George Osborne to chair Italian investment firm Lingotto

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Former Chancellor George Osborne has been appointed chair of Lingotto Investment Management (Photo by Richard Pohle - WPA Pool/Gettty Images)

Lingotto Investment Management, backed by Italy’s Agnelli family, has hired former Chancellor George Osborne and veteran fund manager James Anderson, the firm revealed on Monday.

Owned by Exor, the Agnelli family holding company, Lingotto had around $3bn in assets under management at the end of March.

Osborne will be non-executive chairman of Lingotto.

After serving as Chancellor under David Cameron from 2010-2016, Osborne become the editor of the Evening Standard, before going on to set up investment firm 9Yards Capital and becoming a partner at investment bank Robey Warshaw, where he is currently.

Anderson’s role will be to invest in innovation. He previously worked for Edinburgh-based Baillie Gifford where he was an early investor in companies such as Amazon and Tesla.

Anderson, a UK national, is also chairman of Swedish investment firm Kinnevik.

Lingotto, based in London, was previously known as Exor Capital. The name Lingotto can be translated as “ingot” and is also the name of a big Fiat factory built in Turin a century ago by the Agnellis.