- Dec 11, 2018
Tory toff Jacob Rees-Mogg’s firm stands to make a fortune out of the turmoil caused by the coronavirus crisis.
Somerset Capital Management says investors have a “once in a generation” chance of “super normal returns”.
The MP owns at least 15 per cent of a company investing in businesses hit by falling share values.
Mr Rees-Mogg stood down as a director of SCM to become Leader of the House of Commons. SCM said it was focusing on clients’ long-term security.
It came as the UK death toll rose by a record 708 – including a boy aged five.
As millions face financial misery, SCM managers are buying into businesses where valuations have tumbled – but should bounce back. Potential gains of 500 per cent are touted.
SCM’s strategy comes amid a crisis that has killed 63,899 globally, while a further 1,118,499 are infected. The UK death toll yesterday rose 708 to 4,313. Some 41,903 have tested positive.
While the economic impact has seen almost a million Brits sign up for Universal Credit, finance houses have been quick to move.
Mr Rees-Mogg, 50, stood down as a director of SCM so he could become Leader of the Commons last July. But he owns at least 15 per cent, meaning he was entitled to a reported £1million share of last year’s £19.5million profits.
EXCLUSIVE: Somerset Capital Management, which the MP co-founded, says market volatility offers a “once or twice in a generation” opportunity to make “super normal returns”