New Model Adviser - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Ex-chancellor George Osborne to join BlackRock

15 Comments
Ex-chancellor George Osborne to join BlackRock

Former Chancellor George Osborne will join asset manager BlackRock. 

Osborne (pictured) will join investment research arm the BlackRock Investment Institute as a senior adviser in February, Sky News reports. 

There are currently no indications the former chancellor plans to step down as an MP.

Osborne will be reunited with his former economic adviser Rupert Harrison at BlackRock. 

Harrison joined the asset manager in June 2015 after working as chief of staff to the chancellor.  He was widely credited with creating the pension freedom policy, announced in Osborne's 2014 Budget. 

A source told Sky News Osborne would be paid 'at least' hundreds of thousands of pounds for the role.

Osborne stepped down as chancellor following last June's EU referendum. The former chancellor backed the Remain campaign in the vote. 

Although Osborne has not taken any high profile positions since leaving as chancellor, he has made a number of highly paid speeches. These speeches included one at BlackRock in New York, for which he received £34,100 according to the register of MP's interests. 

Former ministers must apply to the Advisory Committee on Business Appointments (Acoba) before accepting a new role. 

In a letter, Acoba told Osborne it would approve his appointment under conditions including that he would not lobby the government on behalf of BlackRock for at least two years after he left ministerial office. 

The letter also included a line which said Acoba 'was reassured by confirmation from your former department, Her Majesty’s Treasury that there were no specific policy decisions from your time in office that would have specifically affected BlackRock, and the permanent secretary had no concerns about you taking up this post'.

Osborne said he wanted to help people save for retirement in his new role. 

'BlackRock wants better outcomes for pensioners and savers - and I want to help them deliver that. It's a chance for me to work part-time with one of the world's most respected firms and a major employer in Britain,' he said.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Comment & analysis

Twitter