Somerset Capital Management to close after SJP redemptions

Two funds to be transferred after firm shuts

Elliot Gulliver-Needham
clock • 1 min read

A duo of Somerset Capital Management funds are seeking a new investment adviser as the emerging markets firm co-founded by Jacob Rees-Mogg and minister for investment Dominic Johnson reveals it is set to close after suffering massive outflows from St James's Place (SJP).

In a statement, the firm said it was in advanced talks with its authorised corporate director to transfer its top performing funds to a new investment adviser. The Somerset Asia Income and Somerset Emerging Market Dividend Growth funds, along with their key investment team, are seeking to transition to a new investment adviser but would retain the existing fund and third-party infrastructure. "If agreed, this will ensure the seamless continuity of these funds and their managers, while positioning them for continued growth," the firm said. Somerset was founded in 2007 by Rees-Mogg, ...

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