Wednesday, August 17, 2022

George Osborne abandons portfolio career for M&A role at Robey Warshaw

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Former British Chancellor George Osborne is joining British consultancy firm Robey Warshaw, abandoning the eclectic set of jobs he has held since leaving government to become a full-time M&A banker.

Mr Osborne will step down from London’s Evening Standard newspaper and US investment manager BlackRock and will join in April as a partner at Robey Warshaw, which has advised some of the largest deals in the UK since its launch in 2013.

The addition of Mr. Osborne marks the first time the firm has extended its partnership beyond its three founding members, Sir Simon Robey, Simon Warshaw and Philip Apostolides.

Mr Osborne said: “Robey Warshaw is the best of the best, advising large companies on how to grow, and I am proud to join this top-notch team.”

Mr. Osborne follows a clear trail of former politicians entering the banking and consulting world to bring a web of powerful business and political relationships cultivated over years of public service.

Others to do so include Eric Cantor, the former leader of the US Republican majority who joined consulting firm Moelis & Co in 2014 as Managing Director and Peter Orszag, who held a position at the firm. of Barack Obama’s administration and is now Consulting Managing Director at Lazard.

Mr Osborne is expected to assist existing Robey Warshaw clients, which include FTSE 100 companies such as Centrica, Vodafone, BP and the London Stock Exchange Group, as well as identify new business.

Robey Warshaw said: “We believe George will dramatically improve the advice we give to clients. He brings to our team a differentiated experience and expertise from his leading roles in global finance over the past decade.

Since joining forces in 2013, after the departures of MM. Robey and Apostolides of Morgan Stanley and Mr. Warshaw of UBS, the company has been successful in securing high profile M&A mandates on some of the largest deals in the UK market.

More recently he advised the LSE Group during its $ 27 billion buyout of Refinitiv, the data provider that was banned from Thomson Reuters in 2018 by private equity group Blackstone.

Robey Warshaw employs 13 people and made a profit £ 207million over the past seven years, although its revenue fell in a relatively quiet year for contracting in 2019.

Prior to joining, Mr. Osborne will cut an eclectic portfolio of jobs he has created since leaving government in 2016, ranging from finance and teaching to journalist writing.

While still a Member of Parliament in 2017, he held a one-day-a-week adviser position at asset manager BlackRock, earning £ 650,000 a year. Soon after, the former chancellor became editor of the Evening Standard, a free London daily which was particularly hard hit by the lockdown.

Mr Osborne was replaced as editor by Emily Sheffield last year, but remained under Russian businessman Evgeny Lebedev’s title as “editor”. He left the newspaper and BlackRock in March.

Mr Osborne will remain chairman of the advisory board of Exor, the holding company through which the Italian billionaire Agnelli family manages their interests.

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