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Former UK minister hits the jackpot with 650,000 pound part-time BlackRock job
March 9, 2017 / 11:51 AM / 9 months ago

Former UK minister hits the jackpot with 650,000 pound part-time BlackRock job

LONDON (Reuters) - Former British finance minister George Osborne is to be paid 650,000 pounds ($789,555) a year for working just 48 days a year at asset manager BlackRock (BLK.N), according to parliament’s register of members interests.

Former Chancellor George Osborne poses with the Order of the Companions of Honour which he received from the Duke of Cambridge at Buckingham Palace in London, Britain November 11, 2016. REUTERS/Stefan Rousseau/Pool

BlackRock announced in January that Osborne would work as a part-time senior adviser to the BlackRock Investment Institute, an arm of the asset manager that serves as a think tank on investment strategy.

Osborne, who was finance minister for six years before he lost his job following Britain’s vote to leave the European Union last year, spearheaded an austerity drive by the Conservative-led government following the global financial crisis.

He will advise BlackRock on European politics, Chinese economic reform, and the impact of low investment yields and other trends on retirement planning.

Members of parliament are required to publish details of their outside earnings. In the latest update Osborne said of his BlackRock role: “I expect to be paid 162,500 pounds a quarter in return for a quarterly commitment of 12 days. I also expect to receive registrable equity in BlackRock in the future.”

That means Osborne will earn 13,000 pounds a day.

Osborne, whose appointment continued a long tradition of high-profile political appointments to financial firms, has already received hundreds of thousands of pounds for speaking engagements at financial institutions since he left office.

    Former prime minister Gordon Brown sits on the global advisory board at investment manager Pacific Investment Management Co (Pimco) (ALVG.DE) as does former U.S. Federal Reserve Chairman Ben Bernanke.

    Brown’s predecessor Tony Blair joined JPMorgan Chase & Co (JPM.N) in 2008 shortly after leaving office, while former British foreign minister William Hague is a senior adviser to Wall Street bank Citigroup Inc (C.N).

    ($1 = 0.8232 pounds)

    Reporting by Kylie MacLellan; editing by Guy Faulconbridge and Michael Holden.

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