US-based investment manager Polen Capital will assume control of Somerset Capital Management’s UK fund range following the latter’s announcement of closure earlier this month, according to reports.
Co-founded by Jacob Rees-Mogg and Minister for Investment Dominic Johnson, Somerset Capital faced this decision, prompted by the loss of a key mandate from UK wealth manager St James’s Place, which constituted a significant portion of its assets under management.
To facilitate this transition, a team of Somerset’s portfolio managers, including Mark Williams overseeing the Asia Income and Emerging Market Dividend Growth strategies, will be integrated into Polen Capital’s emerging markets team located in London and Asia.
A Somerset Capital spokesperson emphasized that this move aims to ensure the “continuity of investment process and fund objectives.”
AssetCo was one of the companies expressing interest in taking over these funds.
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