George Osborne has bolstered his private fortune since leaving politics, as he joins a trio of funding bankers sharing a £30 million pot after report earnings at Robey Warshaw, the influential Metropolis advisory agency the place he works.
Accounts for the Mayfair-based agency reveal that earnings soared to £70 million within the 12 months ending March, a major enhance from £31.8 million the earlier 12 months.
The lion’s share of £40.5 million went to a single particular person, believed to be Sir Simon Robey, a founding companion of the enterprise and one of many Metropolis’s strongest dealmakers.
The remaining £29.5 million was divided amongst Osborne and two different companions, Simon Warshaw and Philip Apostolides.
This marks the newest in a collection of profitable earnings for Osborne since stepping down as an MP in 2017. Earlier than becoming a member of Robey Warshaw in 2021, he served as an adviser at BlackRock, the American funding big, incomes £650,000 a 12 months for a part-time function. Osborne has additionally held positions as editor of the Night Customary newspaper and chair of the Northern Powerhouse Partnership suppose tank.
Osborne spent 16 years in Parliament, together with six as Chancellor, earlier than being changed by Theresa Could in 2016 when she grew to become Prime Minister. Throughout his tenure on the Treasury, he was a key architect of the austerity programme, which attracted each help and criticism.
His transfer to Robey Warshaw marked his entry into the higher echelons of the banking business, elevating eyebrows because it was the primary time the boutique agency had added a brand new companion since its institution in 2013 by Robey, Warshaw, and Apostolides—all seasoned bankers from main Metropolis corporations.
Since its inception, Robey Warshaw has constructed a repute as one of the trusted advisers to Britain’s largest corporations, taking part in a number of high-profile takeover offers. Notably, the agency suggested SABMiller throughout its $100 billion sale to Anheuser-Busch InBev in 2016—the largest-ever takeover of a UK firm.
Extra lately, the agency has suggested Direct Line, the insurer heading off takeover approaches, and was concerned within the tried acquisition of The Telegraph newspaper by Abu Dhabi-backed Redbird IMI, believed to be Osborne’s shopper.
Osborne, a supporter of Chelsea FC, additionally suggested American billionaire Todd Boehly on his £4.25 billion acquisition of the membership two years in the past.
Robey Warshaw declined to touch upon the accounts.
