It is born Lingotto Investment Management, a new investment company registered Exor which recruits two bigwigs of world finance: George Osborne, former Chancellor of the Exchequer of the United Kingdom e James Andersen, manager of the largest investment fund in the UK.
“We are committed to providing attractive long-term returns to our shareholders while protecting their capital against permanent losses and accepting concentration, illiquidity and volatility,” he writes. John Elkann, Chief Executive Officer of Exor, in the presentation letter of the new company which collects a part of the assets from Covéa, a French insurance group.
In Lingotto 3 billion assets under management
The new company will have an initial investment capacity of 3 billion dollars divided in half between Exor and Covea, the French insurance company that bought PartnerRe from Exor. The birth of Lingotto falls within the agreements of the operation. The aim is to focus on innovation, starting with assets of 500 million dollars.
“We offer unique, diverse and complementary investment strategies, each led by managing partners who can decide independently, but in a collaborative spirit. We operate according to principles of accountability, integrity and transparency”, indicated John Elkann in the founder's letter, explaining that “'our goals are long term: an appropriate fact as this year we celebrate the Lingotto, the Fiat gigafactory in Turin inaugurated a century ago in 1923 by my great-great-grandfather Giovanni Agnelli. Thinking about the meaning of the word 'lingot', we hope that this historic name will be a good omen for our new company”.
Ingot enlists Andersen and Osborne
As explained by John Elkann, today Lingotto “began its life as investment management company”. And with this in mind, the new entries in the management team have been announced: James Anderson and George Osborne. The latter will be non-executive chairman who will work closely with the chief executive officer of Lingotto, Enrique Vellano.
Andersen is one of the big names in global finance, as well as one of the first financiers of companies such as Amazon, ByteDance and Tesla. He actively managed what has become the largest investment fund in the UK, reporting a return of 1155% between April 2000 and March 2022. “I am thrilled to be joining Lingotto at this stage of its journey. . It was hard to resist the opportunity to be part of a business project that matches my vision of what it means to invest. The Lingotto brings together a very interesting combination of autonomy and structured support, as well as colleagues of great caliber, and I look forward to doing my part to achieve their aim,” Andersen commented.
