Fund management veteran James Anderson is teaming up with the Agnelli family holding company to return to full-time investing.

According to The Financial Times, Lingotto Investment Management has appointed Anderson to its team of investors a year after his retirement from Baillie Gifford.

The newly founded firm is owned by Exor, the holding company of the Agnelli family and was launched with $3 billion in funding.

The Agnellis are rumoured to be one of the wealthiest families in Europe, with $10 billion in wealth.

The Italian industrialists are responsible for founding the Fiat motor company, among other ventures.

According to reports, in his new role, Anderson will launch a new fund focused on innovation in both public and private markets, starting with approximately $500 million in assets.

Lingotto will be chaired by George Osborne, the former UK chancellor and current banker for the boutique advisory firm Robey Warshaw.

The firm said it aims to “provide a home for very talented investment management professionals to join a place which is entrepreneurial and much focused on letting them do what they’re good at.”

Before joining Lingotto, Anderson worked at Baillie Gifford for nearly four decades before retiring in April 2022.

During his time with Baillie Gifford, Anderson managed the firm’s flagship £18.5 billion Scottish Mortgage Investment Trust.

Anderson was responsible for helping to transform the Edinburgh-based private partnership into the UK’s largest investment trust.

He also boasted a 1,700% return over his tenure due to early backing on successful technology companies such as Tesla and Amazon.

Before Anderson’s retirement, Baillie Gifford appointed Ross Mathison as a portfolio manager of its Global Income Growth Fund and Responsible Global Equity Income Fund.

The firm’s £631 million European growth trust also announced plans to increase its exposure to unlisted stocks to 20% of its portfolio.

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