George Osborne has increased his personal fortune since leaving politics, joining a trio of investment bankers who are sharing a £30m pot after record profits at Robey Warshaw, the influential City consultancy where he works.
The Mayfair-based company’s accounts show that profits rose to £70 million in the 12 months ending in March, a significant increase from £31.8 million the year before.
The lion’s share of £40.5 million went to one person, believed to be Sir Simon Robey, one of the company’s founders and one of the city’s most powerful dealmakers.
The remaining £29.5 million was divided between Osborne and two other partners, Simon Warshaw and Philip Apostolides.
This is the latest in a series of lucrative earnings for Osborne since he resigned as MP in 2017. Before joining Robey Warshaw in 2021, he was an advisor at BlackRock, the US investment giant, earning £650,000 a year for part of his career. time role. Osborne has also held positions as editor of the Evening Standard newspaper and chairman of the Northern Powerhouse Partnership think tank.
Osborne spent 16 years in parliament, including six years as chancellor, before being replaced by Theresa May when she became prime minister in 2016. During his tenure at the Ministry of Finance, he was a key architect of the austerity programme, which attracted both support and criticism.
His move to Robey Warshaw marked his entry into the upper echelons of the banking industry, which raised eyebrows as it was the first time the boutique firm had added a new partner since it was founded in 2013 by Robey, Warshaw and Apostolides – all seasoned bankers from large city companies.
Since its inception, Robey Warshaw has built a reputation as one of the most trusted advisors to the UK’s largest companies, participating in several high-profile takeover deals. The firm advised SABMiller on its $100 billion sale to Anheuser-Busch InBev in 2016 – the largest ever acquisition of a British company.
More recently, the firm advised takeover defense insurer Direct Line and was involved in the attempted takeover of The Telegraph newspaper by Abu Dhabi-backed Redbird IMI, believed to be Osborne’s client.
Osborne, a Chelsea FC supporter, also advised American billionaire Todd Boehly on his £4.25 billion takeover of the club two years ago.
Robey Warshaw declined to comment on the accounts.