Jacob Rees-Mogg takes a hit as profits plunge at Somerset

Jacob Rees-Mogg’s investment firm warned that profits are likely to fall this year after it was hit by a downturn in global markets. 

Somerset Capital, which was co-founded by the MP in 2007, reported that profits for the year to the end of March 2022 were down by a third. 

The group reported a profit of just under £6.5m, down from £9.7m in 2021. It attributed the slump to lower management fees caused by a ‘fall in assets under management’, which are estimated at around £5.5billion. 

Payouts dropped, with the highest-paid member awarded a £471,842 share compared with £760,330 a year earlier. It is not known if Rees-Mogg is the highest-paid member. 

Somerset, which specialises in emerging market investments, also warned that its current financial year was likely to see profits ‘decrease further’ as a result of ‘weaker markets’. 

The profit tumble came amid speculation that Somerset Capital could be sold. Rees-Mogg owns around 12 per cent of the company and its steady flow of dividends make him one of Parliament’s highest-earning MPs.