Somerset Capital Management profits dip under EM volatility

Founding partners release 3.3% equity to partners

Somerset Capital Management's profits fell to £19.5m in 2019, down from £25.3m in 2018, as overall revenues fell 15% over the year to £38.8m.

Following a volatile year for emerging markets with uncertainty over global interest rates, Somerset's cash reserves dipped from £9.7m in the previous year to £4.9m as the firm took an overall £1,099 loss on investments for the year. The firm's one-year results to 31 March published today (8 August) also revealed a 3.3% equity stake released by the firm's three founders to its other 19 partners. The firm's 22 members, which includes partners and corporate members, will see the largest possible individual entitlement of £1.8m, with the majority of the pot going to working partners with...