Brexit Hardliner Rees-Mogg Quits His Investment Firm for Cabinet

(Bloomberg) -- Jacob Rees-Mogg, an influential Brexit backer in the U.K. Parliament, left the investment firm he co-founded in 2007 to assume a role in Prime Minister Boris Johnson’s cabinet.

He stepped down from Somerset Capital Management in accordance with the rules for cabinet ministers, according to a statement on Thursday. Rees-Mogg was elected to Parliament in 2010, after which he stepped back from the running of the firm, serving as an adviser.

Rees-Mogg, 50, was appointed leader of the House of Commons, moving from the back benches to a senior role for the first time. He has long been a staunch supporter of Britain’s withdrawal from the European Union, and backed Johnson’s leadership bid.

Somerset Capital is an asset manager focused on emerging markets, and has about $7 billion of assets under management, according to its website.

To contact the reporter on this story: Lucca de Paoli in London at gdepaoli1@bloomberg.net

To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Patrick Henry, Ross Larsen

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