Tory toff Jacob Rees-Mogg’s firm stands to make a fortune out of the turmoil caused by the coronavirus crisis. The MP owns at least 15 per cent of a company investing in businesses hit by falling share values.
Somerset Capital Management says investors have a “once in a generation” chance of “super normal returns”. Mr Rees-Mogg stood down as a director of SCM to become Leader of the House of Commons.
SCM said it was focusing on clients’ long-term security. It came as the UK death toll rose by a record 708 – including a boy aged five.
As millions face financial misery, SCM managers are buying into businesses where valuations have tumbled – but should bounce back.