisition of a 79% shareholding in RESIMAC Limited (subsequently merged with ASX listed Homeloans Limited resulting in a 59% holding in Homeloans[10]), with a combined loan portfolio at the time of A$13 billion
  • In September 2016, Somers acquired a 13% economic interest in MJ Hudson[11]

In the 2017 financial year, Somers' key transactions included:

  • RESIMAC Limited merged with Homeloans Limited in October 2016, resulting in a 59% shareholding[12]
  • Sale of holding of all shares in Ascot Lloyd Holdings Limited, to CPL Bidco Limited[13]

In the 2018 financial year, Somers' key transactions included:

  • Acquisition of 38% of AK Jensen's issued shared capital[14]
  • Acquisition of 94.5 million shares in PCF Bank from Bermuda Commercial Bank[15]
  • Sale of holding of all shares in Merrion Capital Limited, to Cantor Fitzgerald Ireland Limited[13]

In the 2019 financial year, Somers' key transactions included:

  • Completion of the sale of holdings in Stockdale Securities and Street Capital Group[16]

In the 2020 financial year, Somers' key transactions included:

  • Agreement to sell Bermuda Commercial Bank, subject to government and regulatory approvals
  • Somers received final consideration for the sale of holdings in Stockdale Securities

Board of directors
  • Warren McLeland - Chairman of Somers Limited, a Non-Executive Director of Resimac Group Limited[17] and former Senior Managing Director with Chase Manhattan Bank (now JP Morgan Chase)
  • David Morgan - Deputy Chairman of Bermuda Commercial Bank Limited,[18] Non-Executive Director of Waverton Investment Management Limited,[19] and PCF Group PLC[20]
  • Charles Jillings - Chief Executive of ICM Investment Research Limited and ICM Investment Management Limited,[21] and a Director of ICM Limited,[21] and Waverton Investment Management Limited[22]
  • Alasdair Younie - Director of ICM Limited,[21] and a Non-Executive Director of Ascendant Group Limited,[23] Bermuda Commercial Bank Limited,[18] Bermuda First Investment Company Limited,[24] West Hamilton Holdings Limited[25] and One Communications Ltd (nee KeyTech Limited)[26]
  • Peter Durhager - Chairman of Ascendant Group Ltd[27] and the Bermuda Community Foundation,[28] Non-Executive Director of Harrington Re[29] and F&G Re, and former President of Renaissance Services Ltd

Sponsorship

Somers Limited announced in 2014 a four-year corporate sponsorship of the Bermuda Olympic Association, covering the next Olympiad which includes the 2016 Summer Olympics in Rio, and the 2018 Winter Olympics in Pyeongchang. As part of the partnership, the Bermuda Olympic Association introduced a youth education programme promoting wellness and involvement in sport.

References
  1. Somers Limited, Bloomberg Business
  2. Bermuda Stock Exchange: Somers Limited
  3. "Somers Q4 2020 Financial Results" (PDF). Somers Limited. Retrieved January 14, 2021.
  4. "Somers Portfolio". Somers Limited. Retrieved January 14, 2021.
  5. "Somers Limited Assets under Management". Somers Limited. Retrieved January 14, 2021.
  6. James Phillipps, JO Hambro Investment Management rebrands as Waverton, Citywire, 13 January 2014
  7. "Somers Limited Financial Results for the nine months ended June 30, 2014" (PDF). www.bsx.com. September 11, 2014.
  8. "Somers Limited 2014 Annual Report" (PDF). www.bsx.com. February 2015.
  9. "Company Overview of Bermuda Commercial Bank Limited". Bloomberg Businessweek. 15 November 2015.
  10. "Homeloans-RESIMAC merger beefs up scale in non-bank mortgage market". ABC News. 2016-07-21. Retrieved 2017-03-13.
  11. "Somers Limited Invests In MJ Hudson Holdings". bernews.com. May 11, 2016.
  12. "Change of Company Name to Resimac Group Limited" (PDF). ASX. Retrieved January 14, 2019.
  13. "Somers Limited Sale of Merrion Capital Holdings Limited Investment" (PDF). Retrieved January 14, 2019.
  14. "Somers 2018 Annual Report" (PDF). September 30, 2018. Retrieved January 14, 2019.
  15. "Acquisition of shares in PCF Group plc" (PDF). Somers Limited. Retrieved January 14, 2019.
  16. "Somers Limited Announces Financial Results". Bernews. December 14, 2019. Retrieved February 28, 2020.
  17. "Resimac Group Board of Directors". Resimac Group Limited. Retrieved January 14, 2019.
  18. "Bermuda Commercial Bank Board of Directors". www.bcb.bm.
  19. "Waverton's Executive Team". www.waverton.co.uk.
  20. "Private and Commercial Finance Group Board of Directors". www.pcfg.co.uk.
  21. "ICM Limited Board of Directors". www.icm.limited.
  22. "Executive Team". Waverton Investment Management. March 31, 2017.
  23. "Ascendant Board of Directors". www.ascendant.bm.
  24. "Financial Results for the six months ended December 31, 2015" (PDF). March 22, 2016.
  25. "West Hamilton Holdings Ltd". Bermuda Stock Exchange. March 31, 2017.
  26. "Board of Directors". KeyTech Limited. March 31, 2017.
  27. "Durhager Elected Chairman of Ascendant Group". The Royal Gazette. June 19, 2014. Retrieved September 12, 2018.
  28. "Board and Governance". Bermuda Community Foundation. Retrieved September 12, 2018.
  29. "Board of Directors". Harrington Re. Retrieved September 12, 2018.
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