Driving around London in in back of Rolls-Royce in early 1980s, 12-year- old Jacob Rees-Mogg proudly declared his ambitions: “I have always wanted to be rich.”
dressed young man who was already ardent supporter of then-prime minister Margaret Thatcher calmly explained to a French reporter that he plans in petition five years earlier when he invested a £50 inheritance in in shares of utility firm GEC.
Now a millionaire many times over newly installed business secretary may be set for further windfall from a potential sale of Somerset Capital Management, the investment firm he helped launch in 2007.
He showed up on Thursday that the talks were under way sell Somerset as co-founder and chief executive Dominic Johnson gears up follow in Rees-Mogg steps and transition to a career in politics.
Sale may result in multi-million dollar payout for in business minister, who stopped receiving wages from the company in 2019 but remains shareholder. It is assumed that his shareholding in low teens though it is information not in public available. In 2018, during fruitless merger talks with The American firm Somerset is believed to be valued at between £70 million and £100 million. At the time, he was managing $10 billion. of assets on on behalf of of combination of individual and institutional investors, although this has since fallen to $5 billion.
The stalwart Brexiter has pocketed at least £7m, according to media reports. in Dividend from Somerset after EU referendum in In 2016 and before he stopped receiving his salary, Rees-Mogg received around £15,000 a month from the firm. on Top of his deputy’s salary.
Somerset has traditionally invested in registered companies founded in emerging markets including China, Korea, India and Mexico and are believed to have benefited from drop in Meaning of pound after Brexit vote because his possessions were overseas.
His payments from Somerset continue despite being a so-called sleeper shareholder. who doesn’t play anymore role in counseling on investments strategy or running of in business. Rees-Mogg reportedly received a dividend worth at least £600,000 last year, according to the Times, although it was down from £800,000 per year year earlier due to a 35% drop in profit associated in part to emerging markets sell-off.
Analysis of firm’s investments on data provided research agency Morningstar, shows possessions in major Chinese companies, including Alibaba and Tencent, which runs social media WeChat platform and keep rates in Spotify, Tesla, Snapchat, Monzo and Reddit.
There is also rates in Samsung and chip maker Taiwan Semiconductor Manufacturing, which is reportedly in line for the supply of iPhone and Mac from Apple next year.
Somerset has also took the boat on Infosis is global An IT company founded by Indian billionaire N. R. Narayana Murthy, father-in-law of former Chancellor Rishi Sunak, and owner of Taco Bell Yum China and beer companies Budweiser and Heineken.
Data also shows firm keeps small rates in A handful of Russian firms, including the Yandex search engine, online recruiting company HeadHunter and TCS Holding Group, in queue owns second-largest loan card Issuer, Tinkoff Bank.
Cabinet minister whose father, William Rees-Mogg, was the editor of The Times throughout the 1970s, previously committed to reduce his bet in Somerset. He also keeps stretched property portfolio including two apartments in Pall Mall, owned by his company Saliston, as well as former schoolhouse near Gurney Court, a Grade II* listed mansion in Somerset where his mother – and bungalow in Midsomer Norton.
Before installation up Somerset, Rees-Mogg worked for hedge funds in Hong Kong and Mayfair, and one of richest ministers in prime minister Office of Liz Truss.
According to Spear’s Wealth Management in 2019 what its net worth it was nice over £100 million”, a figure that also accounted for for expected legacy of his wife, Lady Helena de Shire, whose mother He is said to have had a fortune of £45 million.
Oliver Crowley, partner at Somerset, stressed that Rees-Mogg never played role in Any of firm investment decisions for over decade. “Any partnership interest in Somerset held in postponement in conformity with ministerial code,” he said. added.
Rees-Mogg, who contacted the Guardian via in business department did not immediately respond to inquiries for comment.