Glen Moreno

Last updated
Glen Moreno
Glen Moreno.jpg
Glen Moreno at Financial Times Summer Party 2011
Born (1943-07-24) 24 July 1943 (age 81)
California, United States
Alma mater Stanford University
University of Delhi
Harvard Law School

Glen Richard Moreno (born 24 July 1943) [1] is an American businessman. Moreno has worked for several large companies in the United States and the United Kingdom, and worked as acting-chairman of UK Financial Investments Limited which manages the British government's bank shareholdings. He has been Chairman of Virgin Money UK since May 2015. [2]

Contents

Early life

Glen Moreno was born in California in 1943. [3] He graduated with a Bachelor of Arts degree from Stanford University in 1965 and was a Rotary Foundation Fellow at the University of Delhi in 1966. [3] He achieved a Juris Doctor from Harvard Law School in 1969. [3]

Career

Moreno worked for 18 years at Citigroup in Europe and Asia, running the investment banking and trading divisions and becoming a group executive. [3] [4] Moreno is a director of Fidelity International, chairing its audit committee, and was their chief executive from 1987 to 1991. [3] He is said to be largely responsible for the rapid growth of Fidelity during that period. [5]

In October 2005 Moreno was appointed as Lord Stevenson's replacement as chairman of Pearson PLC, after a 5-month search. [3] [6] The shortlist included Charles Gibson Smith, the chairman of the London Stock Exchange. [6] Moreno's appointment came as something of a surprise to the business world as he was not widely known in the United Kingdom and he was described by The Guardian as an "unknown quantity". [4] [6] His salary at Pearson was £425,000 per year. [4] Moreno is also a senior independent director of Man Group plc, having been a non-executive director there since 1994, and persuaded the group to co-sponsor the Man Booker Prize for literature. [3] [6] He is also a governor of the Ditchley Foundation and a director of the Royal Academy of Dramatic Art. [3]

Moreno was appointed a non-executive director of UK Financial Investments Limited (UKFI), a company established by the British government to manage its shareholding in nationalised (and part-nationalised) banks. [7] He became the acting chairman of the company when Sir Philip Hampton became chairman of the Royal Bank of Scotland. [7] During this time Moreno stated that "at no point have I sought the role [of chairman] on a permanent basis". [7] He quit as acting chairman on 11 February 2009 after HM Treasury said that it would appoint a new permanent chairman. [8]

Moreno's period as chairman of UKFI was controversial because until April 2008 he had been a trustee of the Liechtenstein Global Trust (LGT), a private banking and investment group that has been at the centre of an international investigation into alleged tax evasion. [9] [10] Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body Prince of Liechtenstein Foundation. [10] Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy. [10] Moreno was remunerated with a salary of Swiss Fr130,000 (£76,000) per year. [10] He has stated that he had no knowledge of the individual LGT clients. [10] Moreno's continued employment at the head of UKFI was criticised by the Conservative Party due to his links with LGT. [9] Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994. [9]

He was appointed as senior independent director of Lloyds Banking Group in February 2010, and Deputy Chairman of the Financial Reporting Council in November 2010. [11]

Personal life

Moreno's wife, sister, mother, and niece are all teachers and he splits his time between his London home and a cattle farm in Virginia, United States. [6] [9]

Related Research Articles

<span class="mw-page-title-main">NatWest Group</span> British banking and insurance holding company

NatWest Group PLC is a British banking and insurance holding company, based in Edinburgh, Scotland.

<span class="mw-page-title-main">Northern Rock</span> British bank, 1850 to 2012

Northern Rock, formerly the Northern Rock Building Society, was a British bank. Based at Regent Centre in Newcastle upon Tyne, United Kingdom, Northern Rock was originally a building society. It demutualised and became Northern Rock bank in 1997, when it floated on the London Stock Exchange with the ticker symbol NRK.

<span class="mw-page-title-main">Bradford & Bingley</span> Defunct British bank

Bradford & Bingley plc was a British bank with headquarters in the West Yorkshire town of Bingley.

Frederick Anderson Goodwin FRSE FCIBS is a Scottish chartered accountant and former banker who was chief executive officer (CEO) of the Royal Bank of Scotland Group (RBS) between 2001 and 2009.

<span class="mw-page-title-main">Paul Myners, Baron Myners</span> British businessman and peer (1948–2022)

Paul Myners, Baron Myners, was a British businessman and politician. In October 2008 he was elevated to the House of Lords as a life peer and was appointed City Minister in the Labour Government of Gordon Brown, serving until May 2010. As City Minister Myners was responsible for overseeing the financial services sector during the 2007–2008 financial crisis and its aftermath, including leading the controversial 2008 United Kingdom bank rescue package. Myners sat in the House of Lords as a Labour peer until 2014, resigning to become a non-affiliated member before joining the crossbench group in 2015.

The Shareholder Executive (ShEx) was a body within the UK Government between 2003 and 2016, responsible for managing the government's financial interest in a range of state-owned businesses for commercial rather than political interests. It was part of the Department for Business, Innovation and Skills and staffed by civil servants, many of whom were corporate finance professionals with private sector experience. It was led by Mark Russell as chief executive at the time of its merger into UK Government Investments.

Sir Philip Roy Hampton is a British businessman. He was the first chairman of UK Financial Investments Limited in 2008 and chairman of government-owned The Royal Bank of Scotland Group between 2009 and 2015. He has also chaired GlaxoSmithKline and J Sainsbury.

<span class="mw-page-title-main">LGT Group</span> Private banking and asset management group based in Liechtenstein

LGT Group is the largest royal family-owned private banking and asset management group in the world. LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its royal family members H.S.H. Prince Maximilian von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).

The Prince of Liechtenstein Foundation is a portfolio of private companies, museums, and art collections owned by the Princely Family of Liechtenstein. It is essentially a cap for a multitude of investments, such as the LGT Group, the Hofkellerei wineries, Wilfersdorf Agricultural and Forest Company, RiceTec, and real estate holdings in Vienna, Austria. As of 2012, there were 15 companies and 2 museums owned by the Foundation.

<span class="mw-page-title-main">Howard Davies (economist)</span> British economist and author

Sir Howard John Davies is a British historian and author, who is the chairman of NatWest Group and the former director of the London School of Economics.

<span class="mw-page-title-main">First City Monument Bank</span> Nigerian bank

First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos. FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the group's total assets were valued at US$5 billion.

<span class="mw-page-title-main">Andy Hornby</span> English businessman

Andy Hornby is an English businessman, currently chief executive of The Restaurant Group, a British chain of restaurants and public houses.

<span class="mw-page-title-main">Nationalisation of Northern Rock</span> Nationalisation of a UK bank in 2008

In 2008 the Northern Rock bank was nationalised by the British government, due to financial problems caused by the subprime mortgage crisis. In 2010 the bank was split into two parts to aid the eventual sale of the bank back to the private sector.

UK Financial Investments (UKFI) was a limited company set up in November 2008 and mandated by the British government to manage HM Treasury's shareholdings in the Royal Bank of Scotland Group (RBS) and in UK Asset Resolution, which held the residual assets of NRAM plc and Bradford & Bingley. UKFI formerly managed the British government's shares in Lloyds Banking Group, until the government confirmed that all its shares had been sold on 17 May 2017. It also previously owned Northern Rock, until that company was taken over by Virgin Money on 1 January 2012. UKFI ceased trading on 31 March 2018, and its business and assets were transferred to UK Government Investments, a limited company wholly owned by HM Treasury.

<span class="mw-page-title-main">Lloyds Banking Group</span> British financial institution

Lloyds Banking Group plc is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.

Sir Robin Francis Budenberg is a British corporate adviser. He was appointed non-executive Director of Lloyds Banking Group on 1 October 2020 and became Chairman on 4 January 2021 and was appointed Chairman of The Crown Estate on 9 August 2016.

Landmark Mortgages Limited, formerly Northern Rock plc and later NRAM plc, is a British asset holding and management company which was split away from the Northern Rock bank in 2010. It was publicly owned through the British Government's UK Asset Resolution following Northern Rock's nationalisation in 2008 until NRAM plc was sold to Cerberus Capital Management in 2016. The company is closed to new business.

Commercial Bank of Africa (CBA) was a financial services provider headquartered in Nairobi, Kenya, the largest economy in the East African Community. CBA was licensed by the Central Bank of Kenya, the central bank and national banking regulator.

<span class="mw-page-title-main">Stuart Gulliver</span> British banker

Stuart Thomson Gulliver is a British banker, and the former group chief executive of HSBC. He was succeeded on 21 February 2018 by John Flint.

<span class="mw-page-title-main">VP Bank</span> Private bank based in Liechtenstein

VP Bank AG is a Liechtenstein-based bank headquartered in Vaduz and specialized in private banking. It was founded on April 6, 1956 by Princely Councillor of Commerce Guido Feger and is one of the three major banks in Liechtenstein along with the LGT Group and the LLB.

References

  1. ↑ https://beta.companieshouse.gov.uk/company/03087587/filing-history (see page 13 of 09 Sep 2015 entry)
  2. ↑ Keighley, Tom (2015-05-21). "Glen Moreno takes up chairman seat at Virgin Money". journallive. Archived from the original on 2017-09-29. Retrieved 2017-09-28.
  3. 1 2 3 4 5 6 7 8 "Glen Moreno". University of the West of England . Retrieved 3 March 2010.
  4. 1 2 3 Milmo, Dan (30 July 2005). "Pearson puts Fidelity man in the chair". The Guardian . Retrieved 3 March 2010.
  5. ↑ Sturcke, James (13 February 2009). "Glen Moreno: Financier who changed sides". The Guardian. Retrieved 9 March 2010.
  6. 1 2 3 4 5 Kane, Frank (31 July 2005). "Pearson gets its man, but who is he?". The Observer . Retrieved 3 March 2010.
  7. 1 2 3 Treanor, Jill (12 February 2009). "Another banker leaves government post". The Guardian. Retrieved 9 March 2010.
  8. ↑ Porter, Andrew (13 February 2009). "Gordon Brown loses second banking advisor as Glen Moreno quits". The Telegraph. Retrieved 10 March 2010.
  9. 1 2 3 4 Judge, Elizabeth (11 February 2009). "Business big shot: Glen Moreno". The Times. Archived from the original on July 1, 2009. Retrieved 9 March 2010.
  10. 1 2 3 4 5 Oliver, Jonathon (8 February 2009). "Gordon Brown's bank boss Glen Moreno had links to tax cheats". The Times. Archived from the original on June 2, 2010. Retrieved 9 March 2010.
  11. ↑ FRC Board Archived June 23, 2011, at the Wayback Machine , Financial Reporting Council. Retrieved 28 April 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.