Glen Richard Moreno (born 24 July 1943)https://beta.companieshouse.gov.uk/company/03087587/filing-history (see page 13 of 09 Sep 2015 entry) is an American businessman. Moreno has worked for several large companies in the United States and the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

, 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 Virgin Money is a banking and financial services brand operating in the United Kingdom. The Virgin Money brand was founded by Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching ...

since May 2015.

Early life

Glen Moreno was born in California in 1943. He graduated with a

Bachelor of Arts Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four years ...

degree from

Stanford University Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consider ...

in 1965 and was a

Rotary Foundation Fellow The Rotary Foundation is a non-profit corporation that supports the efforts of Rotary International to achieve world understanding and peace through international humanitarian, educational, and cultural exchange programs. It is supported solely b ...

at the

University of Delhi Delhi University (DU), formally the University of Delhi, is a collegiate central university located in New Delhi, India. It was founded in 1922 by an Act of the Central Legislative Assembly and is recognized as an Institute of Eminence (IoE) ...

in 1966. He achieved a

Juris Doctor The Juris Doctor (J.D. or JD), also known as Doctor of Jurisprudence (J.D., JD, D.Jur., or DJur), is a graduate-entry professional degree in law and one of several Doctor of Law degrees. The J.D. is the standard degree obtained to practice law ...

from

Harvard Law School Harvard Law School (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States. Each class ...

in 1969.

Career

Moreno worked for 18 years at

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

in Europe and Asia, running the investment banking and trading divisions and becoming a group executive. Moreno is a director of

Fidelity International Fidelity International Ltd, or FIL for short, is a company that provides investment management services including mutual funds, pension management and fund platforms to private and institutional investors. Fidelity International was originally es ...

, chairing its audit committee, and was their

chief executive A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

from 1987 to 1991. He is said to be largely responsible for the rapid growth of Fidelity during that period. In October 2005 Moreno was appointed as Lord Stevenson's replacement as chairman of

Pearson PLC Pearson plc is a British multinational corporation, multinational publishing and education company headquartered in London, England. It was founded as a construction business in the 1840s but switched to publishing in the 1920s.J. A. Spende ...

, after a 5-month search. The shortlist included Charles Gibson Smith, the chairman of the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

. Moreno's appointment came as something of a surprise to the business world as he was not widely known in the

and he was described by ''

The Guardian ''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...

'' as an "unknown quantity". His salary at Pearson was £425,000 per year. Moreno is also a senior independent director of

Man Group plc Man Group plc is an active investment management business listed on the London Stock Exchange. It provides a range of funds across liquid and private markets for institutional and private investors globally and is the world's largest publicly tr ...

, having been a non-executive director there since 1994, and persuaded the group to co-sponsor the

Man Booker Prize The Booker Prize, formerly known as the Booker Prize for Fiction (1969–2001) and the Man Booker Prize (2002–2019), is a literary prize awarded each year for the best novel written in English and published in the United Kingdom or Ireland. ...

for literature. He is also a governor of the

Ditchley Foundation The Ditchley Foundation is a foundation that holds conferences, with a primary focus on British-American relations. It is based at Ditchley Park near Chipping Norton, Oxfordshire. It was established as a privately funded charity in 1958 by philan ...

and a director of the

Royal Academy of Dramatic Art The Royal Academy of Dramatic Art (RADA; ) is a drama school in London, England, that provides vocational conservatoire training for theatre, film, television, and radio. It is based in the Bloomsbury area of Central London, close to the Sen ...

. 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. He became the acting chairman of the company when Sir Philip Hampton became chairman of the

Royal Bank of Scotland The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank ...

. During this time Moreno stated that "at no point have I sought the role f chairmanon a permanent basis". He quit as acting chairman on 11 February 2009 after

HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ec ...

said that it would appoint a new permanent chairman. 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. Moreno had been appointed as a trustee of LGT in 1999, at the same time joining the parent body

Prince of Liechtenstein Foundation 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 ''Hofkell ...

. Moreno sat on the LGT's development and compensation committee, which determined executive pay, and advised on investment strategy and policy. Moreno was remunerated with a salary of Swiss Fr130,000 (£76,000) per year. He has stated that he had no knowledge of the individual LGT clients. Moreno's continued employment at the head of UKFI was criticised by the

Conservative Party The Conservative Party is a name used by many political parties around the world. These political parties are generally right-wing though their exact ideologies can range from center-right to far-right. Political parties called The Conservative P ...

due to his links with LGT. Further controversy erupted over Fidelity International's donations to the Conservative Party which have amounted to £495,000 since 1994. He was appointed as senior

independent director An independent director (also sometimes known as an outside director) is a member of a board of directors who does not have a material or pecuniary relationship with company or related persons, except sitting fees. In the United States, indepe ...

Lloyds Banking Group Lloyds Banking Group 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 w ...

in February 2010, and Deputy Chairman of the

Financial Reporting Council The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and ...

in November 2010.FRC Board
, Financial Reporting Council. Retrieved 28 April 2011.

Personal life

Moreno's wife, sister, mother, and niece are all teachers and he splits his time between his

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

home and a cattle farm in

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

References

{{DEFAULTSORT:Moreno, Glen 1943 births Living people Stanford University alumni Delhi University alumni Harvard Law School alumni Businesspeople from California