Somerset Capital Management, the emerging markets investment manager co-founded by U.K. politicians Jacob Rees-Mogg and Dominic Johnson, is closing its institutional business in London.
The firm was founded in 2007 by Rees-Mogg, Conservative member of Parliament for North East Somerset who has held roles including former secretary of state for business, energy and industrial strategy, and minister for Brexit opportunities and government efficiency. Johnson served as minister of state in the Department for Business and Trade, and formerly minister for investment in the Department for International Trade.
Edward Robertson also is listed as co-founder and manager, global emerging markets, on the firm's website.
A notice on Somerset Capital's website said the firm "is in advanced talks" to transfer its "top-performing funds to a new investment adviser."
The firm recently lost about two-thirds of its assets when wealth manager St. James's Place pulled its business, leaving Somerset with about $1 billion in a under management, Bloomberg reported citing the Financial Times.
"It has been a privilege to manage capital for world-leading institutions and clients for over 16 years," said Oliver Crawley, partner, in the notice. "I am incredibly proud of all we have achieved in that time through the hard work and skill of our dedicated team."
Somerset's U.K. strategies, including its Somerset Asia Income Fund and the Somerset Emerging Market Dividend Growth Fund, as well as their key investment team, are looking to move to a new firm while retaining the existing strategy and third-party infrastructure, the notice added.
A spokesperson declined to comment beyond the notice.