Jacob Rees-Mogg's funds boutique Somerset Capital Management has lost a $225.2 million (£172 million) mandate with a US investment firm. 

According to our US sister site, Citywire Professional Buyer, Brown Advisory has overhauled its emerging markets equity fund, dropping subadvisor Somerset and replacing it with Wellington Management Company and Pzena Investment Management.

As a result, the firm will change the name of the fund, from Brown Advisory Somerset Emerging Markets to the Brown Advisory Emerging Markets Select fund.

Launched in 2012, the Brown Advisory Somerset Emerging Markets fund is ranked 179 out of 198 Emerging Markets Funds tracked by Citywire for three-year total returns to the end of January.

Over that period, it returned 23.6% compared to the average fund in the category, which was up 39.9% and the MSCI Emerging Markets NR USD index, which rose 51.7%.

It had been run since inception by Somerset managers Edward Lam and Edward Robertson

London-based Somerset Capital Management specializes in global emerging markets and was founded in 2007 by Robertson, alongside Dominic Johnson and Brexiteer Rees-Mogg (pictured), who holds a stake of between 15% and 18% in Somerset. 

The split in assets of the Brown fund, between new subadvisors Wellington and Pzena, has not been disclosed. Wellington's sleeve will be managed by Niraj Bhagwat, while Pzena's will be run by Citywire AA-rated Rakesh Bordia and Allison Fisch as well as Citywire + rated Caroline Cai and John P. Goetz.

Manager research and due diligence at Brown Advisory are overseen by Jordan Wruble, portfolio manager and head of manager research at the firm.

To learn more about his process for picking managers, please click here