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

Somerset Capital Management’s profits in year to end of March dropped from £9.1m to £4.2m, accounts show

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.