The largest investment of a Bermuda financial services investment holding company is part of a consolidation agreement that is expected to close later this year.

Waverton Investment Management Limited has agreed to merge with London & Capital Group, the global wealth and asset manager based in London.

This will result in Somers receiving two thirds of its consideration in cash on completion, together with a significant shareholding in the combined new business. The exact details were not released.

The transaction is subject to various conditions, including regulatory approvals, and is expected to complete in mid-2024.

Peter Durhager, the chairman of Somers, said: “Somers has been a shareholder in Waverton since 2013 and we are delighted to realise part of our investment but also to continue as a significant shareholder in the combined new business.

“We will update shareholders once the necessary regulatory approvals have been received and the merger can be completed.”

The core expertise of London & Capital Group is managing investments for wealthy families. The company said it builds investment strategies designed to last and helps clients to achieve their long-term financial goals.

The group’s webpage states: “Many of our clients are international, with finances, business interests, property and family across multiple countries. We provide clear comprehensive financial strategies and global reporting regardless of currency or location.”

Somers is a listed financial services investment holding company whose major assets include a 54.6 per cent holding in Resimac Group Limited, a leading nonbank Australian financial institution with A$14.2 billion assets under management, and a 61.4 per cent holding in Waverton Investment Management Group Limited, the British wealth manager with £14.7 billion of funds under management and administration.

Somers, which has shareholders’ funds of approximately £271 million, has shares publicly traded and listed on the Mezzanine Market of the Bermuda Stock Exchange.