Jacob Rees-Mogg firm’s bet on Greek bank turns sour
As Brexiteer Jacob Rees-Mogg struggles to garner enough support to oust UK prime minister Theresa May, one of his investment firm’s wagers is also looking questionable. Somerset Capital Management, which the MP founded, massively increased its long position in Alpha Bank this year.
However, the Greek lender has seen its stock price plunge around 40% in 2018 amid lingering doubts about its mountain of bad loans. The investment firm’s misjudgement comes as Mr Rees-Mogg’s political reputation as the darling of the Conservative Party’s right wing takes a knock.
