Jacob Rees-Mogg in line for payday from investment firm sale – live updates

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Ggood morning.

The wealth management firm founded by Jacob Rees-Mogg is investigating a sale, paving the way for a potential windfall for the Business Secretary.

Somerset Capital, which manages around $5bn (£4.5bn) in investments, is in talks over a potential deal as chief executive Dominic Johnson prepares the move down ahead of a possible step into politics.

Mr. Rees-Mogg co-founded the company with Mr. Johnson in 2007. He no longer has an active role in the company, but remains a shareholder and receives dividends.

Possible options include a management buyout or merger with another asset manager, the TSWT reports.

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What happened overnight?

The dollar rocketed to a new high in two decades and Asian stocks hit a two-year low on Thursday as the prospect of US interest rates rising further and faster than expected scared off investors.

The Australian, New Zealand, Canadian and Singapore dollar reached a two-year low. The Chinese yuan hit a two-year low and the yen hovered near a 24-year low as investors waited for a meeting of the Bank of Japan.

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MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 1.4 percent to its lowest since May 2020. Japan’s Nikkei fell one percent to its two-month low.

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