George Osborne to head £2.4bn investment firm

George Osborne, the former UK chancellor, has been appointed as the chair of Lingotto Investment Management, a new £2.4 billion investment management firm owned by the Agnelli family’s Exor group. Lingotto positions itself as an independent and entrepreneurial firm, providing staff with the opportunity to pursue their passion for investing without the constraints of large organizations. This role adds to Osborne’s growing list of City positions, including his role as a partner at advisory firm Robey Warshaw, where he received a £26.5 million payout last year. He will also continue as a director for his family’s business, Osborne & Little, and maintain his roles as chair of the British Museum and managing partner of venture capital firm 9yards Capital.

Osborne’s appointment at Lingotto comes as no surprise, as he has been chairing Exor’s business advisory council for the past five years. Although his salary at Lingotto has not been disclosed, the former chancellor will step down from his council role to focus on leading the investment management firm. Lingotto has also recruited former Baillie Gifford partner James Anderson to its investor team. Anderson returns to the industry after leaving Baillie Gifford, where he backed early-stage companies such as Amazon, ByteDance, and Tesla, achieving substantial returns for his managed fund.

Expressing his enthusiasm for the new role, Osborne stated that he is pleased to join the Lingotto team and contribute to the development of a unique company in the investment management space. With his extensive professional experience, he aims to support the firm’s growth. Osborne’s appointment further solidifies his diverse portfolio career, which has included positions in politics, journalism, and various business ventures.