Somerset Capital Management, the asset management firm co-founded by Jacob Rees-Mogg in 2007, has named its first head of compliance to oversee the behaviour of its 54 partners and staff.

James Wilson, who has worked as a compliance officer at hedge fund Wellington Management since 2016, joined Somerset Capital on 25 January. He will officially take up his newly-created position once the firm receives the required regulatory approval, which is expected by the Summer, according to Oliver Crawley, a partner at Somerset Capital.