Global Counsel, the political advisory firm co-founded by former Labour minister Peter Mandelson, is moving to sever its relationship with him after his dismissal as Britain’s US ambassador and renewed scrutiny over his connections with disgraced financier Jeffrey Epstein.
The London-based consultancy, which provides regulatory and political risk advice to multinational corporations, has begun the process of selling Mandelson’s multimillion-pound stake. The transaction, which covers his 21 per cent shareholding, is expected to be finalised within the next two months, according to people familiar with the matter.
Mandelson co-founded Global Counsel in 2010 alongside former Downing Street adviser Benjamin Wegg-Prosser. Although he stepped back from day-to-day involvement in the business following his appointment as ambassador to Washington by Prime Minister Keir Starmer last December, filings with Companies House show he retained a significant financial interest. He formally resigned as a director in May 2024.
The push to distance the firm from Mandelson intensified after leaked emails revealed his close friendship with Epstein. In the correspondence, Mandelson referred to the late financier as his “best pal” and appeared to discuss whether Epstein’s first conviction could be challenged. Adding to the controversy, a photograph emerged of Mandelson in a bathrobe alongside Epstein, prompting questions over the nature of their relationship.
The scandal led to Mandelson’s abrupt dismissal as ambassador earlier this month, ending a brief diplomatic role that had been seen as a significant political comeback. The former minister, once a central figure in Tony Blair’s government, had previously resigned twice from cabinet posts before returning as Northern Ireland secretary in 2007.
Global Counsel, whose client list includes major corporations such as JP Morgan, Barclays, OpenAI, Anglo American, Shein and TikTok, has so far declined to comment publicly on the matter. Its vice-chair is Archie Norman, the chairman of Marks & Spencer, underlining the firm’s influence across business and political circles.
Mandelson also declined to respond to questions when contacted by Bloomberg and the Financial Times.
The fallout underscores the reputational risks for businesses connected to high-profile political figures, particularly when controversies from past associations resurface. For Global Counsel, the move to swiftly disentangle itself from Mandelson’s financial stake reflects an attempt to reassure clients and protect its standing in a competitive advisory market.
With the sale of his stake expected in the coming weeks, Mandelson’s future role in business and politics remains uncertain. The controversy surrounding his links to Epstein has cast a long shadow over his decades-long career at the heart of Britain’s political establishment.
