George Osborne to lead £2.4bn investment management firm
George Osborne has been hired to lead a new $3bn (£2.4bn) investment management firm, adding to a growing roster of lucrative jobs the former UK chancellor has taken up since stepping down as an MP in 2017.
Osborne, who led the Treasury under David Cameron from 2010 to 2016, has been appointed chair of Lingotto Investment Management, which is owned by the billionaire Agnelli family’s Exor group.
Exor manages the Italian family’s investments in an array of companies, including Juventus FC, the Economist and Ferrari, and is run by the Agnelli heir, John Elkann.
Lingotto markets itself as “an independent, entrepreneurial” firm that will allow staff to pursue their “passion for investing without the bureaucracy of most large organisations, or the loneliness of standalone funds”.
It adds to a growing list of City roles held by Osborne, who is already a partner at the boutique City advisory firm Robey Warshaw. That role, which he took up in early 2021, has already proved lucrative, with the former politician having been one of four partners who shared a £26.5m payout last year.
He will also remain a director for his family’s wallpaper-making business, Osborne & Little, which is controlled by his father, Sir Peter Osborne. The company disclosed last year that it had increased pay for directors, including the former chancellor, by 30% after a jump in profits that were helped by £700,000 in British and US government grants.
The ex-parliamentarian will also maintain his roles as chair of the British Museum and managing partner of the venture capital firm 9yards Capital, which he founded with his younger brother, Theo.
The firm has made a number of investments in startups including the US-based cryptocurrency exchange Coinbase –
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