Former chancellor George Osborne set for role at world's biggest asset manager, BlackRock

 
Jasper Jolly
BRITAIN-POLITICS
George Osborne remains as the MP for Tatton (Source: Getty)

Former chancellor George Osborne is set to take a job at BlackRock, the world’s biggest asset manager.

The company has announced Osborne will join as a part-time senior advisor to the BlackRock Investment Institute, a research arm of the asset manager.

Osborne will start on 1 February with a role focused on European politics, China's economy, and retirement planning in an age of low yields, according to a statement from BlackRock. However, he will be banned from any role lobbying the UK government.

Osborne has previously been paid more than £34,000 for a one-hour speech by BlackRock.

Osborne said: "I am excited to be working with the BlackRock Investment Institute as an advisor. 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.”

Read more: Osborne looks to carve out a post-Treasury role

Osborne remains a member of Parliament, despite no longer having any cabinet role. He was replaced as chancellor by Philip Hammond after the Remain campaign, of which he had been a central part, lost the EU referendum.

Since moving to the back benches of Parliament Osborne has kept a lower profile, after being one of the dominant figures in British politics.

However, he has recently spoken at the World Economic Forum in Davos, where he has reportedly been paid thousands to speak, along with former Prime Minister David Cameron. Fink has also spoken at Davos this week.

Osborne has been paid thousands for speeches delivered since he left the cabinet. In October he was paid over £85,000 for a speech to bankers at Citi in London's Canary Wharf, while he has also received payment for speaking at events hosted by JP Morgan and Aberdeen Asset Management.

BlackRock manages over $5 trillion, making it by far the biggest manager of investor money in the world.

Read more: Already? George Osborne has been paid £100,000 for speeches

Osborne’s former chief of staff Rupert Harrison already works at BlackRock. He left the government after helping to guide Osborne and David Cameron to a surprise majority in the 2015 general election.

BlackRock chairman and chief executive Larry Fink said: “George has a unique and invaluable perspective on the issues that are shaping our world today.”

“At the centre of our mission is helping people around the world save and invest for retirement, and George’s insights will help our clients achieve their goals," he added.

Related articles