Somerset Capital Management funds seek new home as firm set to close following SJP redemptions

Two funds to be transferred

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.

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. Somerset Capital loses two-thirds of assets as SJP severs ties - reports "If agreed, this will ensure the seamless continuity of these funds and their managers, while positioning them for cont...

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