Somerset Capital chief executive Dominic Johnson stands down as chairman of New City Initiative, with Oldfield Partners boss Jamie Carter taking up the reins

William Turvill
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Dominic Johnson is the chief executive of Somerset Capital, which he founded alongside Tory MP Jacob Rees-Mogg

The chairman of the New City Initiative (NCI), an association of independent asset management firms, has today announced he is departing the role.

Dominic Johnson, the chief executive of Somerset Capital, is handing over the reins to deputy chairman Jamie Carter, who heads up Oldfield Partners.

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“It has been an honour working at the helm of the NCI and I am pleased to be leaving the role in such capable hands,” said Johnson, who has held the role since 2014.

“I look forward to continuing my support of the NCI as a member of the board as we continue to advocate the vital role played by boutique asset managers in our economy.”

As part of the shake-up, Susannah de Jager, a partner and chief operating officer of SW Mitchell Capital, will become deputy chairman. Jonathon Read, chairman and founding director of Your Credit Union, meanwhile, will take up the newly created position of policy director.

Founded in 2010, NCI is a think tank which represents boutique asset management firms in the debate over the future of financial regulation.

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“First as a board member, and more recently as deputy chairman, it has been a privilege working alongside Dominic as he has led the NCI,” Carter said.

“The next few years will be important for the boutique asset management industry and I am looking forward to working alongside Susannah, Jonathon and the rest of the team as we seek to amplify our members’ voices and help shape the debate on financial reform and the positioning of the industry post-Brexit.”

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