Man on a mission: George Osborne
George Osborne’s first meeting with the Italian Agnelli family was typical of the former Tory chancellor.
Asked by Suzanne Heywood, wife of the late cabinet secretary Jeremy Heywood, in 2018 to provide a reference to the Italian dynasty so she could apply for a promotion, Osborne dove. He took the opportunity to introduce himself to Italy’s leading business family.
In May of that year, Osborne had convinced billionaire scion John Elkann – who runs the holding company Exor – to make him chairman of the partners’ board, where he has established himself as a key advisor.
A friend of Osborne told The Mail on Sunday: ‘Suzanne tells the story at dinner parties. It’s hilariously funny and has everyone screaming with laughter. George is relentlessly ambitious. When he sees an opportunity, he grabs it.’
Last week, the former Chancellor took a step closer to the Agnellis’ sacred family circle through the chairmanship of the family’s new investment fund, called Lingotto, where he will team up with maverick Scottish fund manager James Anderson. The new fund will manage £2.4 billion.
“I haven’t heard so much talk in town in a long time,” said Neil Wilson, an analyst with Markets.com and Finalto. “I’m sure there will be quite a few fund managers tied to the big houses hoping they get a cell phone call.”
The fund will invest in all asset classes – including Anderson’s specialty technology stocks – despite their poor performance in the current high interest rate environment.
The feature is another feather in Osborne’s hat. He remains with boutique investment bank Robey Warshaw and is a director at his father’s wallpaper company Osborne & Little, as well as chairman of the British Museum. He was previously editor of London’s Evening Standard newspaper.
But for the man who drives a Maserati and sees himself as a ‘master of the universe’, the role with the Agnellis is undoubtedly the most glamorous.
The Agnellis are the first family of Italy. They control car giant Stellantis, football club Juventus, Ferrari, the shoemaker Louboutin and CNH Industrial.
The clan is now led by John Elkann, whose great-great-grandfather Giovanni Agnelli founded Fiat in 1899. Giovanni’s grandson Gianni was an Italian senator with a colorful romantic life. He was rumored to have dated Jackie Kennedy with Swedish actress Anita Ekberg calling him the love of her life despite being married.
The family has never been far from controversy. In 2016, John Elkann’s younger brother, Lapo, was caught faking his own kidnapping after indulging in a two-day drug binge and running out of money.
And for more than 20 years, Juventus have been clouded by a series of allegations of match-fixing and false accounting.
The allegations have tarnished the family name. Last November Andrea Agnelli, John Elkann’s nephew, resigned as Juventus chairman.
With the family never far from scandal, it’s easy to see why John Elkann holds Osborne in such high esteem. Sources say they chat on the phone regularly.
Elkann, 47, and Osborne, 51, both have experience running family businesses and handling their high-profile careers.
“I think John finds George’s advice reassuring,” a source said. “They’re both shrewd strategic thinkers.”
Dynasty: John Elkann and his wife Lavinia Borromeo (above) at this year’s Met Gala and (above) the late Giovanni Agnelli, wife Marella and their family
Osborne has always courted the glamorous and wealthy and it has landed him in hot water at times.
In 2008, Osborne spent a weekend on a yacht in Corfu with Russian oligarch Oleg Deripaska, sparking accusations of secret donations.
At the time, Osborne was the leading light in the ‘Notting Hill set’, which included David Cameron and Michael Gove, who set about modernizing the Tory party.
The source added: ‘David Cameron did the hard work with the Shire Tories and the membership. He organized the barbecues in the backyard. George not.’
Osborne is a man who crosses the political divide. He is good friends with New Labor’s Lord Mandelson, who was also on the boat with Deripaska, as well as Republican Mitt Romney, who unsuccessfully ran for president in 2012.
The big question is whether Osborne and Anderson can make money for the Agnellis in the current investment climate.
Interest rates and inflation are high, technology has gone out of style and most savvy investors are heading for the hills and have opted for cash or government bonds.
In a coveted and varied career, this could be Osborne’s toughest test yet.
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