Record payday for ex-Chancellor George Osborne

Record payday for ex-Chancellor: George Osborne has his share of a record £27million payday in his first full year since joining investment bank Boutique City

Payday: Ex-Chancellor George Osborne

Payday: Ex-Chancellor George Osborne

George Osborne has taken part in a £27million payday in his first full year after joining a City boutique investment bank.

The former chancellor, who left government in 2016 after Theresa May was appointed Prime Minister, reaped part of the profit reported in Robey Warshaw’s annual accounts for the year ended March 2022.

The Mayfair-based company has worked on a number of high-profile deals this year, including selling Chelsea Football Club to a group led by US billionaire Todd Boehly and defending HSBC against a proposed split by a Chinese insurer.

The bigger the deals, the bigger the gains for Osborne and his colleagues.

Instead of paying his four partners a salary, Robey Warshaw gives them a share of the profits.

Most of last year’s £26.5million (£17.2million) went to Sir Simon Robey, the company’s co-founder.

The remainder was split between the firm’s other co-founder, Simon Warshaw, Osborne, and banker Philip Apostolides, although the accounts did not disclose how much each pocketed.

Osborne’s appointment to Robey Warshaw in early 2021 propelled him into the upper ranks of the city.

But it was just one in a string of jobs the 51-year-old has landed since leaving Number 11. Osborne, a key lieutenant in David Cameron’s Conservative government, is also chairman of the British Museum and the Partners Council, which oversees Exor, the holding company of Italy’s billionaire Agnelli family.

He was editor of the Evening Standard from 2017 to 2020 and is a director of his father’s wallpaper company, Osborne & Little.

Osborne is also very busy at home. Last year his fiancée and former counselor Thea Rogers gave birth to their first child and the couple are now expecting their second. He has two adult children with his ex-wife Frances Osborne.

Investment bank executives like Robey Warshaw are generally paid in proportion to the work they bring in. Osborne, a Chelsea fan, is said to have been involved in selling the football club to Boehly.

Over the year covered by the deals, Robey Warshaw worked on significant deals including the £7.2bn sale of RSA Group, one of the UK’s oldest insurers, to overseas competitors and textbook company Pearson’s successful attempt to acquire US takeover approaches – American private equity fend off admirers Apollo Global.

The investment bank had revenue of £39.8m in the year to March 2022 – almost flat on the previous year – and employed 13 people, excluding Osborne and the other three partners.

advertisement

https://www.dailymail.co.uk/money/markets/article-11547403/Bumper-payday-ex-Chancellor-George-Osborne.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Record payday for ex-Chancellor George Osborne

Janice Dean

Janice Dean is a WSTPost U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. Janice Dean joined WSTPost in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing: janicedean@wstpost.com.

Related Articles

Back to top button