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The chief executive of Global Counsel, the advisory business co-founded by Lord Peter Mandelson, is set to resign following disclosures about the company’s links to Jeffrey Epstein.

Benjamin Wegg-Prosser, who founded the business with Mandelson, is expected to step down on Friday, a person with direct knowledge of the matter said. He will be replaced by Rebecca Park, who joined the firm in 2021.

The FT reported on Thursday that Mandelson had sought advice from Epstein on how to set up his advisory firm in 2010, and that Wegg-Prosser had met the convicted sex offender to share the company’s business plan with him when he was under house arrest in New York.

Documents published by the US Department of Justice also revealed that Epstein’s guidance was later sought by Mandelson and Wegg-Prosser on a potential deal between Global Counsel and Lazard.

Clients of Global Counsel have pushed the firm to find a buyer for Mandelson’s remaining 21 per cent stake in the business after being told in September that it would be divested, according to people familiar with the matter.

In a sign of the pressure on Global Counsel, Barclays has terminated its relationship with the firm and other clients have made clear their unhappiness over the crisis, two people close to the company said.

The same people said that Park, the incoming chief, would acquire Mandelson’s stake on Friday. Wegg-Prosser will maintain his stake in the business, which is between 25 per cent and 50 per cent, according to Companies House filings.

Wegg-Prosser’s ties to Mandelson go back more than three decades. He worked for the future cabinet minister as a researcher even before Labour’s election victory in 1997 and continued as a special adviser in government.

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One person close to the company said Wegg-Prosser’s exit and the divestment of Mandelson’s stake were “necessary” after the firm had become mired in controversy.

Clients had clearly expressed that they did not want to be tarnished by association, the person added.

Clients of Global Counsel, which is chaired by Archie Norman, who is also chair of Marks and Spencer, have included large companies including JPMorgan, Palantir, Anglo American, GSK and DMGT.