BLK BlackRock Inc

The UK's former Chancellor George Osborne is poised to join BlackRock, linking up with Rupert Harrison, his former chief of staff.

Osborne lost his role in the Conservative cabinet last year after Theresa May became prime minister.

Alongside former PM David Cameron, Osborne, who served as Chancellor from 2010 to 2016, campaigned for the UK to remain in the EU.

He will join as a senior adviser at the $5.1 trillion investment house's Investment Institute on a part-time basis from next month, according to a statement from the fund manager on January 20.

Launched in 2011, the institute develops economic and investment views for its fund managers, investors and policymakers. It is headed by BlackRock vice-chairman Philipp Hildebrand.

Larry Fink, chairman and CEO of BlackRock said in the statement: "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."

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

At BlackRock Osborne will focus on European politics and policy, as well as Chinese economic reform.

Osborne was accused by Brexit supporters of pushing an ultimately unsuccessful 'project fear' argument in order to persuade the UK to vote to remain in the EU.

The BlackRock Investment Institute also published its own damning report into the potential impact of Brexit last March, which predicted that a UK exit from the EU would harm the country's trade, investment, property and regulatory prospects.

Harrison, who worked closely with Osborne at Whitehall, joined BlackRock in 2015 as its chief macro-strategist working across multi-asset.

Osborne becomes the latest politician to move into the private sector. Earlier this week it was reported that William Hague, the UK's former foreign secretary, had joined Citigroup as an adviser.

In 2015 the former Labour shadow pensions minister Gregg McClymont joined Aberdeen Asset Management as its head of retirement savings. Also in 2015, Steve Webb, the former Liberal Democrat pensions minister, was appointed director of policy and external communications at Royal London.

According to his website, Osborne remains an MP for Tatton, in the north-west of England.

For more from Financial News: www.fnlondon.com

(END) Dow Jones Newswires

January 20, 2017 12:14 ET (17:14 GMT)

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