Jacob Rees-Mogg shares £4m payout from Somerset Capital closure

Bumper payday: Jacob Rees-Mogg

Jacob Rees-Mogg is set for a bumper payday after his business was put into liquidation.

The former Tory MP, who lost his seat in the last election, will share a pot worth £4.4m following the demise of his firm Somerset Capital – which he co-founded with Edward Robertson and Lord Johnson in 2007. 

He is among 24 shareholders who are expected to claw money back.

Somerset announced plans to wind down last December after St James’s Place, its major client, cut ties because of poor performance. 

Liquidators from James Cowper Kreston were appointed to handle the wind down of the company last month and have found it in good health. 

Somerset Capital bowed out with a £4.4m financial surplus and no debts, according to a report of solvency filed at Companies House.

The surplus allowed Sir Jacob and his fellow shareholders to claim some of the remaining cash. A vote on Aug 1 resolved that the £4.4m sum would be divided ‘amongst members’ of the partnership.

The move marks the final act for Somerset Capital, a specialist emerging markets fund manager that had £7.6billion of assets under its command at its peak in 2018.