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UK investment manager unveils wealth operation
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Waverton Investment Management unveils wealth operation
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Somers Reports First Quarter 2021 Net Income
The filing stated:
Somers Limited [“Somers” or “the Company”, BSX: SOM.BH], a financial services investment holding company, today announces that following the record net income of $190.1 million for the first quarter of the year, the Company is pleased to report net income of $13.0 million for the quarter ended March 31, 2021.
Net Asset Value [“NAV”] per share at the end of March was $28.69, while shareholders’ equity was $625.0 million, an increase of 48.1% from the start of the financial year. Gearing remains modest at 12.8%.
Overview of the quarter ended March 31, 2021:
Shareholders’ equity of $625.0 million as at March 31, 2021 [September 30, 2020: $422.1 million].
ROYAL Bank of Scotland owner NatWest Group has offloaded part of its Adam & Company private banking operation, including the brand name. Canaccord Genuity Group has acquired the investment management business of Adam & Co in a cash deal worth £54 million. It comes two months after speculation emerged that NatWest was exploring the sale. The deal does not include Adam & Co s banking and lending business, which will now be rolled into the Coutts private bank operation.
READ MORE: A CouttsScotland team will be created and operated across three locations, while the Adam & Co business in London will be integrated into Coutts Coverage, NatWest said. The number of staff affected has not been disclosed.
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