Jim O'Neill, Baron O'Neill of Gatley#Goldman Sachs
{{short description|British economist (born 1957)}}
{{use British English|date=May 2012}}
{{Use dmy dates|date=February 2021}}
{{Infobox officeholder
| honorific-prefix = The Right Honourable
| name = The Lord O'Neill of Gatley
| image = Official portrait of Lord O'Neill of Gatley crop 2.jpg
| image_size =
| caption = O'Neill in 2020
| office = Commercial Secretary to the Treasury
| primeminister = David Cameron
Theresa May
| 1blankname = Chancellor
| 1namedata = George Osborne
Philip Hammond
| term_start = 14 May 2015
| term_end = 23 September 2016
| predecessor = The Lord Deighton
| successor = The Baroness Neville-Rolfe
| office4 = Member of the House of Lords
Lord Temporal
| term_start4 = 28 May 2015
Life Peerage
| term_end4 =
| birth_name = Terence James O'Neill
| birth_date = {{birth date and age|df=yes|1957|3|17}}{{cite web|url=http://www.debretts.com/people/biographies/browse/o/23847/(Terence)%20James%20(Jim)+O'NEILL.aspx|title=Jim O'Neill, Esq |publisher=Debrett's|access-date=31 January 2012}}
| birth_place = Manchester, England
| death_date =
| death_place =
| nationality = British
| known_for = BRIC economics term
| alma_mater = University of Sheffield
University of Surrey
| occupation =
| party = None (Crossbencher) (since 2017)
| otherparty = Non-affiliated (2016–2017)
Conservative (2015–2016)
| spouse = Married
| partner =
| children = 2
| signature =
| website =
}}
Terence James O'Neill, Baron O'Neill of Gatley (born 17 March 1957) is a British economist best known for coining BRIC, the acronym that stands for Brazil, Russia, India, and China—the four once-rapidly developing countries that he predicted would challenge the global economic power of the developed G7 economies.{{cite news | url = https://money.cnn.com/2009/06/17/news/economy/goldman_sachs_jim_oneill_interview.fortune/index.htm | title = For Mr. BRIC, nations meeting a milestone | first = Beth | last = Kowitt | publisher = CNNMoney.com | date = 17 June 2009 | access-date =18 June 2009}} He is also a former chairman of Goldman Sachs Asset Management and former Conservative government minister.
O'Neill was Commercial Secretary to the Treasury in the Second Cameron Ministry from May 2015 to September 2016. He chaired the UK's Independent Review into Antimicrobial Resistance from 2014 to 2016.{{cite web|url=https://amr-review.org/|title=Independent Review into Antimicrobial Resistance}} He was the chairman of the Council of Chatham House, the Royal Institute of International Affairs from 2018 to 2021.
Education
O'Neill grew up in Gatley and attended Burnage High School for Boys, a comprehensive school.{{cite news |last=Fletcher |first=Richard |date=2 March 2010 |title=Jim O'Neill: Profile of Manchester United's Red Knight |newspaper=The Daily Telegraph |url=https://www.telegraph.co.uk/sport/football/teams/manchester-united/7352107/Jim-ONeill-Profile-of-Manchester-Uniteds-Red-Knight.html |access-date=31 January 2012}} He obtained a Bachelor of Arts (BA) degree in 1977 and a Master of Arts (MA) degree in economics from Sheffield University in 1978.[https://www.gov.uk/government/people/jim-oneill Lord O’Neill of Gatley] - website gov.uk[http://www.goldmansachs.com/our-thinking/archive/bios/Jim_O'Neill_Bio.pdf Jim O'Neill Bio] {{Webarchive|url=https://web.archive.org/web/20160304041634/http://www.goldmansachs.com/our-thinking/archive/bios/Jim_O%27Neill_Bio.pdf |date=4 March 2016 }} - website of Goldman Sachs He earned his PhD degree in economics from the University of Surrey in 1982, with a thesis titled [http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.279333 An empirical investigation into the OPEC surplus and its disposal]. On the 16 January 2024, O’Neill was granted an honorary Doctorate of Letters by the University of Hull.
Career
Early in his career, O'Neill worked at Bank of America and Marine Midland Bank. In 1988, he joined Swiss Bank Corporation where he became SBC's chief of global research.{{cite news|title=Bio: Who Is Jim O'Neill?|url=http://www.businessweek.com/magazine/content/05_10/b3923173_mz035.htm|archive-url=https://archive.today/20130119014414/http://www.businessweek.com/magazine/content/05_10/b3923173_mz035.htm|url-status=dead|archive-date=19 January 2013|access-date=26 June 2012|newspaper=Bloomberg Businessweek|date=7 March 2005}} He joined Goldman Sachs in 1997 and he was appointed as the head of global economics research in 2001.{{cite web|access-date=2024-10-31|title=Jim O'Neill Named Chairman of Goldman Sachs Asset Management|url=https://www.goldmansachs.com/pressroom/press-releases/2010/oneill-gsam|website=www.goldmansachs.com}}
= Goldman Sachs =
In 2010, he headed Goldman Sachs's Division of Asset Management where O'Neill managed over $800 billion in assets. His new appointment was regarded as a symbol of Goldman's "efforts to reposition itself for Wall Street's post-crisis era",{{cite news|last=Johnson|first=Miles|title=O'Neill heads Goldman division|url=http://www.ft.com/intl/cms/s/0/30e3de30-bcdf-11df-89ef-00144feab49a.html#axzz1ysEciZj0 |url-access=subscription |access-date=26 June 2012|newspaper=Financial Times|date=11 September 2011|author2=Justin Baer}} one in which Goldman Sachs is "bullish" about the fact that emerging markets are "the future".{{cite news|last=Noble|first=Josh|title=Bric Godfather O'Neill gets keys to Goldman's fund chest|url=http://blogs.ft.com/beyond-brics/2010/09/10/bric-godfather-gets-keys-to-goldmans-war-chest/|access-date=26 June 2012|newspaper=beyondbrics |publisher=Financial Times|date=10 September 2010 |url-status=dead |archive-url=https://web.archive.org/web/20130501142644/http://blogs.ft.com/beyond-brics/2010/09/10/bric-godfather-gets-keys-to-goldmans-war-chest/ |archive-date= May 1, 2013 }} In 2011, he was included in the 50 Most Influential ranking of Bloomberg Markets magazine.
In 2001, O'Neill coined the term "BRIC" in "The World Needs Better Economic BRICs" in a Goldman Sachs's "Global Economic Paper" series, on the four emerging markets of Brazil, Russia, India, and China.{{cite journal |last=O'Neill |first=Jim |date=30 November 2001 |title=Building Better Global Economic BRICs |url=http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/build-better-brics.pdf |series=Global Economics Paper No. 66 |website=Goldman Sachs & Co. |issue=66 |access-date=10 December 2013 |archive-date=14 November 2013 |archive-url=https://web.archive.org/web/20131114114835/http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/build-better-brics.pdf |url-status=dead }} Other terms he coined or adopted and popularized have been the "Next Eleven" (or N-11) for Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, South Korea, Turkey, and Vietnam, arguing they would be among the world's largest economies in the 21st century.{{Cite news |date=2012-08-07 |title=Goldman Sachs's MIST Topping BRICs as Smaller Markets Outperform |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2012-08-07/goldman-sachs-s-mist-topping-brics-as-smaller-markets-outperform |url-access=subscription |first1=Eric |last1=Martin |access-date=2020-09-09}}{{cite web |last=Spence |first=Peter |date=13 October 2014 |title=Beyond the BRICs: the guide to every emerging market acronym |url=https://www.telegraph.co.uk/finance/economics/11158386/Beyond-the-BRICs-the-guide-to-every-emerging-market-acronym.html |work=The Daily Telegraph |url-access=subscription |url-status=live |archive-url=https://web.archive.org/web/20231208144557/https://www.telegraph.co.uk/finance/economics/11158386/Beyond-the-BRICs-the-guide-to-every-emerging-market-acronym.html |archive-date=Dec 8, 2023 }} In 2011, O'Neill stated that he preferred the term "growth markets" over "emerging markets" and spotlighted Mexico, Indonesia, South Korea and Turkey in addition to the BRIC markets, which the media dubbed "MIST" and, collectively, the "Growth-8". In November 2013, he adopted and popularized MINT for Mexico, Indonesia, Nigeria and Turkey, which had been coined by Fidelity International in May 2011.{{cite web|url=https://icfp.co.uk/mints-big-investment-opportunity/ |title=Are MINTs the next big investment opportunity? |first=Martin |last=Bamford |website=icfp.co.uk |date=5 May 2011}}{{cite web|url=http://www.qfinance.com/blogs/ian-fraser/2011/05/10/fidelity-is-confident-its-mints-wont-suck-emerging-economies |title=Fidelity is confident its MINTs won't suck |website=Qfinance.com |publisher=Bloomsbury Publishing |first=Ian |last=Fraser |date=10 May 2011 |archive-url=https://web.archive.org/web/20110807094035/http://www.qfinance.com/blogs/ian-fraser/2011/05/10/fidelity-is-confident-its-mints-wont-suck-emerging-economies |archive-date=7 August 2011 |url-status=dead}}{{cite web|url=https://www.fool.com/investing/general/2014/02/13/is-mint-the-new-bric.aspx |title=Are the MINT Countries the New BRIC? |first=Kurt |last=Avard |publisher=The Motley Fool |date=13 February 2014}} O'Neill retired from the firm in 2013.{{Cite press release |title=Jim O'Neill to retire from Goldman Sachs |date=5 February 2013 |publisher=Goldman Sachs |url=http://www.goldmansachs.com/media-relations/comments-and-responses/current/jim-oneill-to-retire-from-goldman-sachs.html |last1=Blankfein |first1=Lloyd C. |last2=Cohn |first2=Gary D. |access-date=14 March 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130208093123/http://www.goldmansachs.com/media-relations/comments-and-responses/current/jim-oneill-to-retire-from-goldman-sachs.html |archive-date=8 February 2013 |author-link1=Lloyd Blankfein |author-link2=}}{{cite web |title=IBA - Webcast interview with Jim O'Neill, Chairman of Goldman Sachs Asset Management - transcript |url=https://www.ibanet.org/Article/NewDetail.aspx?ArticleUid=b8a1e2e0-292b-49d5-8b7b-306ecc432b98 |access-date=10 October 2018 |archive-date=11 October 2018 |archive-url=https://web.archive.org/web/20181011013725/https://www.ibanet.org/Article/NewDetail.aspx?ArticleUid=b8a1e2e0-292b-49d5-8b7b-306ecc432b98 |url-status=dead }}
= Other =
File:Review on Antimicrobial Resistance (27015177862).jpg
He is on the International Advisory Board of the Centre for Rising Powers at the University of Cambridge,{{cite web |title=International Advisory Board |url=https://www.crp.polis.cam.ac.uk/about/international-advisory-board |website=cam.ac.uk |access-date=21 September 2017 |archive-date=22 September 2017 |archive-url=https://web.archive.org/web/20170922051827/https://www.crp.polis.cam.ac.uk/about/international-advisory-board |url-status=dead }} the QFINANCE Strategic Advisory Board, and board of Bruegel.{{Cite web |url=http://www.bruegel.org/about/person/view/175-jim-oneill/ |title=Jim O'Neill: Member of the board |publisher=Bruegel |access-date=14 March 2013 |archive-date=30 July 2012 |archive-url=https://archive.today/20120730143507/http://www.bruegel.org/about/person/view/175-jim-oneill/ |url-status=dead }} On 2 July 2014, he was appointed by UK Prime Minister David Cameron to head an international commission to investigate global antimicrobial resistance.{{Cite press release |title=Internationally focused commission on antimicrobial resistance announced by PM |url=https://www.wellcome.ac.uk/News/Media-office/Press-releases/2014/WTP056762.htm |website=wellcome.ac.uk |access-date=3 July 2014 |date=2 July 2014 |archive-date=7 July 2014 |archive-url=https://web.archive.org/web/20140707013041/http://www.wellcome.ac.uk/News/Media-office/Press-releases/2014/WTP056762.htm |url-status=dead }} In 2018, Lord O'Neill published the book Superbugs: An Arms Race Against Bacteria co-written with Anthony McDonnell and Will Hall.{{cite web |url=http://www.hup.harvard.edu/catalog.php?isbn=9780674975989 |title=Superbugs – William Hall, Anthony McDonnell, Jim O'Neill - Harvard University Press |website=hup.harvard.edu}}
=House of Lords=
In 2015, he was created a Life Peer as Baron O'Neill of Gatley, of Gatley in the County of Greater Manchester,{{London Gazette |issue=61246 |date=3 June 2015 |page=10180}} and took up an unpaid post in HM Government as the Commercial Secretary to the Treasury.{{Cite news| title=Jim O'Neill gains peerage and ministerial role in treasury team |url=https://www.theguardian.com/uk-news/2015/may/14/jim-oneill-gains-peerage-and-ministerial-role-in-treasury-team/ |access-date=8 February 2016}}{{Cite news |title=Her Majesty's Government |url=https://www.gov.uk/government/news/her-majestys-government-12-may-2015 |access-date=8 February 2016}} In this role O'Neill's primary role was to work on the Northern Powerhouse project and to help reinvigorate trade with China. Following the resignation of David Cameron as Prime Minister his successor, Theresa May, kept O'Neill in post. In 2016, O'Neill resigned over concerns that May was not committed to the Northern Powerhouse project, making him the first member of May's ministry to resign.{{cite news|url=https://www.independent.co.uk/news/uk/politics/treasury-minister-quits-over-northern-powerhouse-and-china-ties-a7325076.html |archive-url=https://ghostarchive.org/archive/20220608/https://www.independent.co.uk/news/uk/politics/treasury-minister-quits-over-northern-powerhouse-and-china-ties-a7325076.html |archive-date=8 June 2022 |url-access=subscription |url-status=live|title=Treasury minister quits over Northern Powerhouse and China ties|date=23 September 2016|access-date=25 September 2016|author=Rob Merrick}}
O'Neill sat in the House of Lords as a Conservative life peer from 28 May 2015 to 23 September 2016. After leaving the Conservatives, he then sat as a non-affiliated member of the House of Lords 23 September 2016 to 9 October 2017, and he has sat as a member of the crossbenchers since 9 October 2017.{{cite web |title=Lord O'Neill of Gatley: Parliamentary career |url=https://members.parliament.uk/member/4536/career |website=MPs and Lords |publisher=UK Parliament |access-date=20 February 2022}}
Personal life
O'Neill is an enthusiastic football fan and played for the Bank of America's first team in London. He is a lifelong follower of Manchester United F.C. and served as a non-executive director from 2004 to 2005, before the club was returned to private ownership.{{cite web
|title=Jim O'Neill's CV
|work=European Private Equity and Venture Capital Association
|url=http://www.evca-specials.com/symposium07/cv_s/cv_oneill.php?width=855&height=520
|archive-url=https://web.archive.org/web/20110107213022/http://www.evca-specials.com/symposium07/cv_s/cv_oneill.php?width=855&height=520
|url-status=dead
|archive-date= 7 January 2011
|access-date=16 March 2009
}}
On 2 March 2010, the Red Knights, a group of wealthy Manchester United fans believed to include O'Neill, confirmed interest in a possible takeover of the club.{{cite news| url=http://www.rte.ie/news/2010/0302/manutd-business.html | work=RTÉ News | title=Red Knights confirm United takeover plan | date=2 March 2010 |url-status=live |archive-url= https://archive.today/20120912172109/http://www.rte.ie/news/2010/0302/manutd-business.html |archive-date= 12 Sep 2012 }}
In 2014, O'Neill was awarded an Honorary Litt.D. degree by the University of Sheffield.{{Cite web |date=18 July 2014 |title=World-renowned economist among University's honorary degree recipients |url=http://www.sheffield.ac.uk/news/nr/jim-oneill-honorary-degree-recipients-1.389239 |url-status=dead |archive-url=https://web.archive.org/web/20211022222554/https://www.sheffield.ac.uk/news/nr/jim-oneill-honorary-degree-recipients-1.389239 |archive-date=Oct 22, 2021 |website=News archive - The University of Sheffield}} He has honorary degrees from the Institute of Education of the University of London and from City University London.
References
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External links
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Category:Alumni of the University of Sheffield
Category:Alumni of the University of Surrey
Category:Manchester United F.C. directors and chairmen
Category:People from Cheadle, Greater Manchester
Category:Conservative Party (UK) life peers