An investment business chaired by George Osborne made a profit of more than £50m in its first year under the former Chancellor’s watch.
Lingotto Investment Management, which was set up by Italy’s industrialist Agnelli family, reported a £53.5m profit for the year ending December 2023, according to recently filed accounts. That was up significantly from £16.3m in the prior year.
The investment firm, which is based in London, was set up to manage the wealth of the Agnelli family, who trace their wealth back to the founding of Fiat.
Lingotto began accepting outside money for investment for the first time last year and hired Mr Osborne as non-executive chairman in May 2023 as part of the shake-up. It is not clear from the filing how much Mr Osborne was paid.
The £53.5m of profit was allocated to Lingotto’s UK holding company and Exor Investments, the corporate entity that manages the Agnelli family’s business interests including Juventus FC, The Economist and a stake in Ferrari.
Lingotto has $5bn (£3.9bn) of assets and last year hired James Anderson to oversee its investment in stocks. He previously ran the well-known FTSE 100 trust Scottish Mortgage for Baillie Gifford. Investments so far include a stake in Ocado.
The profit figure suggests a solid start under his watch. Fees for performance were £55.6m. Turnover, which also includes consultancy and management fees, rose from £31m to £89.5m.
The chairmanship of Lingotto is one of a number of roles held by Mr Osborne, whose portfolio career since leaving politics has attracted attention.
Aside from Lingotto, Mr Osborne is also a partner at Robey Warshaw, which specialises in advising on takeovers, chairman of the British Museum, managing partner of venture capital business 9Yards Capital and a director of his family’s wallpaper business, Osborne & Little. He also hosts a weekly podcast with former shadow chancellor Ed Balls.
At the time of his appointment, Mr Osborne said Lingotto offered “something new and unique” in the asset management sector.
Lingotto is named after the first Fiat factory in Turin set-up in 1923 by the founder of Fiat, Giovanni Agnelli.
Gianni Agnelli, Giovanni’s grandson, was one of the most well-known businessmen in post-war Europe and helped make the Italian marque one of the best known car brands in the world.