Somerset Capital profits halved to £4.1m before winding down

Annual report

Somerset Capital Management’s profits tanked by more than half in the year to 31 March 2023, before it decided to wind down.

In 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...