Glen Moreno

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 'amid allegations that a Liechtenstein bank he has links with is involved in tax avoidance.' 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.'

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.