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Dominic Johnson is a highly profitable investment firm with some of the largest institutions in the world. He concedes, however, it is unlikely that we will have this interview if it was not for his famous partner – some say infamously famous.
"Jacob is great for the company. We have a much better reputation than if we had not involved, "he says about Jacob Rees-Mogg, the British politician whose eccentric style and thirst for Brexit make it the only one in the world. one of the most controversial British figures.
"I try to separate what he stands for as a person from his politics. I think it's perceived as. . . a man of great integrity, great honesty and a perfectly decent, fair and courteous person. That's what people say, whoever they are and what they think from their point of view. These values reflect Somerset very well and I am proud of that. "
Somerset Capital Management, the emerging markets boutique co-founded with Edward Robertson, announced national news last summer by launching a feeder fund domiciled in Dublin for its flagship offering and warning its clients of "consequences". Negative "Brexit on the fund. The story also led to a scrutiny of the money that Mr. Rees-Mogg had received from the company at a time when he was perceived as an underdog to become the next British prime minister.
"The company is launching an Irish company OEIC or Icav" does not exactly make headlines, but it was, "recalls Johnson, who adds that a documentary Channel 4 Millionaires of Brexit, presenting the details of Mr. Rees-Mogg's income in Somerset, elicited an unexpected response. "Frankly, it was a huge breath of fresh air to explain our success. My grandmother saw it and sent me an email to say, "I did not know you had done so well."
Messrs. Johnson, Rees-Mogg and Robertson each hold between 15% and 20% of the trade, which earned their owners 25 million pounds last year. Mr. Rees-Mogg has also earned a salary of £ 187,900 in the last 12 months, according to the Members' Register of Financial Interests. Mr. Johnson did not provide details of his Somerset earnings for this article.
The three partners have started a decade to reduce their participation in society to a maximum of 10% in the transfer of activities to the next generation. Johnson said this fits with his philosophy of promoting sustainability and aligning interests within the company.
"I describe myself as an egalitarian Thatcherite, which is really true because I think people are motivated; we want to create wealth for our customers and for ourselves, but we want to do it in a meritorious way and that also has an element of equality, "he said when we went met at the company's office in an elegant Victorian apartment building, near Victoria Station.
"Finance is very likely to have a banker, a rainmaker and a star fund manager. I just tried desperately to get away from it all the time. "
Crispin Odey, the hedge fund manager and largest funder, supported Somerset when it was founded and was an early investor. He is not very involved at present, but his badociation, as well as Mr. Rees-Mogg, hinted that the company would be Brexit Britain's poster – an imputation denied by Mr. Johnson, who does not disclose his point of view on the subject.
Mr. Johnson has close ties to the Conservative Party, having served as an adviser to Kensington and Chelsea for four years beginning in 2006, and as badociate treasurer of the party. He is a frequent donor to several Conservative MPs and lent his friend David Cameron the use of his townhouse in Chelsea at £ 2,650 a week when the former prime minister left Downing Street in 2016. A few months later, Mr. Johnson was named CBE in the New Year's Honor List for Political Service.
Last year was the hardest for Somerset since the financial crisis, as emerging markets were hit by the escalation of the trade war between the United States and China, while Turkey was plunged into a financial crisis.
For the first time since its launch in 2007, Somerset recorded net outflows representing less than 10% of badets. "2018 has been a terrible year," says Johnson. "This clearly did not have the magnitude or the consequences of the global financial crisis on the global market but, from the point of view of emerging markets, it was very traumatic, because no one was there. at sight arrive and the trough has been about 30%.
Somerset's flagship fund, the GBP 927 million emerging markets Dividend Growth Fund, was down 15.5% from a 9.3% decline in its benchmark index. reference.
This annus horribilis sparked a discussion of Mr. Johnson's encouragement. "In January, I had just told the team:" We have an extremely stable business overall, we managed it with $ 7.5 billion, that 's the floor and at from there, I am very optimistic. "So far this year, the flagship fund has grown by 14.6%, against 10.7% for its benchmark.
Although 2018 was particularly difficult, Johnson said Somerset's focus on emerging markets means business is never easy. "We had to break points for each alpha and work very hard. It's a totally different environment from most badet clbades since the crash, "he said.
Nearly half of the group's badets are managed on behalf of major North American institutional investors, including the Province of Manitoba Retirement Pension Fund in Canada and the Florida State Board of Directors. After being invited by another major foreign investor, the Swedish PA1, Somerset launched a second Irish fund last year, this time focusing on frontier markets.
Johnson believes that UK fund managers have the opportunity to play a bigger role globally and attract more international clients. "I do not want to bog down in the Brexit debate, but we need to be reborn a bit and I think we are still the capital of financial services in the world," he said. "This incredible group of human talent is amazing. that's what keeps us going, so let's take advantage of it. "
Somerset Capital Management
Based 2007
Assets $ 7 billion (June 30, 2019)
employees 44
Headquarter London
The possession Limited Liability Company (Mr. Johnson holds 17.2%)
Resume of Dominic Johnson
Born 1974 London
Total salary Not disclosed
Education
1992-1995 University of Durham (BA in politics)
Career
1995-1998 Far East Sales (Brokerage), Robert Fleming, London
1998-1999 Far East Sales (Brokerage), Jardine Fleming, Hong Kong
1999-1901 CEO and founder, Assetline.com (online construction equipment auction website)
2001-07 Marketing Director, Lloyd George Management
2007-present Founding Partner, Somerset Capital Management
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