Profits at the fund co-founded by Sir Jacob Rees-Mogg halved in the year before its closure, new accounts show. Somerset Capital Management, co-founded by the senior Tory MP, delivered profits of £4.2m in 2023, down from £9.1m the year prior. It added: “The lower management fees were caused by a fall in the assets under management during the period.” Somerset …
A city tycoon who founded an investment fund with Jacob Rees-Mogg has been handed a peerage and appointed as a minister. Dominic Johnson set up Somerset Capital Management with the Business Secretary in 2007, and has since become an influential figure within the Conservative Party. Mr Johnson and Mr Rees-Mogg were previously colleagues at a different investment firm, Lloyd George …
