Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Jacob Rees-Mogg's boutique loses $225m US mandate

Jacob Rees-Mogg's boutique loses $225m US mandate

Jacob Rees-Mogg's funds boutique Somerset Capital Management has lost a $225.2 million (£172 million) mandate with a US investment firm. 

According to our US sister site, Citywire Professional Buyer, Brown Advisory has overhauled its emerging markets equity fund, dropping subadvisor Somerset and replacing it with Wellington Management Company and Pzena Investment Management.

As a result, the firm will change the name of the fund, from Brown Advisory Somerset Emerging Markets to the Brown Advisory Emerging Markets Select fund.

Launched in 2012, the Brown Advisory Somerset Emerging Markets fund is ranked 179 out of 198 Emerging Markets Funds tracked by Citywire for three-year total returns to the end of January.

Over that period, it returned 23.6% compared to the average fund in the category, which was up 39.9% and the MSCI Emerging Markets NR USD index, which rose 51.7%.

It had been run since inception by Somerset managers Edward Lam and Edward Robertson

London-based Somerset Capital Management specializes in global emerging markets and was founded in 2007 by Robertson, alongside Dominic Johnson and Brexiteer Rees-Mogg (pictured), who holds a stake of between 15% and 18% in Somerset. 

The split in assets of the Brown fund, between new subadvisors Wellington and Pzena, has not been disclosed. Wellington's sleeve will be managed by Niraj Bhagwat, while Pzena's will be run by Citywire AA-rated Rakesh Bordia and Allison Fisch as well as Citywire + rated Caroline Cai and John P. Goetz.

Manager research and due diligence at Brown Advisory are overseen by Jordan Wruble, portfolio manager and head of manager research at the firm.

To learn more about his process for picking managers, please click here

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Edward Robertson
Edward Robertson
130/254 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 48.15%
Edward Lam
Edward Lam
220/254 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 33.31%
John Goetz
John Goetz
40/254 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 58.35%
Allison Fisch
Allison Fisch
41/254 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 58.35%
Caroline Cai
Caroline Cai
39/254 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 58.35%
Rakesh Bordia
Rakesh Bordia
42/254 in Equity - Global Emerging Markets (Performance over 3 years) Average Total Return: 58.35%
Niraj Bhagwat
Niraj Bhagwat
7/149 in Equity - Asia Pacific Excluding Japan (Performance over 3 years) Average Total Return: 74.62%
Your Business: Cover Star Club

Profile: how Tiller believes it's cracked robo-profitability

Profile: how Tiller believes it's cracked robo-profitability

Ian Cadby and Jonathan Wauton of Tiller Investments believe they have developed the next generation of digital wealth platform.

Wealth Manager on Twitter