Jacob Rees-Mogg has resigned from his role at Somerset Capital Management, the asset management firm he co-founded in 2007, following his appointment as leader of the House of Commons in prime minister Boris Johnson’s new government.

The vocal Brexiteer, who played a key role in the Leave campaign in 2016, initially stepped back from day-to-day work at Somerset Capital when he became an MP in 2010, but retained an advisory role. The emerging-market fund management firm, based in London and Singapore, has more than $7bn (£5.6bn) under management.