Difference between revisions of "Glen Moreno"

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'''Glen Moreno''' is Chair of
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'''Glen Moreno''' is the California-born financier who was appointed Chairman of [[UK Financial Investments]] (UKFI) by [[Gordon Brown]] in Jan 2009. UKFI is the body set up in late 2008 to manage the Government's £37bn shareholding in Britain's bailed-out banks.  
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Few in Britain had heard of the California-born financier Glen Moreno before he became chairman of Pearson, the media group which owns the FT, in 2005. After Stanford University and Harvard law school, Moreno, spent 18 years at Citigroup in Europe and Asia moving to London as group executive for investment banking, responsible for corporate finance and trading operations.
 
  
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From 1987 to 1991 he was chief executive of the fund management group Fidelity International and was largely responsible for its rapid growth. He is also a senior independent director of Man Group, the FTSE100 financial services group.
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Moreno stepped down from the position on 12 February 2009 'amid allegations that a Liechtenstein bank he has links with is involved in tax avoidance.'<ref>Andrew Porter Political Editor and Lucy Cockcroft [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4605619/Gordon-Brown-loses-second-banking-advisor-as-Glen-Moreno-quits.html Gordon Brown loses second banking advisor as Glen Moreno quits] ''Daily Telegraph'', Last Updated: 6:52AM GMT 13 Feb 2009</ref> According to the Daily Telegraph 'His future had been in doubt after Downing Street and the Treasury made it clear on Thursday afternoon that while they had confidence in Mr Moreno, a permanent director would be appointed in due course. By the end of the day it emerged that he had decided to quit the role altogether.'<ref>Andrew Porter Political Editor and Lucy Cockcroft [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4605619/Gordon-Brown-loses-second-banking-advisor-as-Glen-Moreno-quits.html Gordon Brown loses second banking advisor as Glen Moreno quits] ''Daily Telegraph'', Last Updated: 6:52AM GMT 13 Feb 2009</ref>
  
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At the time of his £450,0000-a-year appointment at Pearson, critics attacked Moreno's lack of experience in the field of education. But his wife, sister and mother are teachers, and that was said to give him a "particular sympathy" to the education business, a key part of Pearson.
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In February 2010 he was appointed senior independent director of [[Lloyds Banking Group]] and later that same year in November, became Deputy Chairman of the [[Financial Reporting Council]].
  
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Since his appointment last month as chairman of the body that oversees the government's £37bn shareholding in Britain's bailed-out banks, it has emerged he was paid hundreds of thousands of pounds during a nine-year association with Liechtenstein Global Trust, a private bank. LGT, owned by the Liechtenstein royal family, became the subject of scandal last year over allegations that it aided tax evasion among clients. Moreno quit as a trustee last April, two months after it was reported that financial details of thousands of clients had been passed to German authorities.
 
  
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13 February 2009
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==Career==
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Moreno, spent 18 years at [[Citigroup]] in Europe and Asia moving to London as group executive for investment banking, responsible for corporate finance and trading operations.
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From 1987 to 1991 Moreno was chief executive of the fund management group [[Fidelity International]] and was largely responsible for its rapid growth.
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He was until mid-2009 also a senior independent director of [[Man Group]], the FTSE100 financial services group.
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In 2005 Moreno became chairman of [[Pearson]], the media group which owns the FT.
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For 9 years he was also associated with [[Liechtenstein Global Trust]], a private bank. LGT, owned by the Liechtenstein royal family, became the subject of scandal in 2008 over allegations that it aided tax evasion among clients. Moreno quit as a trustee in April 08, two months after it was reported that financial details of thousands of clients had been passed to German authorities.<ref>[http://www.guardian.co.uk/business/2009/feb/13/banking-economy-glen-moreno Glen Moreno: Financier who changed sides], Guardian, 13 February 2009</ref>
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==Affiliations==
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*Governor of The [[Ditchley Foundation]]
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*Director of the [[Royal Academy of Dramatic Art]].
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==References==
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<references/>
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[[Category: Financial sector lobbying|Moreno, Glen]][[Category:Banking and Finance Industry|Moreno, Glen]]

Latest revision as of 15:32, 15 May 2012

Glen Moreno is the California-born financier who was appointed Chairman of UK Financial Investments (UKFI) by Gordon Brown in Jan 2009. UKFI is the body set up in late 2008 to manage the Government's £37bn shareholding in Britain's bailed-out banks.

Moreno stepped down from the position on 12 February 2009 'amid allegations that a Liechtenstein bank he has links with is involved in tax avoidance.'[1] According to the Daily Telegraph 'His future had been in doubt after Downing Street and the Treasury made it clear on Thursday afternoon that while they had confidence in Mr Moreno, a permanent director would be appointed in due course. By the end of the day it emerged that he had decided to quit the role altogether.'[2]

In February 2010 he was appointed senior independent director of Lloyds Banking Group and later that same year in November, became Deputy Chairman of the Financial Reporting Council.


Career

Moreno, spent 18 years at Citigroup in Europe and Asia moving to London as group executive for investment banking, responsible for corporate finance and trading operations.

From 1987 to 1991 Moreno was chief executive of the fund management group Fidelity International and was largely responsible for its rapid growth.

He was until mid-2009 also a senior independent director of Man Group, the FTSE100 financial services group.

In 2005 Moreno became chairman of Pearson, the media group which owns the FT.

For 9 years he was also associated with Liechtenstein Global Trust, a private bank. LGT, owned by the Liechtenstein royal family, became the subject of scandal in 2008 over allegations that it aided tax evasion among clients. Moreno quit as a trustee in April 08, two months after it was reported that financial details of thousands of clients had been passed to German authorities.[3]

Affiliations

References

  1. ↑ Andrew Porter Political Editor and Lucy Cockcroft Gordon Brown loses second banking advisor as Glen Moreno quits Daily Telegraph, Last Updated: 6:52AM GMT 13 Feb 2009
  2. ↑ Andrew Porter Political Editor and Lucy Cockcroft Gordon Brown loses second banking advisor as Glen Moreno quits Daily Telegraph, Last Updated: 6:52AM GMT 13 Feb 2009
  3. ↑ Glen Moreno: Financier who changed sides, Guardian, 13 February 2009
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