George Osborne’s investment business makes £50m profit

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...

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