George Magan, Baron Magan of Castletown
Encyclopedia
George Morgan Magan, Baron Magan of Castletown, is a Conservative
member of the House of Lords
. He comes from an Anglo-Irish
family, and is the son of the late Brigadier Bill Magan, who served as a director at MI5
. He was educated at Winchester College
and then became a Chartered Accountant
.
Magan has been the Conservative Party's Treasurer since 2003 and is presently the Deputy Chairman of the Conservative Foundation. The Sunday Times Rich List
conservatively estimates his current net worth to be at £60 million. However it was stated that Magan made more than £20m when he agreed to a takeover of Hambro Magan by Natwest Markets, in 1995. At the height of the bull market, he was worth up to £200m.
Magan was one of the founders of Hambro Magan, and is now a minority partner in private equity
firm Rhone Group
. He is a Director of a number of other companies involved in the investment banking
and private equity
sector including Morgan Shipley and Allied Investment Partners. Magan also serves on a number of international boards which include the Advisory Board for AXA Private Equity
, the Advisory Board for Abdul Latif Jameel Group (automotive distributor and real estate company, Jeddah, Saudi Arabia) and as a Financial Adviser for Emaar Properties
PJSC (real estate development company, Dubai). Magan is also a Director of Edmiston & Co, Emuse Technologies, Synergy Insurance Holdings and the Sisk Group.
Magan is involved in raising funds for the National Society for the Prevention of Cruelty to Children and from 1996 to 2001, he was a trustee of the Royal Opera House
.
as Baron Magan of Castletown, of Kensington in the Royal Borough of Kensington and Chelsea, and he was introduced
in the House of Lords
on 27 January 2011, where he sits as a Conservative
.
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
member of the House of Lords
House of Lords
The House of Lords is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster....
. He comes from an Anglo-Irish
Anglo-Irish
Anglo-Irish was a term used primarily in the 19th and early 20th centuries to identify a privileged social class in Ireland, whose members were the descendants and successors of the Protestant Ascendancy, mostly belonging to the Church of Ireland, which was the established church of Ireland until...
family, and is the son of the late Brigadier Bill Magan, who served as a director at MI5
MI5
The Security Service, commonly known as MI5 , is the United Kingdom's internal counter-intelligence and security agency and is part of its core intelligence machinery alongside the Secret Intelligence Service focused on foreign threats, Government Communications Headquarters and the Defence...
. He was educated at Winchester College
Winchester College
Winchester College is an independent school for boys in the British public school tradition, situated in Winchester, Hampshire, the former capital of England. It has existed in its present location for over 600 years and claims the longest unbroken history of any school in England...
and then became a Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
.
Magan has been the Conservative Party's Treasurer since 2003 and is presently the Deputy Chairman of the Conservative Foundation. The Sunday Times Rich List
Sunday Times Rich List
The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989...
conservatively estimates his current net worth to be at £60 million. However it was stated that Magan made more than £20m when he agreed to a takeover of Hambro Magan by Natwest Markets, in 1995. At the height of the bull market, he was worth up to £200m.
Magan was one of the founders of Hambro Magan, and is now a minority partner in private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm Rhone Group
Rhône Group
Rhône Group is a private equity firm, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and Trans- Atlantic investments...
. He is a Director of a number of other companies involved in the investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
and private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
sector including Morgan Shipley and Allied Investment Partners. Magan also serves on a number of international boards which include the Advisory Board for AXA Private Equity
AXA Private Equity
AXA Private Equity is a diversified private equity firm with $ 25 billion of assets managed or advised and with an international reach across Europe, North America and Asia...
, the Advisory Board for Abdul Latif Jameel Group (automotive distributor and real estate company, Jeddah, Saudi Arabia) and as a Financial Adviser for Emaar Properties
Emaar Properties
Emaar Properties , based in the United Arab Emirates, is a Public Joint Stock Company listed on the Dubai Financial Market. Established in 1997 with an initial paid-up capital of AED 1 bn, Emaar Properties is currently the Persian Gulf region's largest land and real estate developer...
PJSC (real estate development company, Dubai). Magan is also a Director of Edmiston & Co, Emuse Technologies, Synergy Insurance Holdings and the Sisk Group.
Magan is involved in raising funds for the National Society for the Prevention of Cruelty to Children and from 1996 to 2001, he was a trustee of the Royal Opera House
Royal Opera House
The Royal Opera House is an opera house and major performing arts venue in Covent Garden, central London. The large building is often referred to as simply "Covent Garden", after a previous use of the site of the opera house's original construction in 1732. It is the home of The Royal Opera, The...
.
House of Lords
On 25 January 2011, he was created a life peerLife peer
In the United Kingdom, life peers are appointed members of the Peerage whose titles cannot be inherited. Nowadays life peerages, always of baronial rank, are created under the Life Peerages Act 1958 and entitle the holders to seats in the House of Lords, presuming they meet qualifications such as...
as Baron Magan of Castletown, of Kensington in the Royal Borough of Kensington and Chelsea, and he was introduced
Introduction (House of Lords)
Introduction is a ceremony in the House of Lords whereby new members are "introduced" to the existing membership. Introductions in the Lords are more elaborate than those in the House of Commons.-Origins:...
in the House of Lords
House of Lords
The House of Lords is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster....
on 27 January 2011, where he sits as a Conservative
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
.
See also
- Rhone GroupRhône GroupRhône Group is a private equity firm, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and Trans- Atlantic investments...
- House of LordsHouse of LordsThe House of Lords is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster....
- National Society for the Prevention of Cruelty to Children