What's happened
Somerset Capital Management, co-founded by Jacob Rees-Mogg, is winding down after losing its largest client, St James's Place.
Why it matters
The closure of Somerset Capital Management, co-founded by a prominent UK politician, and the loss of its largest client, is significant for the finance industry and the UK political landscape.
What the papers say
The Guardian reports that Somerset Capital Management is winding down after losing its largest client, while The Times and The Independent provide additional details about the firm's history and the impact of the client loss.
How we got here
Somerset Capital Management, co-founded by Jacob Rees-Mogg, has seen a drastic loss of business after St James's Place pulled plum mandates worth more than
£2 billion, leading to the firm's decision to wind down.
More on these topics
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Jacob William Rees-Mogg is a British politician serving as Leader of the House of Commons and Lord President of the Council since 2019, and who has served as Member of Parliament for North East Somerset since 2010.
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St. James's Place plc is a British multinational wealth management business based in Cirencester, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.