
London-based Somerset Capital Management said it was in advanced discussions to transfer its key UK funds, along with their investment managers, to a new investment adviser, but would be "closing its wider institutional business in London."
Somerset has seen its assets under management plunge after its biggest client, St James's Place, last month ended its relationship with the firm, dealing a massive blow as it withdrew a reported 2.5 billion US dollars (£2 billion) in assets.
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Your guide to avoiding 'Awful April' price hikes
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