Malik Karim, the founder and CEO of Square Mile investment banking firm Fenchurch Advisory, is to stand down as Treasurer to the Conservative party.
City A.M. understands Karim will become an advisor on fundraising to the new Tory party chairman, Nadhim Zahawi,
Karim, who founded Fenchurch in 2003, served as the party’s treasurer for just over a year.
Karim said it had been “an honour and a privilege” to serve in the role but said “this particular inflection point for the party feels like the right time to step away from the day-to-day responsibilities.”
He came to the UK as a refugee from Uganda in 1974 before embarking on a career in the City which also included a senior role at Credit Suisse.
He sold a controlling stake in Fenchurch in 2018 to the French giant Natixis but remained chief exec at the understated but highly successful City outfit. Karim was last in his headlines as an advisor on Bain’s attempted takeover of LV=.
Karim helped guide the first ‘Conservative Party City Dinner’ to fruition as the party attempted to raise funds in the Square Mile.
The Tories are looking to raise funds ahead of a general election which polls suggest could well be an uphill battle.
The City banker and now former Tory party treasurer said he was “looking forward to working closely with Nahdim (Zahawi)… to raise funds to fight the next General Election.”
Prime Minister Rishi Sunak said he wanted to “thank Malik for his hard work and full commitment throughout his time as Party Treasurer.”