Global Counsel — the high-powered advisory firm Mandelson co-founded in 2010 — has moved to sell the Labour peer’s 21% stake and reclassified his shares so that he no longer has any influence over company decisions, nor can he draw financial benefits, according to filings.
The dramatic move comes after Mandelson, appointed US ambassador by Keir Starmer last year, was sacked following bombshell revelations about his communications with Epstein. Emails unearthed earlier this year showed Mandelson referring to Epstein as his “best pal” and even suggesting his original conviction should be overturned. A photo also emerged of Mandelson in a bathrobe alongside the convicted paedophile.
Mandelson had already stepped back from Global Counsel following his ambassadorial appointment. But the firm — whose clients include JP Morgan, Barclays, TikTok, Shein, OpenAI and Anglo American — has now severed his ties almost entirely.
The fallout is the latest in a long line of controversies for Mandelson, who previously resigned twice from Cabinet roles under Tony Blair. His stake in Global Counsel is now being sold, with the process expected to conclude within two months.
Global Counsel, now run by co-founder Benjamin Wegg-Prosser with M&S chair Archie Norman as vice-chair, declined to comment.
Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the 'covid era' and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine's coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
