Somerset Capital loses two-thirds of assets as SJP severs ties - reports
Somerset went from managing $3.5bn in assets at the end of October to about $1bn, after SJP transitioned about £2bn away from Somerset on 20 November.
According to reports from the FT, the termination of the relationship by St James's Place was described as a «blow» to the firm and «called into question its future».
Somerset Capital went from managing $3.5bn in assets at the end of October to about $1bn, after SJP transitioned about £2bn away from the firm on 20 November.
St James's Place reshuffles managers and alters charges on fund trio
Somerset Capital was running the SJP Global Emerging Markets fund and the SJP Emerging Markets Equity fund on behalf of SJP.
The GEM fund was managed by Somerset Capital co-founder Ed Robertson, while the emerging markets equity fund was managed by a team of Somerset Caital managers.
The company was founded in 2007 by Robertson, Jacob Rees-Mogg and Dominic Johnson, minister for investment.
St James's Place changes managers and reduces fees for two funds
Rees-Mogg left Somerset in 2019 and is a passive minority shareholder in the firm, while Johnson departed last year.
Robertson is the only founder that remains at the firm.
SJP noted the decision was part of a raft of changes to managers and charges on 20 November.
Somerset Capital declined to comment.
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