Former UK chancellor George Osborne, architect of the austerity drive following the financial crisis, is dropping his portfolio career to work full-time as a banker.
Osborne announced on Monday that he would give up almost all of his eclectic range of jobs to join M&A advisory firm Robey Warshaw as a partner. This will mean departing from the Evening Standard newspaper and his position as a senior adviser at investment firm Blackrock.
“Robey Warshaw is the best of the best, advising great businesses on how to grow, and I’m proud to be joining this first-rate team,” Osborne told the Financial Times.
Robey Warshaw is a small investment bank headquartered in Mayfair, which currently employs 13 people and made a profit of £17.9 million last year. Osborne will become the firm’s first outside partner.
It is unclear how much remuneration Osborne will receive in his new role, though filings at Companies House showed that Robey Warshaw’s highest paid partner received £10 million in 2020 and £27.8 million in 2019.
“We believe that George will significantly enhance the advice we give to clients,” a Robey Warshaw spokesperson said in a statement. “He brings differentiated experience and expertise to our team from his leading roles in global finance over the past decade.”
Robey Warshaw was founded in 2013 and quickly became a preeminent firm in the bulge-bracket deal space. It has recently advised on a range of high-profile deals including Comcast’s $39 billion acquisition of Sky, BP’s $10.5 billion purchase of shale assets from BHP Group, and the London Stock Exchange’s $27 billion takeover of Refinitiv.
Though he is giving up most of the nine jobs he collected since departing the government in 2016, Osborne will remain chair of the advisory board of Exor, currently managing the Italian Agnelli family’s interest in Ferrari and Juventus.