#enterprise Somerset sale windfall for Business Secretary Jacob Rees-Mogg
Rees-Mogg set for huge windfall as asset administration agency he co-founded considers merger
The asset administration agency arrange by Jacob Rees-Mogg is exploring a sell-off that would web thousands and thousands for the brand new Business Secretary.
Somerset Capital, which manages about £4.4billion, might merge with one other cash supervisor. Chief govt Dominic Johnson is getting ready to step down forward of a possible transfer into politics.
Johnson, a former Conservative occasion vice-chairman, co-founded Somerset with Rees-Mogg 15 years in the past.
Payout: Business Secretary Jacob Rees-Mogg based Somerset Capital, which manages about £4.4bn, with former Conservative occasion vice-chairman Dominic Johnson
The Business Secretary nonetheless owns a stake within the low to mid-teens and receives dividends, whereas Johnson has round 15 per cent.
Somerset’s personal worth has suffered lately, with earnings falling because of a sell-off in rising markets and a common world market downturn.
Its earnings have been down 34 per cent to £9.7million through the 12 months to March 2021, whereas turnover slumped by 20 per cent.
But analysts consider it might nonetheless fetch as a lot as £70million. It is known one potential purchaser is Emso Asset Management, which additionally specialises in rising markets.
Rees-Mogg has had restricted enter lately, having resigned from his advisory function at Somerset in 2019 when he was appointed to the Cabinet.