A Bermuda-based company has changed the name of a multi-billion dollar London subsidiary.

Somers Ltd — itself formerly known as Bermuda National Ltd, owner of the Bermuda Commercial Bank — announced its JO Hambro Investments Management, which has $7 billion of assets under management, is to be renamed Waverton Investment Management.

Hugh Grootenhuis, chief executive of Waverton, said: “The business has been through a year of exciting progress and the change of our name to Waverton is part of that journey.

“As a firm, we are committed to offering clients an exceptional investment service and will continue to invest in our internationally focused investment resources.

“Our aim remains to be acknowledged as one of the leading independent investment management firms.”

The London-based specialist investment manager provides discretionary portfolio management for private clients, charities and institutions and offers a range of offshore funds through its Dublin-based arm, Waverton Fund.

Somers owns 62.5 percent of Waverton, as well as extensive holdings in Bermuda and elsewhere.