Jacob Rees Mogg's former asset management staff are looking for jobs in London
It's not just Aberdn and Baillie Gifford that are cutting jobs in the asset management space. Somerset Capital Management, the wealth management firm founded by Conservative MP Jacob Rees-Mogg is also unleashing employees onto the market.
Somerset shut down in December after losing two thirds of its assets and its largest client. When it last filed accounts, in January 2023, the fund employed 33 people and had 19 partners.
Some sources at Somerset say they're technically still employed for a few more weeks but others are out touting their CVs in what's still a tight market. One investment employee said things are pretty quiet and interview processes are elongated but that people are still securing interviews and "getting picked off."
"It helps that most employees at Somerset were held in high regard within the market, I think," he adds. "I have my fingers crossed for everyone!"
Although it was founded by Jacob Rees Mogg, Somerset was run by co-founders Dominic (aka Baron) Johnson and Edward Robertson, who ran the global emerging markets team.
The fund made £6.5m in profits to be distributed between its members in 2022.
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