James Palumbo
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The Right Honourable The Lord Palumbo of Southwark |
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| Member of the House of Lords | |
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Assumed office 2 October 2013 |
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| Personal details | |
| Born |
James Rudolph Palumbo 6 June 1963 London, England |
| Nationality | British |
| Political party | Liberal Democrats |
| Occupation | Entrepreneur, Author, Peer |
| Net worth |
 £300 million (Est. 2016)
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James "Jamie" Rudolph Palumbo, Baron Palumbo of Southwark (born 6 June 1963) is a British entrepreneur, author and Liberal Democrat life peer. He was listed in the Sunday Times Rich List 2016 in 350th place with an estimated fortune of £300 million. The eldest son of property developer Peter Palumbo, Baron Palumbo, Jamie was born in London and educated at Eton College and Worcester College, Oxford. In October 2016, he was made an Honorary Fellow of the School of Business, London South Bank University.
From 1984 to 1992, Palumbo worked in the City of London for Merrill Lynch and Morgan Grenfell in equity capital markets and property finance.
In September 1991 Palumbo, together with his school friend Humphrey Waterhouse and DJ Justin Berkmann, founded the Ministry of Sound nightclub in South London. Initially Palumbo lost control of the club to drug dealers, and a fight to regain control ensued.
Ministry of Sound has expanded into a number of areas including recorded music, live events, digital media and merchandise. Ministry of Sound Recordings has sold over 70 million albums and is the largest independent music company in the world. In 2001 Palumbo sold 16% of the business to 3i for £24 million, which he subsequently reacquired.
In 2016 he sold Ministry of Sound Recordings to the Sony Music Group for $104 million. Publishing, live events, merchandise, and the London club remain part of the group.
In 1994 he launched legal proceedings against his father with his sister, Annabella Adams, claiming his father had mismanaged the family trust, subsequently his father resigned as a trustee. In 2010 new proceedings were launched relating to another family trust, his father also resigned from this trust and paid legal fees.
Following the 2010 election Palumbo helped reorganise Lib Dem headquarters to make the party more efficient in Government. Palumbo is a major donor to the Liberal Democrats. In October 2013, Palumbo was created a life peer taking the title Baron Palumbo of Southwark, of Southwark, in the London Borough of Southwark.
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