Feature | Currency hedging


Britain’s perilous journey out of the Euro- pean Union (EU) has so far been lucrative for Jacob Rees-Mogg. The leader of the House of Commons and prominent Brexi- teer stands accused of “banking on Brexit”.


Somerset Capital Management, the emerg- ing market investment firm he co-founded, has benefited from the falling pound, which has boosted profits for US dollar-de- nominated emerging market funds.


46 | portfolio institutional | October 2019 | issue 87


The MP for North East Somerset has since resigned from his advisory role at Somerset to comply with the Ministerial Code, which aims to prevent financial conflicts of inter- est. Yet he retains a 15% stake in the


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