Somerset Capital loses two-thirds of assets as SJP severs ties - reports

Assets drop from $3.5bn to $1bn

Somerset Capital Management has lost over two-thirds of its assets under management as St James’s Place severed ties with the emerging markets specialist.

According to reports from the FT, the termination of the relationship by St James's Place was described as a "blow" to the firm and "called into question its future". Somerset Capital went from managing $3.5bn in assets at the end of October to about $1bn, after SJP transitioned about £2bn away from the firm on 20 November. St James's Place reshuffles managers and alters charges on fund trio Somerset Capital was running the SJP Global Emerging Markets fund and the SJP Emerging Markets Equity fund on behalf of SJP. The GEM fund was managed by Somerset Capital co-founder Ed Robert...