Garret Graham Wellesley, 8th Earl of Cowley (born 30 March 1965), styled Viscount Dangan from 1975 to 2016, is a British hereditary peer and businessman. Previously an entrepreneur in derivatives and foreign exchange trading, he is the founder and CEO of UK alternative lender Wellesley & Co.
The Earl Cowley | |
|---|---|
| Born | Garret Graham Wellesley 30 March 1965 (age 59) |
| Alma mater | Franklin College, Switzerland |
| Occupation | Businessperson |
| Children | 3 |
| Parent(s) | Garret Wellesley, 7th Earl Cowley Suzanne Lennon |
Early life
editGraham Wellesley was born in 1965, the son of Garret Wellesley, 7th Earl Cowley, and his first wife, (Elizabeth) Suzanne Lennon.[1] He has an elder sister, Lady Tara (born 1962). He is a descendant of Henry Wellesley, 1st Baron Cowley, brother of the Duke of Wellington.[2] He spent his early years in California before coming to the UK aged 10, where he attended the American Community School in Hillingdon, west London.[3]
After graduating with a degree in economics from Franklin College, Switzerland, he served for 18 months in the Household Cavalry.[3]
Career
editWellesley’s financial career began in 1985 as a derivatives trader at the London stockbroking firm Hoare Govett, from where he moved to two further derivatives trading roles at Banque Indosuez and ING Charterhouse.[3] In 1992, he became head of foreign exchange trading at global metals trader Gerald Metals.[3]
In 1995, he established the UK foreign exchange market maker IFX, which specialised in contracts for difference (CFDs) and spread bets on equity prices.[2] In 1999, he and another director, Lorenzo Naldini, purchased the 51% of the business owned by its US parent company IFX Corp in a buyout that left them as sole shareholders.[4]
In 2000, IFX was bought by the football pools operator Zetters for £20.4million in a reverse takeover, forming a new entity – IFX Group – with Wellesley as group chief executive.[citation needed] Two years later the company sold its pools business.[5]
In 2003, Wellesley and Naldini left IFX following a disagreement with the board and co-founded ODL Securities, an online foreign exchange and derivatives broker.[6]
In 2005, ODL was the whistleblower in an attempted banking fraud by US hedge fund Bayou. Bayou opened an account with ODL, depositing $101million and requesting two transactions that were refused by the management, who notified the UK Financial Services Authority.[7]
In 2010, Wellesley and Naldini sold their 50% stake in ODL to US foreign exchange firm FXCM Holdings, creating a business employing around 1,000 staff.[8] In December that year, the newly enlarged entity floated on the New York Stock Exchange.[9]
In 2013, Graham Wellesley co-founded alternative lender Wellesley & Co. with three other shareholders, taking the role of chief executive.[10] The following year the company issued what at the time was the largest ever loan by a peer-to-peer lender – a £8.3million bridging loan to a UK urban regeneration scheme.[11]
Personal life
editIn 1990, Wellesley married Claire L. Brighton. The couple have two sons and a daughter:[1]
- Henry Arthur Peter Wellesley, Viscount Dangan (born 3 December 1991)
- Lady Natasha Rose Wellesley (born 28 June 1994)
- Hon. Bertram Garret Graham Bertie Wellesley (born 12 April 1999)
Ancestry
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References
edit- ^ a b "Garret Wellesley Obituary (1934 - 2016) - Reno, NV - the Reno Journal-Gazette and Mason Valley News". www.legacy.com. Retrieved 16 June 2021.
- ^ a b "Zetters spreads its bets". The Guardian. 25 August 2000. Retrieved 15 November 2016.
- ^ a b c d Coppock, John (22 August 2002). "IFX Chief plays against odds: Nobleman Wellesley focuses on tax-free financial speculation". Wall Street Journal.
- ^ "IFX applies to join LME". Metal Bulletin. 15 July 1999.
- ^ Chisholm, Jamie (31 May 2002). "Zetters bets on transformation". Financial Times.
- ^ Dey, Iain (23 July 2006). "Elliot takes non-executive chair at ODL". The Daily Telegraph. Retrieved 15 November 2016.
- ^ Moore, James (27 September 2005). "London firm 'was link in US banking fraud case'". The Daily Telegraph. Retrieved 15 November 2016.
- ^ Wilson, Harry (4 May 2010). "Forex broker ODL accepts US takeover". The Daily Telegraph. Retrieved 15 November 2016.
- ^ "FXCM's IPO Raises $211 Million at Midpoint of Range". Bloomberg. 2 December 2010. Retrieved 16 March 2017.
- ^ "Peer to peer lending market gets new risk-capital entrant". City AM. 18 November 2013. Retrieved 15 November 2016.
- ^ Dunkley, Emma; Sharman, Andy (1 April 2014). "Largest P2P loan to fund urban regeneration scheme". Financial Times. Archived from the original on 11 December 2022. Retrieved 15 November 2016.