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 Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

, 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 UK plc (formerly CYBG plc) is a British banking and financial services company. It has been owned by Nationwide Building Society since 1 October 2024. The Virgin Money (brand), Virgin Money brand was founded by Richard Branson in ...

since May 2015.

Early life

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

Bachelor of Arts A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts deg ...

degree from

Stanford University Leland Stanford Junior University, commonly referred to as Stanford University, is a Private university, private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth ...

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 The Delhi University (DU, ISO 15919, ISO: ), also and officially known as the University of Delhi, is a collegiate university, collegiate research university, research Central university (India), central university located in Delhi, India. It ...

in 1966. He achieved a

Juris Doctor A Juris Doctor, Doctor of Jurisprudence, or Doctor of Law (JD) is a graduate-entry professional degree that primarily prepares individuals to practice law. In the United States and the Philippines, it is the only qualifying law degree. Other j ...

from

Harvard Law School Harvard Law School (HLS) is the law school of Harvard University, a Private university, private research university in Cambridge, Massachusetts. Founded in 1817, Harvard Law School is the oldest law school in continuous operation in the United ...

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 company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

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 (FIL) 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 established ...

, chairing its audit committee, and was their

chief executive A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

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

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

. 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 Manchester in 1821 as ''The Manchester Guardian'' and changed its name in 1959, followed by a move to London. Along with its sister paper, ''The Guardian Weekly'', ''The Guardi ...

'' as an "unknown quantity". His salary at Pearson was £425,000 per year. 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 The Booker Prize, formerly the Booker Prize for Fiction (1969–2001) and the Man Booker Prize (2002–2019), is a prestigious literary award conferred each year for the best single work of sustained fiction written in the English language, wh ...

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. Based at Ditchley Park near Chipping Norton, Oxfordshire, it was established as a privately funded charity in 1958 by philanthr ...

and a director of the

Royal Academy of Dramatic Art The Royal Academy of Dramatic Art, also known by its abbreviation RADA (), is a drama school in London, England, which provides vocational conservatoire training for theatre, film, television, and radio. It is based in Bloomsbury, Central London ...

. 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 Public Limited Company () is a major retail banking, retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest and Ulster Bank. The Royal Bank of Sco ...

. 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 or HMT), and informally referred to as the Treasury, is the Government of the United Kingdom’s economic and finance ministry. The Treasury is responsible for public spending, financial services policy, Tax ...

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 ''Hofk ...

. 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 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 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 B ...

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 city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

home and a cattle farm in

Virginia Virginia, officially the Commonwealth of Virginia, is a U.S. state, state in the Southeastern United States, Southeastern and Mid-Atlantic (United States), Mid-Atlantic regions of the United States between the East Coast of the United States ...

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

References

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