Somers invests $1.4m in British law firm
The parent company of Bermuda Commercial Bank has made an investment in a British law firm that specialises in alternative assets such as hedge funds.
Somers Ltd, a financial services holding company based in Bermuda, said today through a statement filed with the Bermuda Stock Exchange that it had invested £1 million ($1.44 million) in MJ Group Holdings Ltd.
MJ Hudson was founded in 2010 by Matthew Hudson as a law firm for the alternative asset management and investment industry.
The investment is in the form of a five-year convertible loan note with a six-month option to invest a further £2 million on the same terms. The full £3 million investment would represent 13 per cent of the enlarged share capital of MJ Hudson.
Warren McLeland, chairman of Somers, said: “We are very pleased to support the growth of MJ Hudson and fully expect there to be revenue synergies in both directions between MJ Hudson and our other investee companies.”
Matthew Hudson, founder and chief executive officer of MJ Hudson, said: “The Somers investment represents an important step forward in establishing a one-stop shop for asset managers in terms of all the legal, regulatory, fiduciary and operational services they require which will make us unique in the UK market, and we look forward to working closely with the broader Somers group.”