VETERAN investor James Anderson, who co-managed Scottish Mortgage Investment Trust and retired from Edinburgh funds house Baillie Gifford last spring, has taken up another full-time post in the sector, in a link-up with Italy’s Agnelli industrial dynasty.
Mr Anderson has been appointed as a managing partner of Lingotto, an investment management group owned by Exor, the diversified holding company controlled by the Agnelli family.
The Agnelli dynasty founded Italian car giant Fiat, and the family’s other investments include luxury sports car manufacturer Ferrari, football club Juventus, The Economist, and luxury footwear brand Christian Louboutin.
A spokesman for Lingotto said that Mr Anderson, who was a partner at Baillie Gifford from the 1980s until his retirement last year, would continue in his role as non-executive chairman of Swedish investment company Kinnevik.
Explaining Mr Anderson’s role at Lingotto, the spokesman said: “James will run his own funds at Lingotto, in line with the firm’s intention to provide a home for investment managers in which they can pursue their passion for investing, without the bureaucracy of most large organisations, or the loneliness of stand-alone funds.”
Asked if technology and innovation would be the focus of Mr Anderson’s investment role at Lingotto, the spokesman replied: “Unfortunately, we cannot talk about the individual strategies but James is interested in more than just the IT (information technology) or technology sector and thinks of innovation widely including healthcare, renewable energy etc. He is focused on the long term - looking for deep exponential change that will have impact over the next decade and the companies best placed to leverage it.”
Lingotto also yesterday announced the appointment of former Conservative chancellor George Osborne as non-executive chairman of Lingotto Investment Management (UK) Limited, declaring this was “a role in which he will use his extensive professional experience in support of the company’s development”, working closely with Lingotto’s chief executive, Enrico Vellano.
The Lingotto spokesman said: “Lingotto is owned by Exor, the holding company controlled by the Agnelli family, but it operates independently. Independence is very important for Lingotto, which is why it has been established as an independent company with its own governance. To this point, George Osborne has been appointed as non-executive chairman, of Lingotto Investment Management (UK) Limited. This is consistent with Exor’s approach in its other companies where management are given full responsibility for managing their businesses day to day.”
Lingotto Investment Management (UK) Limited is one of Lingotto Investment Management LLP’s corporate members, the fund management group noted.
Asked how much money Lingotto manages for the Agnelli family, the spokesman replied: “Lingotto currently has approximately $3bn in assets under management, contributed equally by Exor and [French diversified insurance company] Covea.”
Lingotto said that, going forward, it will “also consider selectively increasing the amount of third-party assets it manages”.
It added: “Based in London, Lingotto is an independent, entrepreneurial investment management company that builds on the successes of managing partners Matteo Scolari and Nikhil Srinivasan.”
Mr Anderson said: “I’m excited to be joining Lingotto at this stage of its journey. The opportunity to be part of an entrepreneurial project that aligns with my own view of what investing should be was difficult to resist. Lingotto brings together a highly attractive combination of autonomy and structured support, as well as colleagues of great calibre, and I look forward to playing my part in achieving their purpose.”
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