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The Guardian - UK
The Guardian - UK
Politics
Rupert Neate Wealth correspondent

Profits in Rees-Mogg’s investment firm halved in year before closure announced

Jacob ReesMogg Somerset Somerset Capital Management
Jacob Rees-Mogg talking and gesturing
Jacob Rees-Mogg’s assets include a £5m house behind Westminster Abbey in London and the freehold of a building in Pall Mall, reported to be worth £4m. Photograph: Christopher Thomond/The Guardian

Profits at Somerset Capital Management, the investment firm co-founded by Jacob Rees-Mogg, more than halved in the year before managers announced the once-$10bn fund would be wound down.

Accounts filed at Companies House on Thursday show Somerset Capital Management’s profits in the year to 31 March 2023 dropped to £4.2m from £9.1m the previous year, and £13.5m in 2021.

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