Polen Capital takes over Somerset Capital Management's UK funds
As part of the transition, a team of Somerset portfolio managers, including Mark Williams, the portfolio manager of the Asia Income and Emerging Market Dividend Growth strategies, will be moved into Polen Capital’s emerging markets team in London and Asia.
Somerset Capital, co-founded by Jacob Rees-Mogg and minister for investment Dominic Johnson, revealed earlier this month that it was set to close after losing two-thirds of its assets from its largest investor, St James's Place, severing ties.
AssetCo eyes takeover of Somerset Capital Management funds
Somerset went from managing $3.5bn in assets at the end of October to about $1bn, after SJP transitioned approximately £2bn away from the firm on 20 November.
As part of the transition with Polen, a team of Somerset's portfolio managers, including Mark Williams, the manager of the Asia Income and Emerging Market Dividend Growth strategies, will be moved into Polen Capital's emerging markets team in London and Asia.
Somerset Capital Management funds seek new home as firm set to close following SJP redemptions
A spokesperson for Somerset Capital said this would ensure «continuity of investment process and fund objectives».
«Polen Capital has committed to undertake the promotion and distribution of the funds with a view to ensuring their future growth and longevity,» they said.
AssetCo was previously reported to be one of the companies interested in taking over the funds.
The firm declined to comment when contacted in response to the latest deal.
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