Somerset Capital Management, the asset management firm co-founded by Jacob Rees-Mogg in 2007,  has added two partners to its senior ranks as part of a strategy to pass the business "over to the next generation".

Christopher White, a portfolio manager for Somerset Capital's emerging markets mid cap strategy, and Mark Williams, a portfolio manager for the firm's Asia Income team were appointed equity partners in the business on 31 March, Dominic Johnson, the firm's chief executive officer and co-founder, told Financial News.