A Bermuda-based financial services firm spent almost $578,000 buying back its own shares in January.

Somers Ltd, formerly known as Bermuda National Ltd and which owns the Bermuda Commercial Bank, forked out the cash to acquire 48,000 of its shares at an average of just over $12 a share and cancelled them.

Somers Ltd director Alasdair Younie said the decision to buy the shares meant maximising return for shareholders.

He added that the January buying spree happened because, as the firm’s results came out around Christmas, they could not trade in shares until they had been audited.

Mr Younie said: “There is no particular reason — we are buying them back at less than their asset value — about $15. That is good for our shareholders.”

Somers Ltd is an exempt company, which owns all of the Bermuda Commercial Bank and a near-two thirds holding in UK wealth manager Waverton Investment Management, which has around $7 billion in assets under management.

In addition, the firm owns three-quarters of London Stock Exchange-listed Private & Commercial Finance Group, a UK asset financing firm, and around two-thirds of corporate and institutional stockbroking group Westhouse Holdings and 57 percent of Bermuda-based property developers West Hamilton Holdings.