Jacob Rhys-Mogg expects potential windfall income from the sale of Somerset Capital.Jacob Rhys-Mogg

A 12-year-old boy drove through London in the back of a Rolls-Royce in the early 1980s Jacob Rhys-Mogg Proudly declared his ambition: “I always wanted to be rich.”

A staunch supporter of then-Prime Minister Margaret Thatcher, the attractive young man said he put his plan into action five years ago when he invested his £50 inheritance in shares of utility company GEC. He calmly explained to the reporter of

Now a billionaire, the newly appointed business secretary could benefit further from the potential sale of Somerset Capital Management, the investment firm he launched in 2007.

Somerset co-founder and CEO Dominic Johnson prepares to follow in Reese Mogg’s footsteps into politics, negotiations underway to sell Somerset was revealed Thursday.

The sale could result in multimillion-pound payments to the business minister, who in 2019 stopped receiving wages from the company but remains a shareholding member. His stock holdings are understood to be in his early teens. Somerset is believed to have been valued at between £70m and £100m in 2018 when merger talks with the US company fell through. At the time, he managed $10 billion in combined private and institutional assets, which he has since reduced to $5 billion.

media reports suggest Die-hard Brexit supporters have pocketed at least £7m in dividends from Somerset since the 2016 EU referendum. Before he stopped receiving salaries, Rees-Mogg was receiving around £15,000 a month from the company in addition to his MP’s salary.

Somerset has traditionally invested in publicly traded companies based in emerging markets such as China, South Korea, India and Mexico, whose holdings were overseas and thus benefited from the drop in the value of the pound after the Brexit vote. believed to have received.

His payments from Somerset continue despite being a so-called sleeper shareholder who no longer plays an advisory role on investment strategy or business operations. Rhys Mogg reportedly received a dividend worth at least £600,000 last year, according to The New York Times, but £800,000 a year earlier after a 35% drop in profit, partly related to the sale of emerging markets. decreased from

An analysis of the company’s investments, based on data provided by research firm Morningstar, points to major Chinese companies including Alibaba and Tencent, which operates the social media platform WeChat and owns stakes in Spotify, Tesla, Snapchat, Monzo and Reddit. investment.

It also has investments in Samsung and chip maker Taiwan Semiconductor Manufacturing, which will supply Apple’s iPhone and Mac next year.

Somerset also owns Infosys, the global IT company founded by Indian billionaire NR Narayana Murthy (father-in-law of former Prime Minister Rishi Sunak), Taco Bell owner Yum China, beer companies Budweiser and Heineken. also reached out.

The data also indicates that the company has made small payments to a handful of Russian companies, including search engine Yandex, online recruitment agency Headhunter, and TCS Holding Group, which owns Tinkov Bank, the country’s second largest credit card issuer. It also shows that you own the stock.

William Rhys Mogg’s father, Cabinet Minister, who was the editor of The Times throughout the 1970s, said: promised to reduce his stake at Somerset. He also owns two apartments in his mall, a former schoolhouse near Gournay Court (where his mother lived, a Grade II* registered Somerset Mansions), Midsummer Norton bungalows, and a vast real estate portfolio.

Prior to founding Somerset, Rhys Mogg worked for hedge funds in Hong Kong and Mayfair and is one of the wealthiest ministers in Prime Minister Liz Truss’ Cabinet.

Spear’s Wealth Management estimated in 2019 that his net worth was “well over £100 million”. This also explains the expected inheritance of his wife Lady Helena de his chair, whose mother is said to have his £45million fortune.

Somerset partner Oliver Crawley emphasized that Rees-Mogg had not been involved in the company’s investment decisions for more than a decade. “Partnership interest in Somerset is on hold pursuant to a ministerial order,” he added.

Reese Mogg, who was contacted by The Guardian via the business department, did not immediately respond to a request for comment.

https://www.theguardian.com/politics/2022/sep/23/jacob-rees-mogg-in-line-for-potential-windfall-from-sale-of-somerset-capital Jacob Rhys-Mogg expects potential windfall income from the sale of Somerset Capital.Jacob Rhys-Mogg

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